The move is estimated to result in Rs 1.45 lakh crore in revenue loss for the government during 2019-20.
Government of India has also proactively taken policy decisions in response to the global slowdown.
FM said that banks have been asked to provide bill discounting facility to the MSME sector against payments due from the large corporates.
The section does not provide any timeline for companies to opt for the new regime of lower tax rate.
Persons with at least 25 years of work experience in an Indian or international public financial institution could also apply for the post.
The finance ministry will also discuss ways in which PSBs can offer doorstep banking facility.
Last week, the government announced a slew of measures to boost exports and the real estate sector.
At present, the EPFO is settling PF withdrawal claims at 8.55 per cent interest rate.
Cooperative federalism demands give-and-take, and which is why it is important for the Central Govt to make efforts to consult the states.
The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans.