Government considering to give permission to new private banks for conducting govt business under RBI

Finance Minister Nirmala Sitharaman has announced that permission for conducting government-related business will be given to new private banks under the RBI guidelines. It was during the question hour in Rajya Sabha that the minister said the government has indicated to allow other private banks to conduct government-related business with the aim to ensure a level playing field.

She said that several private banks have already been granted permission and now the permission will be extended to various other private sector banks who may be willing to do government business and approach RBI for this purpose.