Via PTI
NEW DELHI: The defence ministry on Thursday allowed 3 personal sector banks to supply monetary products and services to it for in another country procurement of army {hardware}.
The banks are HDFC Financial institution Ltd, ICICI Financial institution and Axis Financial institution.
Until now, handiest approved public sector banks have been utilised to supply products and services like issuance of letter of credit score and direct financial institution transfers to the ministry for in another country procurement.
In keeping with additional opening of allocation of presidency trade to non-public sector banks by way of the dept of economic products and services, the ministry has assigned 3 personal sector banks to give you the LoC and direct financial institution switch trade for in another country procurement, an reputable unlock mentioned.
“The chosen banks is also allotted with LC trade of Rs 2,000 crore, every at the capital and income aspect, for a length of 1 yr on concurrent foundation (Rs 666 crore for every financial institution below each capital in addition to Earnings),” the ministry mentioned.
“The efficiency of those banks can be monitored continuously so that you could take essential additional motion as required,” it mentioned.