Page 5 - Finance Minister

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

FTAs with US, EU soon; exporters to get full govt backing: Sitharaman

Finance Minister says trade deals with US and EU near finalisation as she assures Indian exporters of full support amid global slowdown and volatile trade conditions

Finance Ministry, RBI discuss scaling up unified lending interface

The finance ministry together with Reserve Bank held a meeting with various stakeholders, including state government representative to deliberate on ways to scale up Unified Lending Interface (ULI). ULI is a new digital public infrastructure (DPI) designed to streamline the lending process, similar to UPI in the payment space. It is a technology platform built to facilitate easy access to authenticated data from various sources, through standardised APIs to which all lenders can connect seamlessly through a plug and play' model. Financial Services Secretary M Nagaraju and RBI Deputy Governor T Rabi Sankar co-chaired a meeting with officials from various ministries/departments of Government of India and state governments on scaling up ULI, the finance ministry said in a post on X. ULI is envisioned as a DPI for credit delivery designed to integrate technology, data, and policy into one seamless platform, Nagaraju said during the meeting which saw participation of senior officials of

Fifth edition of Time Release Study shows faster import clearance at ports

Finance Minister Nirmala Sitharaman releases CBIC's NTRS report showing average cargo release times improved at ports and airports, though delays rose at inland depots

Make GST registration easier using tech, risk-based parameters: FM to CBIC

Finance Minister Nirmala Sitharaman on Friday asked CBIC to make the GST registration easier, seamless, and more transparent for taxpayers, using technology and risk-based parameters. Sitharaman, who chaired the Central Board of Indirect Taxes and Customs (CBIC) Conclave with the Principal Chief Commissioners, Chief Commissioners and Director Generals of the field formations, reviewed the performance of Customs and CGST zones on key indicators. During the conclave, she directed the zones to prepare an action plan to improve various parameters, such as GST registration, processing of refunds, and handling taxpayers' grievances. The finance minister also directed the CGST formations to launch targeted awareness campaigns among taxpayers, trade associations, and industry bodies regarding the mandatory documentation required for GST registration, particularly those related to the principal place of business, the finance ministry said in a statement. This would help reduce rejections an

Nirmala Sitharaman ask fintechs to find solutions to prevent cyberfrauds

Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds. Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country. Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don't take away their money. Another major threat, she pointed out, is 'deep fake', which is causing a lot of damage to the public in large. "Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising," Sitharaman said. She also called upon the fin

A K Bhattacharya's third book on India's FMs captures the post-reform era

Typically, by the third sequel, authors tend to lose energy, but not A K Bhattacharya. He enjoys reporting the joys and pains of India's finance ministers too much

Govt plans to amend refund provision in new Income Tax Bill, 2025

Section 433 of the new IT Bill, 2025, states that a refund must be claimed by filing a return - regardless of whether it is belated

FM to meet GST and income tax officers to resolve field-level issues

The meetings aim to review ground-level implementation of tax policies, resolve bottlenecks in taxpayer services, and improve ease of doing business

Ex-AAP MLA's wife files defamation suit against FM Sitharaman in Delhi

A Delhi court on Thursday fixed on June 26 the criminal defamation complaint filed by Lipika Mitra, wife of former AAP MLA Somnath Bharti, against Union Finance Minister Nirmala Sitharaman for allegedly making statements over their marital discord. Additional Chief Judicial Magistrate Paras Dalal deferred the hearing on the request of Sitharaman's counsel. The judge also directed Mitra's counsel to provide a copy of the complaint to the opposite party. "Time sought by the proposed accused side to file vakalatnama (document regarding hiring of the lawyer). "Although the summons have been received back duly served. The proposed accused side has sought a copy of complaint. The complainant side agrees to supply the soft copy of the same along with the link of the purported defamatory material/interview. Matter be fixed for consideration/arguments on June 26, 2025," the judge said. Sitharaman has been accused of making "defamatory, false, and malicious statements" at a press conference

FM asks regulators to expedite refund on unclaimed deposits, streamline KYC

Finance Minister Nirmala Sitharaman on Tuesday asked regulators and departments to expedite the refund of unclaimed deposits to rightful owners and streamline the KYC process. Chairing the 29th meeting of the Financial Stability and Development Council (FSDC) here, she emphasised that interest of common citizens to be kept in mind and expeditiously refund the claims of the rightful claimants. She exhorted the Council to take proactive steps to ensure that citizens should have a seamless experience with respect to KYC processes across the financial sector, the finance ministry said in a statement. There is a need for common KYC norms, simplification and digitalisation of the KYC process including digital onboarding for Non-Resident Indians (NRIs) including PIOs and OCIs, in the Indian securities market. The minister urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level camps. This drive is to

SBI pays Rs 8,076.84 cr dividend to govt, cheque presented to FM Sitharaman

The country's biggest lender State Bank of India (SBI) on Monday paid a dividend of Rs 8,076.84 crore to the government for the financial year 2024-25. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman C S Setty in the presence of Financial Services Secretary M Nagaraju and Finance Secretary Ajay Seth. "Smt @nsitharaman receives a dividend cheque of Rs 8076.84 crore for FY 2024-25 from Shri C S Setty, Chairman-@TheOfficialSBI," the finance minister's office said in a post on X. SBI declared a dividend of Rs 15.90 per share for the financial year 2024-25, higher than Rs 13.70 per equity share distributed for the previous year. SBI had paid a dividend of Rs 6,959.29 crore to the government last year. During 2024-25, the bank earned a record net profit of Rs 70,901 crore, as against Rs 61,077 crore in the preceding year, registering a 16 per cent increase.

Finance ministry meets Moody's execs, makes case for ratings upgrade

Moody's said that Pakistan-India tensions, including the flare-up earlier in May, would weigh on Pakistan's growth more than on India's

FM flags drug menace as major national threat, seeks stronger DRI action

Nirmala Sitharaman says drug trafficking is the biggest threat to the nation, urging DRI to target criminal masterminds and coordinate with state police more effectively

Profits earned through ethical means create wealth for nation: FM

Finance Minister Nirmala Sitharaman on Saturday said the government led by Narendra Modi refers entrepreneurs as wealth creators as the profit earned by them through ethical ways help drive development goals. "Wealth creation in India has never been a taboo in India. We promoted wealth creation. We would want wealth creation. That is why entrepreneurs in India, under Prime Minister Modi, we refer them as wealth creators. They are not thieves," she said while addressing the National Commemorative Seminar on 60 years of Pandit Deendayal Upadhyaya Integral Humanism Lectures. Pandit Upadhyaya was one of the founding members of Jan Sangh from which the Bharatiya Janata Party (BJP) emerged in April 1980. "We would like to have profit created by genuine ethical practices, and that is what is going to create wealth for the nation. And once you have wealth, you give dignity of labor, you provide for education, you provide for skilling, and you lift the tempo and the spirit of the nation," sh

FinMin suggests RBI to give relief for borrowers under ₹2 lakh gold loan

In April, the RBI released draft norms mandating, among other requirements, that borrowers furnish proof of ownership for the gold used as collateral

Finance ministry seeks relaxation in RBI's new gold loan proposals

In April this year, the RBI had proposed tighter rules for monitoring and disbursement of gold loans, often used by low-income borrowers

Tech integration in Op Sindoor a global case study: FM Nirmala Sitharaman

The finance minister said on Thursday that tech-led coordination during Operation Sindoor marks a turning point in India's defence strategy

FM meets ADB President; seeks support for integrated rural prosperity

Finance Minister Nirmala Sitharaman on Thursday met Asian Development Bank (ADB) President Masato Kanda and sought enhanced support for integrated rural prosperity initiatives, including job creation. The discussions focused on shaping the partnership in line with Prime Minister Narendra Modi's vision for Viksit Bharat by 2047. The Indian delegation emphasised the 'Budget Plus' and 'Finance Plus' approach for driving systemic change and fostering innovation to align with India's 'reform, perform and transform' approach, while urging for agility in responding to emerging national priorities, the finance ministry said in a post on X. Stressing that the 'Antyodaya' principle which aims at ensuring development reaches the last person in society she asked ADB to support integrated rural prosperity measures. "She urged deeper ADB support for integrated rural prosperity measures, including creation of jobs and local entrepreneurship, and fostering innovation in agriculture, to transform

FM Nirmala Sitharaman signals policy aid to fintechs in Pine Labs visit

Sitharaman may visit more fintech companies and global capability centres across major cities