After the appeal by Prime Minister Narendra Modi to conserve fuel and
foreign exchange, the Finance Ministry has directed state-run banks and insurance companies to implement cost-cutting measures, including sharp curbs on physical travel, increased reliance on virtual meetings, and a phased transition to electric vehicles.
The Department of Financial Services (DFS) issued these operational and austerity guidelines to major institutions like the State Bank of India and the Life Insurance Corporation of India. The specific directives include Foreign travel by top executives—such as chairpersons, CEOs, and managing directors—must be strictly monitored and kept below prescribed limits.
All routine reviews, consultations, and meetings must be conducted via video conferencing unless physical presence is deemed absolutely necessary.
Organizations have been instructed to gradually replace their existing hired petrol and diesel vehicles (used in head offices and branch offices) with electric cars. In tandem with the Power Ministry, the institutions are encouraged to promote work-from-home options to reduce daily commuting and cut down on national fuel bills.These measures are part of a broader fiscal-tightening and economic patriotism push driven by the Ministry of Finance to protect the Indian economy from global market volatility and foreign exchange outflows.
News Edit KV Raman
