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Cut costs, govt tells PSBs after PNB buys Audis for top bosses

Cut costs, govt tells PSBs after PNB buys Audis for top bosses
  • The Union government has asked state-owned banks to introduce a slew of measures to cut administrative costs in light of the Covid-19 pandemic.
  • The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring “avoidable expenditure” on “purchase of staff cars”, “refurbishment of guest houses” and on the interior decoration of administrative and back offices.
  • The move comes days after Punjab National Bank bought three Audi cars for its top management.

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