Centre Advises PSU Banks and Financial Institutions to Implement Cost-Cutting Measures!

The Central Government has advised public sector banks, insurance companies, and other financial institutions to adopt strict cost-saving measures. The Department of Financial Services under the Finance Ministry issued a circular urging institutions to reduce foreign travel and shift towards the use of electric vehicles.

Letters have reportedly been sent to the heads of major institutions including State Bank of India, Bank of India, and Life Insurance Corporation of India. The department has recommended that meetings, reviews, and consultations be conducted virtually wherever possible and advised officials to avoid unnecessary overseas travel. Institutions have also been encouraged to replace petrol and diesel rental vehicles with electric vehicles as part of broader savings and sustainability initiatives.