Government Directs Public Sector Banks to Cut Costs
Due to the economic crisis triggered by the impact of the war in West Asia, the Ministry of Finance has directed public sector banking institutions, insurance companies, and other financial entities to implement cost-cutting measures. This directive explicitly mentions avoiding travel as much as possible and emphasizes the use of electric vehicles.
Public sector banking institutions like the State Bank of India (SBI) and Bank of Baroda, as well as public sector insurance companies like the Life Insurance Corporation of India (LIC), will fall under these reformative guidelines. Millions of employees are currently employed under these institutions.
According to the directive, all meetings, reviews, and consultations must be conducted via video conferencing. This order has been issued on behalf of the Department of Financial Services.
About The Author
