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India
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Jun 22, 2025
Odisha government drops major banks for state transactions
Odisha just removed HDFC Bank, ICICI Bank, and Axis Bank from the group of banks allowed to handle state government money.
The reason? The state says these big private banks haven't been performing well in key government schemes or meeting important banking targets over the last two years.
TL;DR
Banks need to support state's development goals
All state departments and agencies now have to move their accounts and funds out of these banks.
While Odisha only makes up a small chunk of these banks' business nationally, being dropped could hurt their reputation and future opportunities with the government.
The message is clear: if banks want public business in Odisha, they need to step up and support the state's development goals—or risk being left out.