Norms for enterprise govt enterprise by non-public banks

Mumbai, May 10

The RBI on Monday issued modified norms that allow private sector banks to undertake government business, whether at the Centre or in states. As per new norms, private sector banks, which are not under the Prompt Corrective Action (PCA) framework of the RBI, can undertake government business after executing an agreement with the central bank. The Finance Ministry in February 2021 had lifted the embargo imposed in September 2012 on further allocation of government business to private sector banks. — PTI

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