India orders state banks to cut costs and adopt EVs
The finance ministry has directed state-run financial institutions to implement austerity measures including travel curbs and a shift to video conferencing. Organizations like State Bank of India are also encouraged to replace petrol and diesel vehicles with electric cars.
India ordered state-run financial institutions on Monday to implement austerity measures and transition their vehicle fleets to electric power. The directive targets major entities including State Bank of India, Bank of Baroda, and Life Insurance Corp of India to curb administrative spending. The move aims to shield the national budget from economic fallout as global tensions strain the rupee and stoke inflation.
### Digital Meetings and Travel Restrictions The Department of Financial Services order mandates that all meetings and reviews occur via video conferencing unless physical presence is essential. Top executives must keep foreign travel below prescribed limits and attend overseas engagements virtually whenever possible. These curbs apply to chairpersons, managing directors, and chief executive officers across all state-owned banks and insurers.
