Embargo On Private Banks Lifted For Government Business: A Welcome Move, Says ICICI Securities
A cashier counts Indian one hundred-rupee banknotes at bank in New Delhi. (Photographer: Prashanth Vishwanathan/Bloomberg)

Embargo On Private Banks Lifted For Government Business: A Welcome Move, Says ICICI Securities

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ICICI Securities Report

Government, in a welcome move, has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.

With this move, there is now no bar on Reserve Bank of India for authorisation of private sector banks (in addition to public sector banks) for government business, including government agency business.

Click on the attachment to read the full report:

ICICI Securities Banking Sector Update.pdf

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