State-run bank executives are the first victims of a fresh round of austerity drive that finance minister Pranab Mukherjee warned about in Parliament last week. His ministry has sent a circular to all public sector banks, directing them to hold their board meetings at their headquarters and not at tourist destinations. "It was brought to our notice that banks hold their meetings in tourist destinations such as Goa or at hill stations on the pretext of interacting with the local staff," said a finance ministry official.
Interestingly, the diktat to state-run banks comes at a time when the board of the Reserve Bank of India is meeting at Mussoorie..........
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