In private sector banks, the Center has taken a big decision regarding HDFC, ICICI and Axis. The process of privatization of banks is also being started soon. Except SBI, the government is also going to privatize all public sector banks. The rules made by the banks and the convenience for the customers matter a lot.
From giving benefits of government schemes in banks to FD, the interest and amount is calculated by RBI. Agriculture loan waiver amount is also given by the government to private sector banks as assistance. After the decision of the government, these three private sector bank account holders have become happy. Let us know how these account holders will benefit.
The central government has made a big announcement for three private sector banks. The government has allowed all three banks to provide financial services for overseas purchases. Let us tell you that till now these rights were only with the government banks, but now it has also been with these three banks.
The government is of the view that these banks may be allowed to issue letters of credit of Rs 2000 crore on the capital and revenue side for a period of one year. In fact, the Defense Ministry has given huge responsibility to three private sector banks- HDFC Bank, ICICI Bank and Axis Bank. These three banks will now be able to offer letters of credit for overseas purchases and direct bank transfer business.
Private banks got this right for the first time
This is the first time that the government has allowed three private sector banks to provide financial services for overseas purchases. The Ministry of Defense itself has announced this. According to the Defense Ministry, the performance of these banks will be regularly monitored so that further action can be taken as per the requirement.
