2 weeks ago
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The Ministry of Finance connected Monday (May 18, 2026) wrote to the heads of each nationalist assemblage banks, determination agrarian banks, nationalist assemblage insurers, and nationalist assemblage tiny concern institutions, urging them to follow respective “austerity” measures successful 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 chopped costs on 2 wide heads: simplification successful travel, and the adoption of electrical vehicles (EVs).
The circular does not notation the West Asia crisis, but it comes a small much than a week aft Prime Minister Narendra Modi exhorted the federation to follow akin austerity measures.
The circular specified that “all meetings, reviews, consultations and presentations” are to beryllium conducted via videoconferencing unless carnal meetings are specifically required.
It added that overseas question by the chairpersons, managing directors and CEOs, whole-time directors, and whole-time members of the boards of these institutions “may beryllium kept beneath the prescribed limits” arsenic laid retired successful the existing guidelines. It added that, arsenic acold arsenic possible, specified engagements should beryllium attended done videoconferencing.
“All organisations whitethorn purpose astatine replacing the petrol and diesel cars hired by them successful their caput offices and subdivision offices with electrical cars arsenic acold arsenic possible,” the circular added. “Existing fleets shall beryllium progressively transitioned to EVs successful a phased manner.”
The authorities has, successful the past, adopted specified austerity measures arsenic well. However, the ones adopted connected Monday are apt the astir drastic since the steps taken successful 2020 successful absorption to the COVID-19 pandemic.
