K'taka puts circular prohibiting dealings with SBI, PNB on hold for 15 days

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K'taka puts circular prohibiting dealings with SBI, PNB on hold for 15 days - Business Standard

Quick Summary:

"After considering the banks' requests, the Honorable Chief Minister has directed officials of the Finance Department to keep the circular in abeyance for 15 days," the state government said in a release.

The Karnataka government on Friday kept its circular in abeyance for 15 days, which prohibited all business transactions with the State Bank of India (SBI) and the Punjab National Bank (PNB).

A government circular issued on August 12 ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the SBI and the PNB and stop transacting any business with these institutions.