Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Finance ministry asks state-owned banks to reduce expenditure

PTI
Updated: June 17th, 2020, 21:37 IST
in Business, National
0
Expenditure
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: The government Wednesday asked state-owned banks to defer avoidable expenditure. It said there should be restrictions on purchase of staff cars and refurbishment of guest houses. State-owned banks have been asked ensure more productive utilisation of financial resources amid the coronavirus pandemic.

A detailed advisory to the heads of all public sector banks has been sent. The Department of Financial Services (DFS) said it was necessary that banks take appropriate measures to ensure productive use of financial resources.

Also Read

pic- X/ @airnewsalerts

India test-fires Astra beyond-visual-range missile off Odisha coast

13 hours ago
Ashwini Vaishnaw

Railways minister Vaishnaw sanctions Cuttack–Nergundi 4th line, flyover

13 hours ago

The advisory also comes against the backdrop of Punjab National Bank (PNB) recently purchasing three Audi cars worth over Rs 1.30 crore. The cars will be used by its top executives.

Banks are advised to defer avoidable expenditure beyond the current financial year, including purchase of staff cars. This should be done, except where unavoidable, the advisory said.

DFS has also directed the banks to postpone expenditure on decorative, non-functional items for the interiors. Non-customer facing premises like administrative and back offices and refurbishment of guest houses will remain suspended now. Further, banks have been asked to effect significant reduction in expenditure on activities other than those pertaining to core business activities.

“Economy in expenditure to the tune of 20 per cent year-on-year or more may be effected. This should be done on activities or heads of expenditure such as entertainment and publicity. It can be done by making efficacious use of social media and press releases. Pooling resources with other PSBs (Public Sector Banks) for common publicity campaigns where appropriate can be done,” it said.

DFS has also directed banks to avoid travel and adopt digital means of communication. It has also asked banks to make effective use of locally available administrative officers.

DFS comes under the Union Ministry. It has asked banks to place the advisory before their respective boards and issue appropriate instructions internally. “Top management may also suitably sensitise senior executives to give effect to this advisory in letter and spirit,” it said.

The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year. Earlier this month, the ministry said there was a need to use resources prudently in these difficult times.

Schemes that have already been approved for the current financial year would remain suspended till March 31 next year or further orders.

 

 

Tags: AudiBanksDFSExpenditureFinance MinistryPNB
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Pratik Kumar

December 12, 2019
#MyPaperBagChallenge

Chinmay Kumar Routray

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Adyasha Priyadarsani Sendha

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Lopali Pattnaik

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Surya Sidhant Rath

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Priyasha Pradhan

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019

Archives

Editorial

Tripura’s IAS Exodus

July 12, 2025

It’s hard not to see the flight of over a dozen IAS officers from Tripura’s cadre as a crypto-threshold moment....

Read more

Toll Sucks Life

Nitin Gadkari
July 9, 2025

Union Road Transport and Highways Minister Nitin Gadkari took everyone by surprise when at a function in Nagpur, where the...

Read more

Bloodline

BJP-Shiv Sena
July 8, 2025

The coming together of the Thackeray cousins – Raj Thackeray, chief of the Maharashtra Navnirman Sena (MNS) and Shiv Sena...

Read more

Acknowledge Failure

Deputy Chief of Army Staff Lieutenant General Rahul R Singh
July 7, 2025

Deputy Chief of Army Staff Lieutenant General Rahul R Singh’s candid revelations about Operation Sindoor at a FICCI event ‘New...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST