Finance Ministry

According to sources, multiple government agencies have flagged serious enforcement and monitoring challenges under the current framework

Financial Services Secretary M Nagaraju on Tuesday asked Public Sector Insurance Companies (PSICs) to ensure timely resolution of public grievances and to provide seamless, prompt claims processing, in order to provide efficient services to customers. Chairing a meeting to review the financial performance of PSICs for FY25 and the first half of FY26, Nagaraju emphasized that PSICs should focus on increasing profitable business and devise strategies to reduce loss ratios, while maintaining market share and consistently strengthening their retail portfolios. The meeting was attended by Life Insurance Corporation of India (LIC) CEO and MD R Doraiswamy, General Insurance Corporation of India (GIC) ED Hitesh Joshi, New India Assurance Co. Ltd (NIACL) CMD Girija Subramanian, National Insurance Co. Ltd (NICL) CMD Rajeshwari Singh Muni and United India Insurance Co Ltd (UIICL) CMD B S Rahul. Besides, Oriental Insurance Co Ltd (OICL) CMD Sanjay Joshi and Agriculture Insurance Company of Indi

Lenders have sanctioned Rs 3,361.83 crore to 774 applicants under the Rs 20,000-crore Credit Guarantee Scheme for Exporters (CGSE) in one month to help promote exports facing the heat of the steep US tariffs. The scheme approved by the Union Cabinet on November 12 provides 100 per cent credit guarantee coverage by the National Credit Guarantee Trustee Company Ltd (NCGTC) to Member Lending Institutions (MLIs) for extending additional credit facilities up to Rs 20,000 crore to eligible exporters, including MSMEs. CGSE was made operational on December 1, 2025. It enables banks and financial institutions to extend additional financial assistance to Indian exporters during a period of certain headwinds, which shall diversify their markets and enhance their global competitiveness. "Applications worth Rs 8,764.81 crore (1,840 applications) received, out of which Rs 3,361.83 crore (774 applications) sanctioned by the lenders" till January 2, 2026, Department of Financial Services (DFS) unde

"The meeting, to be chaired by the Joint Secretary (banking) in DFS, will assess the status of unclaimed deposits transferred to the DEA Fund and the pace of claims settlement across banks

The government is considering changes to insurance commission structures to lower acquisition costs and improve affordability, DFS Secretary M Nagaraju said

As the Centre reviews hundreds of schemes, the push to rationalise spending could reshape fiscal federalism, ease pressure on states, and improve the efficiency of public expenditure

Of the total projects, 232 are related to central ministries and departments, while the remaining 630 are with states and Union Territories

54 centrally sponsored and 260 central-sector schemes may be reappraised for next financial year

Move aimed at making safe-harbour rules more attractive and practical

From the finance ministry came a mix of revenue-raising and trade-defence actions. Taxes on tobacco products will increase from the beginning of next month

Gross GST collections rose 6.1 per cent to over Rs 1.74 lakh crore in December 2025, on slow growth in revenues from domestic sales following the sweeping tax cuts, according to government data released on Thursday. Gross Goods and Services Tax (GST) revenue in December 2024 was over Rs 1.64 lakh crore. Gross revenue from domestic transactions rose 1.2 per cent to over Rs 1.22 lakh crore, while revenues from imported goods were up 19.7 per cent at Rs 51,977 crore during December, 2025. Refunds were up 31 per cent to Rs 28,980 crore in December. Net GST revenues (after adjusting refunds) stood at over Rs 1.45 lakh crore, up 2.2 per cent year-on-year. Cess collection last month dipped to Rs 4,238 crore, as against Rs 12,003 crore collected in December 2024. Effective September 22, 2025, GST rates on about 375 items were slashed, making goods cheaper. Also, a compensation cess levy is levied only on tobacco and related products, as against luxury, sin and demerit goods earlier. The

The relationship between the central bank and the government is holding back India's financial sector

The DFS is pushing mandatory e-filing, virtual hearings and legal reforms to improve disposal rates and speed up recoveries through debt recovery tribunals

The finance ministry has directed public sector banks and financial institutions, including insurance companies, to promptly report vigilance-related matters concerning whole-time directors (WTDs) of their respective companies. The directive from the Department of Financial Services (DFS) under the ministry follows several instances where adverse information about board-level appointees was not promptly reported. In many cases, it said, such critical adverse inputs like private complaints, court observations, references or inputs from the CBI or other Law Enforcement Agencies are being reported only at the time when Vigilance Clearance is specifically sought from the Chief Vigilance Officers (CVO) of PSUs. Without citing any specific case, the advisory issued earlier this month, said, in certain cases even the crucial information relating to WTDs is omitted in the Vigilance Clearance formats on the ground that no specific column exists for such disclosure. Observing that omission o

The notices have been issued under Section 142(1) of the Income-tax Act, which empowers the department to seek information or documents during assessment proceedings

Union Finance Minister Nirmala Sitharaman, along with Union Minister of State for Corporate Affairs Harsh Malhotra, chaired the 'Chintan Shivir' of the Ministry of Finance and the Ministry of Corporate Affairs here on Saturday. According to an official statement, all Secretaries of the Ministry of Finance and the Ministry of Corporate Affairs, Chairmen of Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), and the Chief Economic Adviser to the Government of India were also present at the brainstorming session. Senior officers from the Ministry of Finance and the Ministry of Corporate Affairs, and associated departments also attended the event. In a session on "AI, Ease of Doing Business and Financing for Viksit Bharat", the discussions focused on strengthening institutional capacity and policymaking through the use of artificial intelligence, technology-enabled systems, and process reforms to improve Ease of Doing Business. "Deliberations .

The Finance Ministry on Thursday unveiled a new logo for Regional Rural Banks (RRBs) to signify a single and unified brand identity. On the principle of 'One State One RRB', the Department of Financial Services, Ministry of Finance, has consolidated 26 Regional Rural Banks (RRBs) across 11 states/UTs, effective from May 1, 2025. The reform marks a crucial step toward building stronger and more efficient RRBs. Presently, 28 RRBs continue to serve the nation through an extensive network of over 22,000 branches in more than 700 districts. As part of creating a single and unified brand identity for the RRBs after the major amalgamation drive, a common logo for the 28 RRBs has been unveiled, the Finance Ministry said in a statement. This marks an important step toward strengthening the identity and visibility of these institutions serving the rural communities, it added. The colours of the RRB logo have been chosen to convey the objectives of the RRBs, it said, adding that dark blue ..

The DFS on Tuesday convened a meeting to review the IPO plans of three regional rural banks-Haryana Gramin Bank, Kerala Gramin Bank and Tamil Nadu Grama Bank

The Centre projected a net revenue loss of about ₹47,000 crore due to GST rate rationalisation, even as higher taxation on select goods was expected to partly offset the impact

The finance minister stressed that fiscal management remains a priority and must be consistently upheld year after year