According to reports, the Odisha government has reversed its decision to restrict HDFC Bank, ICICI Bank, and Axis Bank from handling state business. Officials stated that the banks were removed earlier due to poor performance in state-run schemes.
Key highlights:
• Banks assured improvement in priority sector lending and credit-to-deposit ratio.
• Senior bank officials met Chief Minister Mohan Majhi to discuss the issue.
• The government reinstated the banks as empanelled for state business and deposits.
The development signifies a renewed opportunity for the three private banks in handling state funds in Odisha.
Source: Economic Times