Private banks can get government business

New Delhi: The Centre has lifted the restrictions on grant ofgovernment businesses to private banks, Union Finance Minister Nirmala Sitharaman announced on Wednesday. "Embargo lifted on grant of govt business to private banks.

All banks can now participate," Finance Minister posted on Twitter. She mentioned that all banks can now be equal partners in development of the Indian economy.

"Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience," Sitharaman said in a tweet. Only a few private banks including Axis Bank earlier permitted to take part in the government businesses.