Supreme Court Upholds the Constitutionality of Life Sentences Without Remission Until Natural Death  ||  Supreme Court: Service Benefits Can't be Refused Due to Missing ACRs Not Attributable to Employees  ||  Supreme Court: Courts May Grant Lesser Relief under Order VII Rule 7 CPC, But Not a Different Claim  ||  Supreme Court Dismisses Lokpal's Plea Against Delhi HC Order Quashing Probe into Defence Secretary  ||  SC Grants Bail to Two UAPA Accused, Citing 12-Year Incarceration and Violation of Article 21  ||  Madras High Court: Seeking Divorce over Wife's Accidental Hip Injury is Inhumane  ||  Kerala High Court Directs Stronger Audit and Financial Oversight in Guruvayur Devaswom  ||  Madras High Court Directs State and Judiciary to Expedite Rape and POCSO Trials  ||  Karnataka HC Upholds RTO's Power to Cancel Registration Secured by False Documents  ||  Karnataka HC: Bengaluru-Mysuru Corridor Could be Biggest Scam, Farmers Deprived of Land    

MoD approves three Private Sector Banks to provide financial services in overseas procurement- (Press Information Bureau) (07 Jul 2022)

MANU/PIBU/2729/2022

Banking

In line with further opening of allocation of Government business to Private Sector Banks by the Department of Financial Services, MoD has assigned three Private Sector Banks viz HDFC Bank Ltd., ICICI Bank and Axis Bank to provide the Letter of Credit and Direct Bank Transfer business for overseas procurement by the Ministry. MoUs in this connection have been signed with each of these three banks recently by PCDA, New Delhi on behalf of MoD.

Till now, only authorised public sector banks were utilised to provide these services to MoD. With this for the first time three Private Banks have also been allowed to provide financial services for overseas procurement by MoD.

The selected banks may be allocated with LC business of Rs. 2000 Crore, each on the capital and revenue side, for a period of one year on concurrent basis (Rs. 666 Crore for each bank under both capital as well as Revenue). The performance of these Banks will be monitored regularly so as to take necessary further action as required.

Tags : MOD   APPROVAL   OVERSEAS PROCUREMENT  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved