Besides focusing on improving tax collections, the Union budget for 2019-20, announced last week, 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. “To further improve ease of living, they (public sector banks) will leverage technology, offering online personal loans and doorstep banking, and enabling customers of one public sector bank to access services across all public sector banks," said finance minister Nirmala Sitharaman in her budget speech. While the budget speech has proposed these measures, the roadmap to achieve them is not clear as of now. “While it will give you more control, it will also add friction for some sets of account holders who receive smaller amounts as payments from several people.

Source: Mint July 08, 2019 16:18 UTC