Page 10 - Harsh Kumar

ED files Fema complaint against Myntra over ₹1,654 crore FDI violation

ED's investigation allegedly found that Myntra received FDI equivalent of Rs 1654.35 crore and that it sold the majority of its goods to Vector E-Commerce

Higher FDI cap won't affect PSBs' financial inclusion goals: UCO Bank CEO

We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts, says Ashwani Kumar

DRI busts major multi-crore branded luxury furniture import racket

The Directorate of Revenue Intelligence uncovers a multi-crore racket involving undervaluation and misdeclaration of luxury furniture, leading to significant customs duty evasion

PSBs flag 1,629 wilful defaulters with dues over ₹1.62 trillion: FinMin

Public sector banks have identified 1,629 wilful defaulters with outstanding loans totalling Rs 1.62 lakh crore as of March 31, 2025, according to the Union Finance Ministry

Uco Bank's Q1FY26 results: Profit jumps 10% to ₹607 crore, NPAs decline

Uco Bank's net profit rises by 10% YoY to ₹607 crore in Q1 FY26, driven by strong growth in both interest and non-interest income, with improved asset quality

Finance ministry seeks Claims portal control from health ministry

The department of financial services, under the ministry of finance has sought the Prime Minister's Office (PMO) regarding the same

NBFC credit should reach 50% of SCBs' volume by 2047: FM Nirmala Sitharman

The finance minister further said that financial inclusion cannot be used as a pretext for "financial exploitation"

10 years on, time to reassess PM Fasal Bima Yojana: AIC of India's Mundayur

Single national scheme predominantly funded by the Centre is best option, says Lavanya R. Mundayur

Financial bidding for IDBI Bank expected to conclude by October 2025

"All things have at the high pace and IDBI bank will be completed by October 2025," said the official.

Expand financial inclusion using AI: DFS secy M Nagaraju to fintechs

At the CII summit, DFS Secretary M Nagaraju said fintechs must widen access to finance and develop AI-led tools to combat cyber threats and support rural economic growth

FinMin directs public sector banks to evaluate board performance

"Independent third-party board evaluations are a widely accepted global practice, and India has only recently begun adopting them," remarked S. Krishnan

FinMin pushes PSBs to expand branches amid private sector competition

Amid rising competition from private and small finance banks, PSBs have been asked to scale up physical infrastructure and cover over 200 unbanked population clusters

Risky to rely on only a few nations for mfg, supply chains: CII President

CII president Rajiv Memani says China's Foxconn exit signals the risk of over-relying on a few countries for manufacturing and supply chains, and outlines India's growth prospects for 2025-26

NARCL's stressed asset acquisitions set to cross ₹1.68 trillion

The NARCL has been set up to clean up the legacy stressed assets with an exposure of ₹500 crore and above in the Indian banking system

DFS Secretary urges private banks to step up support for inclusion push

At a review meet, DFS Secretary M Nagaraju calls on private banks to deepen their role in financial inclusion and ready for the saturation campaign starting 1 July

Small savings rates unchanged for sixth straight quarter from July 1

Interest rates for the popular PPF and post office savings deposit schemes are also unchanged at 7.1 per cent and 4 per cent, respectively

FinMin working to double the life insurance cover under the PMJJBY

As part of this revamp, a revision in premiums is also under consideration

FM asks PSBs to step up deposit mobilisation, deepen corporate lending

Sitharaman reviews PSB performance, stresses deposit growth, better service, staffing, green lending, MSME credit, and expanded presence in underserved areas

IBPS allowed to use Aadhaar to verify candidates in bank exams

The move aims to reduce impersonation, simplify identity checks, and bolster trust in bank recruitment, aligning with recent Aadhaar-based steps by the SSC

FinMin may bring cheques, credit cards, higher overdrafts in PMJDY 2.0

The official said that the government believes that these upgrades will also help reduce the number of inoperative accounts