MoD approves three Private Sector Banks to provide financial services in overseas procurement

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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.