Finance Ministry

FinMin pushes banks to boost farm loans against e-warehouse receipts

So far, only eight banks have joined the NCGTC for credit guarantee coverage, while 26 banks have signed up for the e-KUN portal which is part of the Jansamarth portal

No GST on UPI transactions above ₹2,000, clarifies Finance Ministry

A ministry release said that since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions

FinMin to hold high-level talks on 'One State, One RRB' execution on May 6

On April 7, the Union government released a gazette notification announcing the amalgamation of several RRBs, effective from May 1, 2025

FinMin sets Rs 17.31 trillion MSME lending target for PSBs in FY26

MSME lending target for PSBs raised 19.5%

Ajay Narayan Jha steps down from Finance Commission with 6 months to go

The former finance secretary was appointed secretary, expenditure, in the Ministry of Finance in October 2017 and remained in office until February 2019

Aviation ministry seeks FinMin help to boost aircraft leasing at GIFT City

It has also raised concern over slow progress in developing aircraft leasing in India

ED leads finance ministry pack, but conviction rates offer cold comfort

The finance ministry houses a dozen or so investigative agencies but the large pendency of cases in various courts and tribunals raises questions about where their efforts are headed

PSBs red flag technical glitches in implementing PM Vidyalaxmi scheme

Among the key issues highlighted are persistent technical glitches, including repeated login failures due to server-level errors and frequent auto logouts from the portal

RBI rate cut, credit growth, MSME, Shriram Finance, 5 day banking wk & more in this week

DPE-Dipam merger may be completed in 6 months to streamline operations

The official further explained that the government's new approach to CPSEs has evolved

Finance ministry notifies form ITR-B to report undisclosed income

Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income

Five-day banking week proposal unlikely to be implemented in FY26

The official further explained that such a change could negatively impact banking services, particularly on Saturdays, which remains a critical day for many customers to complete their banking txns

8th Pay Commission: State govts want parleys before final report

The Cabinet in January cleared a proposal to constitute the 8th Pay Commission

Finance ministry to study EPFO, global models for UPS investment plan

The UPS was approved by the central government in August last year to provide a guaranteed pension to retirees with a minimum of 25 years of service

FinMin to implement 'one state, one RRB' soon to improve efficiency

The finance ministry will soon implement the 'One State-One RRB' plan to achieve operational efficiency and cost rationalisation and consolidation of 43 regional rural banks (RRBs) to 28. Most of the work related to the issue of consolidation have been completed and the fourth round would happen soon, according to sources. As per the roadmap prepared by the finance ministry, 15 RRBs operating in various states would be merged. Among states that will see consolidation of RRBs include Andhra Pradesh, which has the maximum number of RRBs (4), Uttar Pradesh and West Bengal (3 each), and Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan (2 each). In the case of Telangana, sources said, the issue related with bifurcation of assets and liabilities of Andhra Pradesh Grameena Vikas Bank (APGVB) between APGVB and Telangana Grameena Bank have concluded. As a precursor to consolidation, the capital infusion was done in these RRBs. The financial yea

Finance ministry asks banks to work on deposit mobilisation strategies

The meeting was chaired by the Department of Financial Services (DFS) Secretary M Nagaraju with the PSB chiefs and select private sector banks

FinMin to hold review meeting with banks on Thursday on govt schemes

The meeting will be chaired by the Department of Financial Services secretary M Nagaraju

India's external debt increases 10.7% to $717.9 billion at Dec-end

India's external debt increased by 10.7 per cent to USD 717.9 billion at the end of December 2024 from USD 648.7 billion in December 2023, as per the data released by the finance ministry. On a quarter-on-quarter basis, there is a 0.7 per cent increase in external debt from the level of USD 712.7 billion at the end of September 2024, according to India's Quarterly External Debt Report. The external debt to GDP ratio stood at 19.1 per cent at the end of December 2024, against 19 per cent in September 2024, it said. The valuation effect is due to the appreciation of the US dollar vis-a-vis the rupee and other major currencies, such as the yen, the euro and Special Drawing Rights (SDR), amounting to USD 12.7 billion during the quarter ended December 2024, the report said. Excluding the valuation effect, the increase in external debt would have been USD 17.9 billion quarter-on-quarter against USD 5.2 billion at the end of December 2024 over September 2024, it added. "US dollar-denomin

Panel on non-financial regulatory reforms to begin work soon: Finance secy

Finance Secretary and Economic Affairs Secretary Ajay Seth on Saturday said that a high-level committee for regulatory reforms in non-financial sector should be starting its work soon to foster ease of doing business as announced in the Budget 2025-26. Finance Minister Nirmala Sitharaman in her Budget speech last month had announced creation of a high-level committee for regulatory reforms for a review of all non-financial sector regulations, certifications, licences, and permissions. "The committee will be expected to make recommendations within a year. The objective is to strengthen trust-based economic governance and take transformational measures to enhance 'ease of doing business', especially in matters of inspections and compliances. States will be encouraged to join in this endeavour," she had said. Observing that a number of structural reforms have been announced in the last 10 years, Seth said, at the same time keeping those reforms in tandem with the technological ...

Govt faces leadership gaps across key financial regulatory bodies

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