Permission to new private banks for conducting govt-related business will be given under RBI guidelines

• Integrity Education, Delhi
• 17, Mar 2021

Finance Minister Nirmala Sitharaman has said that permission to new private banks for conducting government-related business will be given under the RBI guidelines.

Ms. Sitharaman, during the Question Hour in the Rajya Sabha today, said the government has now only indicated the RBI to allow other private banks to perform government-related business to ensure there is a level playing field. She further informed that the existing norms under which several private banks have already been given permission to do the business will now also be extended to other Private Sector Banks who are willing to do government business and approach RBI for it.

Sources : News on AIR