India's finance ministry has instructed state-run banks, insurers and financial institutions to implement cost-cutting measures, including tighter controls on travel and a phased shift towards electric vehicles, according to an order reviewed by Reuters, reported The Star.
The directive, part of a wider austerity drive, applies to major institutions such as State Bank of India, Bank of Baroda and Life Insurance Corporation of India, affecting millions of employees nationwide.
Under the new rules, all meetings, reviews and consultations must be conducted via video conferencing unless physical presence is necessary, the Department of Financial Services said.
The order also states that foreign travel by senior executives, including chairpersons, managing directors and chief executive officers, should remain within prescribed limits, with overseas engagements to be attended virtually wherever possible.