Besides focusing on improving tax collections, the Union budget for 2019-20 also laid emphasis on ease of living. Two of the announcements to promote ease of living could be significant for millions of bank account holders in public sector banks. It proposes interoperability of services for account holders across PSU banks. The government will also initiate steps to give account holders control over who deposits cash in their accounts. “What I believe this announcement means is that you can walk into a bank branch of one public sector bank (PSB) and fulfil your banking needs even if you have an account with another PSB. That kind of a technology platform could be made available in the future,” said Khushroo Panthaky.
This article appeared in Live Mint on 08th June, 2019.