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.