Business Today
Loading...

Uday Kotak welcomes lifting of embargo on grant of govt businesses to private banks

Uday Kotak believes that lifting the embargo will enable the banking sector to serve customers better. He added that public and private banks must work together for sustainable development in the country

twitter-logoBusinessToday.In | February 24, 2021 | Updated 18:52 IST
Uday Kotak hails Centre's decision to let private banks take up govt business
Kotak believes that lifting the embargo will enable the banking sector to serve customers better

Top banker Uday Kotak has welcomed the Centre's decision to lift the embargo on grant of government businesses to private banks. Kotak believes that lifting the embargo will enable the banking sector to serve customers better. He added that public and private banks must work together for sustainable development in the country.

Kotak took to Twitter to express his support for the Centre's latest ruling. He wrote, "I welcome this progressive reform. It will enable the banking sector to serve customers better. Private and public sector must both work towards sustainable development of India. @nsitharaman".

Earlier, FM Sitharaman, in a tweet, had announced, the Centre's decision to lift the embargo. The Finance Minister wrote, "Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience".

With the lifting of the embargo, private banks in the country can now perform government-related payment transactions such as taxes and other revenue payment facilities.

This announcement comes after Sitharaman, in her budget speech, had stated that more public sector lenders would be privatised in the next fiscal.

Also Read: Govt lifts embargo on grant of govt businesses to private banks

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close