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MoD approves 3 private sector banks to provide financial services in overseas procurement

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The defence ministry on Thursday allowed three private sector banks to provide financial services to it for overseas procurement of navy {hardware}. The banks are HDFC Bank Ltd, ICICI Bank and Axis Bank.

Till now, solely authorised public sector banks had been utilised to provide services like issuance of letter of credit score and direct financial institution transfers to the ministry for overseas procurement.

In line with additional opening of allocation of presidency enterprise to private sector banks by the division of financial services, the ministry has assigned three private sector banks to provide the LoC and direct financial institution switch enterprise for overseas procurement, an official launch stated.

“The selected banks may be allocated with LC business of Rs 2,000 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 ministry stated.

“The performance of these banks will be monitored regularly so as to take necessary further action as required,” it stated. 



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