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Odisha Banks & PSUs to Shift to EVs? Govt DFS Issues New Austerity Circular 2026

Austerity Measures & EV Adoption Circular

Ministry of Finance, Dept of Financial Services – Dated 18.05.2026

Reference 10/41/2026-Coord

Issuing Authority Dept of Financial Services, GOI

Applicability PSBs, RRBs, PSICs, PSFIs

Effective Date Immediate Effect

Subject: Implementation of austerity measures for rationalization of expenditure.

The Department of Financial Services, Ministry of Finance, has issued new directives to all Public Sector Banks (PSBs), Regional Rural Banks (RRBs), Public Sector Insurance Companies (PSICs), and Financial Institutions (PSFIs). These measures aim to rationalize expenditure and promote sustainability.

📋 Key Directives & Measures

Reduction in Travel: All meetings, reviews, consultations, and presentations must be conducted through Video Conferencing (VC) unless physical meetings are specifically required.
Restriction on Foreign Travel: Foreign travel by Chairpersons, MDs, CEOs, and Whole-Time Directors of PSUs should be kept below prescribed limits. Wherever possible, engagements should be attended via VC.
Adoption of Electric Vehicles: Organizations are to replace petrol and diesel cars hired for Head Offices and Branch Offices with Electric Cars (EVs) as far as possible.
Fleet Transition: Existing fleets of vehicles shall be progressively transitioned to EVs in a phased manner.

Note: This circular has been issued with the approval of the Secretary (DFS) and is to be implemented with immediate effect.

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