It has been noted with concern that few banks, in collaboration with third parties, are sending large groups of their staff abroad on various pretexts including management meetings, reward for achieving sales/business targets; resulting in unnecessary outlays of foreign exchange.
2. It has been decided that henceforth banks shall not send their staff abroad on above mentioned pretexts whether such tours are sponsored by banks themselves or by third parties/their overseas alliances directly or indirectly. However, banks may send their individual staff abroad for advanced trainings, technology acquisition and occasional board of directors meetings or to manage their overseas networks in line with their approved policies.
3. Further, banks are advised to formulate a comprehensive “Foreign Travel Policy” and submit the same to this department latest by June 13, 2017.
4. Please acknowledge receipt.