Covid-19: 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.

“In the context of the Covid-19 pandemic, it is necessary that banks take appropriate measures to ensure productive