The move comes close on the heels of Prime Minister Narendra Modi‘s appeal to citizens to adopt measures that help address challenges, including fuel supply disruptions, arising from the West Asia conflict.
The Department of Financial Services in the finance ministry said in a circular, ‘Implementation of Austerity Measures for Rationalisation of Expenditure’, that the measures should be implemented with immediate effect. The circular, issued on Monday, was sent to all state-run banks, regional rural banks, insurers and public sector financial institutions.
The finance ministry said there should be a “reduction in travel” and that all meetings, reviews, consultations and presentations be conducted through videoconferencing unless physical meetings are specifically required.
On foreign travel, the circular said foreign travels by key executives, including the chairperson, managing director and full-time members, “may be kept below the prescribed limits as per the respective extant guidelines, and such engagements may, as far as possible, be attended through video conferencing”.
The circular further directed all organisations to replace petrol and diesel cars hired by them in their head and branch offices with electric vehicles (EVs) as far as possible. “Existing fleets shall be progressively transitioned to EVs in a phased manner,” it said.
Earlier this month, the Prime Minister had said that there was a need for a reduction in petrol and diesel consumption through a greater reliance on public transport and working from home.