Rule for foreign trips for PSU bank MDs relaxed

GOOD news for the Managing Directors of PSU banks. Now, they and other executive board members of state-owned banks will not be required to take permission of the Finance Ministry for undertaking foreign tours. “Henceforth, foreign visits (by whole time director) with the permissible limit...
would be undertaken only with the prior approval of the board. The government would need to be informed prior to commencement of the visit which within the prescribed limit except where government’s permission is required,” a Finance Ministry circular said.
Earlier, the permission of Finance Ministry was required for going on overseas trip.
The move is likely to pave the way for hassle free business trips for the MDs in PSU banks.
Such trips are needed for the growth of the banks.
The note says foreign visits should be planned in such a manner that there is a uniform spread of visit to overseas offices during the year. More than one director is generally not required to visit the same destination within a short period. Besides, foreign visits must be meticulously planned taking into account the business needs and the level of representation required, it said.
It is expected that whole time director would undertake foreign visits only when their personal presence is required, it added.
Directors, however, will have to necessarily take permission if they have to travel during the time when Parliament is in session.