Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  SC Holds Landowners Who Accept Compensation Settlements Cannot Later Seek Statutory Benefits  ||  Supreme Court: Endless Investigations and Long Delays in Chargesheets Can Justify Quashing  ||  Delhi HC: Arbitrator Controls Evidence and Appellate Courts Cannot Reassess Facts  ||  Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint  ||  Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint  ||  Delhi HC: Economic Offender Cannot Seek Travel Abroad For Medical Treatment When Available In India  ||  SC: Governors and President Have No Fixed Timeline To Assent To Bills; “Deemed Assent” is Invalid  ||  SC: Assigning a Decree For Specific Performance of a Sale Agreement Does Not Require Registration    

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 2025 - All Rights Reserved