The Central Government on Wednesday lifted embargo on private sector banks for the conducting of government-related banking transactions. These include taxes, as well as, other revenue payment facilities, pension payments and small savings too.

"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," finance minister Nirmala Sitharaman's officer tweeted, announcing the same.

Private sector banks, which are at the forefront of imbibing and implementing latest technology and innovation in banking, will now be equal partners in development of Indian economy

The department of financial services said that the decision will enhance customer experience. It also said that private banks will be equal partners in government's economic and social agenda. "Private sector banks, which are at the forefront of imbibing and implementing latest technology and innovation in banking, will now be equal partners in development of Indian economy," a government release