11th DFS Ask Banks to Defer Perquisites, 20% Reduction on Yearly Basis - 11th Bipartite Wage Settlement - Current Status & News

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Wednesday, 17 June 2020

DFS Ask Banks to Defer Perquisites, 20% Reduction on Yearly Basis

DFS Ask Banks to reduce the staff expenses including any further hike on establishments - the Department of Financial Services (DFS) has asked banks to follow “economy measures” in their spends  depend on the core business activities. 

Public Sector Banks (PSBs) have been directed to economize on expenses to the tune of 20% year-on-year or more on entertainment, publicity and travel. 

The management committee of banks have been asked to review the composition of the existing fleet of vehicles engaged on hire, while taking into account the profitability and cost to income of the bank’s operations; and the occupancy level of guest houses. 

Banks have also been asked to defer revision of entitlements and perquisites.
Public sector bank CEOs & MDs have been asked to defer avoidable expenditure on purchase of staff cars, except where unavoidable; refurbishment of guest houses and expenditure on decorative, non-financial items for the interiors in non customer facing premises like administrative offices and back offices, said a DFS advisory to SBI Chairman and chief executives of PSBs. 


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