Cut foreign travel, use more EVs: Finance Ministry’s ‘austerity’ steps for public sector banks & insurers
The Ministry of Finance has issued a circular urging public sector banks and insurers to implement austerity measures to reduce expenditure. Key recommendations include cutting foreign travel and transitioning to electric vehicles for official use. This initiative aligns with Prime Minister Modi's recent call for similar cost-saving measures amid ongoing economic challenges.
- ▪The Finance Ministry has asked public sector banks and insurers to adopt austerity measures.
- ▪Recommendations include reducing foreign travel and increasing the use of electric vehicles.
- ▪Meetings should primarily be conducted via videoconferencing unless physical presence is necessary.
Opening excerpt (first ~120 words) tap to expand
The Ministry of Finance on Monday (May 18, 2026) wrote to the heads of all public sector banks, regional rural banks, public sector insurers, and public sector small finance institutions, urging them to adopt several “austerity” measures in a bid to rationalise expenditure.According to a circular, reviewed by The Hindu and titled ‘Implementation of austerity measures for rationalisation of expenditure’, the Department of Financial Services asked the heads of its regulated entities to cut costs along two broad heads: reduction in travel, and the adoption of electric vehicles (EVs).
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Hindu — Top.
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