Centre Calls for Greater Financial Prudence in Public Institutions

The Central Government has advised public sector banks, insurance companies, and other financial institutions to implement cost-saving measures as part of a broader effort to improve operational efficiency. The Department of Financial Services under the Ministry of Finance has issued a circular urging institutions to exercise financial prudence and optimize expenditure wherever possible.

As part of the initiative, organizations have been encouraged to reduce foreign travel and gradually transition to electric vehicles for official use. The Department of Financial Services has reportedly communicated these guidelines to the heads of major institutions, including State Bank of India, Bank of India, and Life Insurance Corporation of India, emphasizing the importance of sustainable and cost-effective operations.