In communication by the Finance Ministry to the PSBs, it has asked the PSBs to effect a significant reduction of expenditure on activities other than those related to core business activities by at least 20% to ensure productive use of their financial resources for core business activities. It has also asked the bank board’s executive committee to review the composition of existing vehicles on hire while taking into account functional imperatives and profitability and the cost of income ratio of the bank’s operations. This news is related to the topic Indian economy of GS 3.
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