Alert ! Modi government told banks- cut your expenses, refrain from buying new car and avoid office furnishing

There is no good news for bank employees in this directive. Banks have been told not to increase the facilities and entitlements available to employees this year.

In the wake of Corona epidemic, the Finance Ministry has directed all the public banks to avoid wasteful expenditure and cut their expenses during the financial year 2020-21. A directive issued by the banking department has asked to cut the functioning of banks by 20 percent this year. Banks have been asked to cut down on their entertainment and advertising expenses. Social media and press releases have been used more for advertising. Apart from this, it has also been asked to use digital mediums for meetings instead of trips and if necessary the internal structure of banks.

Spend only on essentials

Banks have also been asked to avoid future expenses that may not be absolutely necessary, such as purchasing new cars for employees and officers. Also, it has been asked to stop this year on the purchase of items related to decoration and non-essential items. Apart from this, instructions have been issued to avoid the guest houses of banks till they get colored.

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There is no modification in the facilities available to the employees,

although this instruction is not good news for bank employees. Banks have been told not to increase the facilities and entitlements available to employees this year. These facilities include facilities like furniture and carriage. The employees living in rented houses have also been instructed not to increase the amount of money in lieu of lease or rent.