India directs state-run banks, insurance firms to cut costs, shift to EVs
Key takeaways
- The order, part of a broader austerity push, will cover institutions like the State Bank of India, Bank of Baroda and Life Insurance Corp of India and million of their employees across the country.
- Under the new measures, all meetings, reviews and consultations must be conducted via video conferencing unless physical presence is deemed essential, the order issued by the Department of Financial Services said.
- Separately, the government has asked the organisations to accelerate adoption of electric vehicles.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize India’s finance ministry directed state-run banks, insurers and financial institutions on Monday to implement cost-cutting measures, including sharp curbs on travel and a phased transition to electric vehicles, according to an order reviewed by Reuters.
The order, part of a broader austerity push, will cover institutions like the State Bank of India, Bank of Baroda and Life Insurance Corp of India and million of their employees across the country.
Under the new measures, all meetings, reviews and consultations must be conducted via video conferencing unless physical presence is deemed essential, the order issued by the Department of Financial Services said.