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MoD gives approval to HDFC, ICICI, and Axis to offer finances for international purchases

The Defence ministry gave three private sector banks permission to offer financial support to it for the purchase of military equipment abroad. These banks include ICICI Bank, Axis Bank, and HDFC Bank Ltd. For services like the issuance of letters of credit and direct bank transfers to the ministry for overseas purchase, only authorised public sector banks have been used up until now.

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  • The ministry has allotted three private sector banks to supply the LoC and direct bank transfer business for foreign procurement in accordance with the Department of Financial Services‘ further openness of the distribution of government business to private sector banks.
  • For a period of one year, concurrent LC business in the amount of Rs 2,000 crore may be assigned to the chosen banks on both the capital and revenue sides (Rs 666 crore for each bank under both capital as well as Revenue)
  • Regular monitoring of these banks’ performance will allow for the necessary follow-up action to be taken as needed.

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  • Minister of Defence, GoI: Shri Rajnath Singh

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