Page 6 - Harsh Kumar

Four PSBs seek 1-year extension to comply with shareholding norms

As per SEBI norms, listed entities must reduce promoter shareholding to 75 per cent

Only 1.37% of eligible central employees opted for UPS as of July 20

Just 31,555 employees have enrolled in the Unified Pension Scheme despite a three-month extension; Finance Ministry highlights low adoption

Public sector banks' property e-auctions take a leap under BAANKNET

The new platform has improved the auction success rate to 14.7 per cent, up from 9 per cent under the previous system

ED attaches ₹106.36 cr assets of ex-UCO Bank CMD in bank fraud case

Subodh Kumar Goel faces charges of sanctioning loans that later became NPAs, with investigations linking his actions to a large-scale money laundering scheme

Former Finance Secretary Ajay Seth appointed as new Irdai chairman

Ajay Seth, former finance secretary and G20 finance track lead, appointed as Irdai chairman for three years or until the age of 65, whichever is earlier

ED raids 35 premises, searches 50 companies linked to Anil Ambani

Probe relates to alleged illegal diversion of loans worth Rs 3,000 crore from Yes Bank

ED raids call centres in Chandigarh Tricity running tech support scam

The Enforcement Directorate raids illegal call centres in Chandigarh Tricity involved in fraudulent tech support services targeting foreign nationals, with multiple entities uncovered

ED files plaint against fintech firm SIMPL for FDI policy violation

The ED accused Buy Now Pay Later app SIMPL of breaching FDI norms by issuing convertible notes and receiving foreign investment under automatic route without approval

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

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