FinMin asks PSU banks, insurers not to give gifts to officials

Subscribe to GoodReturns

FinMin asks PSU banks, insurers not to give gifts to officials
The Finance Ministry has advised public sector banks and insurance companies that they will not give diwali gifts to officials, said the PTI report.

"We have issued an advisory to heads of the banks and similar advisory has been issued to insurance companies as well," sources said.

Further, the advisory comes in the backdrop of austerity being observed by the new government.

It had been a usual practice for PSU banks and insurance companies to give expensive gifts during the festive season to officials as part of their PR exercise.

According to a senior state-owned bank official, "giving gift is a normal practice. It is not only given by us but corporates in a big way. This is kind of informal dividend given to our owner during the festive season."

Read more about: psu banks, insurers
Story first published: Monday, September 22, 2014, 9:10 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?