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Jan 18, 2014

Austerity measures directed for state run banks

Finance Ministry has directed some austerity measures to state run banks. The ministry thinks as the banks are reeling under high NPAs they should cut the expenditure. The measures include Not to pay (from bank) for the Drinks served during board meetings, Not to pay for the expenses of family members or any other who accompany the directors during the meeting, Avoid to pay for extended stay of board members, Hold meetings as far as possible at head quarters instead of Hotel and Resort etc. These are good measures to save the public money but the government should also make public the austerity measures directed for their offices/various departments which being non-profit centres are expending huge expenses.

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