Page 6 - Finance Minister

Globalisation must be tempered to local needs: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman calls for globalisation that aligns with local requirements, emphasising humanism and ethical practices at the IICA North East Conclave in Shillong

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"

Centre withholding funds for schemes, depriving people: J'khand FinMin

Jharkhand Finance Minister Radha Krishna Kishore on Monday accused the Centre of withholding funds for several schemes, depriving people of the benefits of the initiatives. He claimed that the BJP was spreading lies that the Jharkhand government was not providing the benefits of the schemes to the people. "The central government has withheld funds for several schemes and is not providing its share. Due to this, people are not able to get benefits of various schemes such as old-age pension. I urge the Centre to release the funds," Kishore told reporters after a 'Janta Darbar' at the Congress headquarters in Ranchi. As many as 49 cases were brought before the finance minister at the 'Janta Darbar', with most being related to electricity, road construction, land dispute, pond renovation and social welfare schemes. "The government will not tolerate negligence in work, and officials must complete public tasks on time. The practice of making people unnecessarily run around offices and ..

Global South should act collectively on key economic challenges: Sitharaman

Finance Minister Nirmala Sitharaman on Friday emphasised the need for decisive collective action by the Global South to deal with multiple uncertainties arising out of fiscal constraints in several economies and evolving geopolitical dynamics. She was speaking at the Annual Meeting of Board Governors of the New Development Bank (NDB) at Rio De Janeiro, Brazil on 'Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South'. Sitharaman said the meeting is taking place at a defining moment for the Global South, as the world grapples with multiple uncertainties arising from fiscal constraints in several economies, climate transition issues and evolving geopolitical dynamics. "In response to these challenges, our collective action must be decisive, inclusive, and forward-looking," she said. The New Development Bank (NDB) has been established by BRICS nations. She noted that MDBs play a pivotal role in complementing ou

NDB mandate must focus on agility, tech and sustainable growth: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said in today's fast changing world, the mandate for New Development Bank (NDB) must be renewed with focus on greater agility, technological advancement and efficiency. Observing that NDB has played an important role in reshaping the financial landscape for the global South, she said, it has approved more than 100 projects, and it has approved more than USD 35 billion in financing across member countries, including key Indian initiatives like the metro rail, renewable energy and water management. NDB is not just a source of capital, it is a platform for shaping a more equitable and responsive global financial architecture, she said during the NDB Governors Seminar on the theme 'Challenges for Financing Sustainable Development for the Global South' in Rio de Janeiro, Brazil. "In today's fast changing world, its mandate must be renewed. The NDB's mandate must be renewed with focus on greater agility, technological advancement and efficienc

SBI's digital transformation immensely benefited customers: FM Sitharaman

Digital transformation undertaken by the State Bank of India (SBI) in the last decade has been immensely beneficial to its customers, Finance Minister Nirmala Sitharaman said on Tuesday. Congratulating SBI on completing 70 years of service to the nation, she expressed hope that the Bank will continue to innovate and empower as India continues its journey towards 'Viksit Bharat' by 2047. "With over 23,000 branches, 78,000 Customer Service Points (CSPs) and 64,000 ATMs, SBI's footprint today is formidable and it is truly the Banker to every Indian. The digital transformation it has achieved in the last decade has been immensely beneficial to its customers," Sitharaman said in a post on X. SBI has been instrumental in supporting 1.5 crore farmers, 1.3 crore Self-Help Groups (SHGs) led by women, 32 lakh street vendors under PM SVANidhi, 23 lakh MSMEs, and lakhs of artisans across various schemes, she said. SBI has over 15 crore Jan Dhan Accounts, 14.65 crore PM Suraksha Bima Yojana, 1.

FM Sitharaman to embark on six-day visit to Spain, Portugal and Brazil

During her June 30-July 5 visit, the finance minister would attend the fourth International Conference on Financing for Development (FFD4) organised by the United Nations

Govt urges state-run banks to boost lending amid economic growth push

Financial Services secretary M. Nagaraju said banks were also urged to boost credit to small businesses and improve deposit mobilisation, following a review meeting chaired by FM Nirmala Sitharaman

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.