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The Karnataka state government on Wednesday has instructed all departments to immediately terminate their accounts with State Bank of India and Punjab National Bank. The government directed state departments to close their accounts and recover deposits from the two banks, according to the state's finance department's latest order.
All transactions with SBI and PNB have been suspended, according to the order. The government has also mandated that no further deposits or investments be made in these banks.
(This is a developing story.)
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