FinMin issues advisory to banks to promote transparency in transfer policy

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FinMin issues advisory to banks to promote transparency in transfer policy - Business Standard

Quick Summary:

According to an advisory issued to heads of public sector banks (PSBs), the Department of Financial Services asked lenders to incorporate advices suitably in their respective 'Transfer Policy' with the approval of their boards and take immediate action for its implementation and compliance from 2025-26.

The Finance Ministry on Tuesday issued a host of suggestions with regard to 'Transfer Policy' of public sector banks with an aim to promote greater transparency.

The transfer policy has been reviewed with an aim to promote greater transparency and ensure formulation of a uniform and non-discretionary policy, it said.