Defence Ministry approves HDFC, ICICI, and Axis to provide financial services in overseas procurement

Defence Ministry has approved three Private Sector Banks to provide financial services in overseas procurement. In line with the further opening of allocation of Government business to Private Sector Banks by the Department of Financial Services, Ministry of Defence has assigned three Private Sector Banks 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 wit...