Finance Ministry Tells State-Run Banks, Insurers To Cut Travel, Shift To EVs: Report

Key points

• Finance Ministry Tells State-Run Banks, Insurers To Cut Travel, Shift To EVs: Report Published By, Last Updated: May 18, 2026, 17:44 IST The government's order, as part of a broader austerity push, will cover State Bank of India, Bank of Baroda and Life Insurance Corporation of India.
• Rapid Read Institutions like SBI and Bank of Baroda have been asked to introduce cost-cutting measures.
• (File photo) India’s Ministry of Finance has directed state-run banks, insurance firms and financial companies to implement cost-cutting measures, including travel restrictions and a phased transition to electric vehicles, according to a Reuters report.
• The order is part of a broader austerity push by the government, covering institutions like the State Bank of India, Bank of Baroda and Life Insurance Corp of India and millions of their employees across India.
• Video Conferencing, Curbs On Travel As per the order by the Department of Financial Services, all meetings,...