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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 Finance Ministry has undertaken several initiatives aimed at streamlining the timelines for recruitment examinations for the public sector banks and declaration of their results. This includes recruitment to State Bank of India (SBI), Nationalised Banks (NBs) and Regional Rural Banks (RRBs), the Department of Financial Services under the Ministry of Finance said in a statement on Thursday. Additionally, these initiatives seek to enhance transparency in examinations conducted by the Institute of Banking Personnel Selection (IBPS). The recruitment in SBI, NBs and RRBs is conducted through the IBPS process, in accordance with the mandates of the respective banks, it said. Typically, examinations for RRBs are administered prior to those for NBs and the SBI. The results are subsequently announced in a similar sequence, it said. "Nevertheless, a notable trend has emerged wherein newly recruited candidates frequently transition from RRBs to NBs, and subsequently to SBI. This migratio
Revenue Secretary Arvind Shrivastava on Tuesday said countries need to work towards ensuring strong data confidentiality systems and also make sure that information shared under international standards is used effectively. He said jurisdictions globally must also adapt to new challenges, including digital economy taxation and crypto asset reporting frameworks, which will need both technical innovation and coordinated action. "Looking ahead we must continue to deepen beneficial ownership transparency, ensure strong data confidentiality systems and make sure that information shared under international standards is used effectively," the secretary said addressing the 18th Global Forum Plenary meeting here. Shrivastava said over the years, the Global Forum has enabled a transformation in the global tax landscape from banking secrecy and limited cooperation to transparency and information exchange. "The work of the Global Forum continues to evolve and India stands ready to contribute ..
Finance Minister Nirmala Sitharaman on Monday said her ministry does not issue advisory or directions to Life Insurance Corporation of India (LIC) regarding its investment decisions, and emphasised that the investments that the state-owned insurer made in Adani Group were as per established SOPs. India's largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Following due diligence as per established standard operating procedures (SOPs), it has bought shares across half a dozen listed companies of Adani Group, whose book value stands at Rs 38,658.85 crore and invested another Rs 9,625.77 crore in debt instruments of the conglomerate. "The Ministry of Finance does not issue any advisory/direction to LIC in connection with matters related to investment of LIC fund," she said in a written reply to a question in Lok Sabha. The investment decisions of the state-owned insurer, she said, are taken by "LIC alone ...
The government on Monday sought Parliament's nod for net additional spending of Rs 41,455 crore in the current fiscal, which includes over Rs 18,000 crore expenditure towards fertiliser subsidy. Finance Minister Nirmala Sitharaman tabled the first batch of Supplementary Demands for Grants for 2025-26 in the Lok Sabha. It seeks Parliament's approval for a gross additional expenditure of Rs 1.32 lakh crore. This includes proposals with a net cash outgo of Rs 41,455.39 crore and gross additional expenditure, matched by savings of the Ministries/Departments of Rs 90,812 crore. As per the Supplementary, approval of Parliament is being sought for spending Rs 18,525 crore on fertiliser and related subsidies, and about Rs 9,500 crore by the Petroleum Ministry to compensate oil marketing companies for under-recoveries.
The GST rate rationalisation gave a "measurable" boost to consumption, and the Indian economy is on a stable footing to navigate risks and maintain growth momentum through the current fiscal, a finance ministry report said on Thursday. The Finance Ministry's Monthly Economic Review for October said that with inflationary pressures easing and recent tax reforms boosting household disposable incomes, the near-term consumption outlook appears increasingly positive. Retail inflation has reached an all-time low in the current series, dropping to 0.25 per cent in October 2025, down from 1.44 per cent in September 2025. The decline can largely be attributed to the complete impact of reduced GST rates, a favourable base effect, and significant falls in food inflation, the ministry said. "The rationalisation of GST rates has provided a measurable boost to consumption, as reflected in the strengthening of high-frequency indicators, including higher e-way bill generation, record festive-seaso
The Finance Ministry is considering an earlier proposal to merge the three state-owned general insurance companies into a single entity, following their improved financial health, to achieve better efficiency and scale. The government infused Rs 17,450 crore between 2019-20 and 2021-22 in three PSU general insurance companies, namely Oriental Insurance, National Insurance and United India Insurance, to bring them out of financial distress. In the Budget for 2018-19, the then finance minister Arun Jaitley announced that the three companies -- Oriental Insurance, National Insurance, and United India Insurance -- would be merged into a single insurance entity. However, the government dropped the idea in July 2020, and the Union Cabinet rather approved a capital infusion of Rs 12,450 crore into the three general insurance companies. As their finances have improved, the finance ministry is doing a preliminary assessment of the merger of these entities with a view to improving their ...
Finance Minister Nirmala Sitharaman on Friday met experts from infrastructure and energy to elicit their views on the forthcoming Budget for FY27. Those present at the meeting include Afcons Managing Director S Paramasivan, Shapoorji Pallonji Infrastructure Capital Director Manish Tripathi, GMR Group Deputy Managing Director K Narayanarao, JM BAXI Group Director Sandeep Wadhwa and Infravision Foundation CEO Jagan Shah, among others. "Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the 11th Pre-Budget Consultation with the experts from the #Infrastructure and #Energy Sectors in connection with the forthcoming Union Budget 2026-27, in New Delhi, today. "The meeting was also attended by Secretaries of @MinOfPower; @shipmin_India; @MORTHIndia; Chairman of Railway Board; and the Chief Economic Adviser to the Government of India," the Ministry of Finance said in a social media post on X. Sitharaman is likely to present the Budget on February 1. She will present
The country needs to relook at the Rs 15,000 a month salary ceiling for mandatory pension enrolment to provide the social security net for people, a top FinMin official said on Tuesday. It is "very bad" that some people, especially those in the private sector, who earn more than Rs 15,000 a month, do not have any pension cover and become dependent on children as they age, Department of Financial Services Secretary M Nagaraju said here. "People who are earning less than Rs 15,000 a month, it is mandatory to enrol in the EPF (Employees Provident Fund) system, but for those earning more than Rs 15,000, it is not mandatory," Nagaraju explained. "We need to look at it...how do we secure the future of those who earn a little more also, but have a secure future and not depend on the children in the time of old age," the official added. In remarks at the CII Financing Summit here, Nagaraju termed this as an "inconsistency", which is different from the government's focus to ensure that maxi