Quote by Anish Mashruwala | Partner, J Sagar Associates | Private Banks Can Now Get Govt Business, Embargo Lifted Announced by Finance Minister Nirmala Sitharaman
“The Centre’s move to lift the restrictions on grant of Government business to private banks is a huge boost not just to the private banks but to the overall development of the country. Private banks have been faster in bracing and internalising newer technology and systems and this move will allow those processes to be efficiently used for Government spends and projects. This has to be hailed as a welcome move as it not only levels the playing field but it shows that the Government is mindful of balancing the need for overall development that technology used by private banks can offer which are hampered by the bye-gone protectionist approach. Needless to say, it augurs the Centre’s push towards a digital economy”
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