Finance ministry asks PSU financial institutions to implement austerity measures, use EVs
This story was originally published at 19:20 IST on 18 May 2026
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NEW DELHI – The Department of Financial Services Monday asked public-sector banks and financial institutions to implement certain austerity measures with immediate effect. According to a circular sent to state-owned financial institutions, they have been asked to conduct all meetings through video conferencing.
Foreign travels of chief executive officers and managing directors or any other senior officers must be kept below prescribed limits, as per the circular. The institutions have also been asked to replace petrol and diesel cars with electric alternatives. Petrol and diesel cars hired by these institutions must also be replaced by electric vehicles.
This comes in the backdrop of Prime Minister Narendra Modi's appeal to citizens to cut down on the use of petrol and diesel to help India conserve its foreign exchange reserves. He also urged people to postpone gold purchases and foreign travel to support the economy and mitigate some of the impact on the economy from the disruptions caused by the war in West Asia. End
Reported by Sagar Sen
Edited by Rajeev Pai
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