Page 17 - Finance Ministry

IBA suggests FinMin for training sessions of bankers to handle fraud

The number of frauds in the banking sector increased over four times in the past five years to 36,075

Nehru, Indira's policies hurt Indian economy for first five decades: FM

In her nearly 80-minute speech, Sitharaman said the Congress keeps questioning the Sangh Parivar about its role during the freedom movement

Markets today: Nov WPI; Dec PMI flash; MobiKwik, Vishal Mega IPO allotment

In the previous session, the Sensex settled 843.16 points or 1.04 per cent higher at 82,133.12. Similarly, the Nifty ended higher 219.60 points or 0.89 per cent at 24,768.30

NCP's Ajit Pawar knocks on Shah's door to reclaim state's Finance Ministry

Ajit Pawar stated that talks regarding the cabinet expansion have been scheduled for December 14

FinMin asks banks to closely monitor NCLT, NARCL cases to reduce delays

The Finance Ministry on Thursday asked banks to closely monitor cases in NARCL and NCLT to minimise procedural delays and adjournments so that bad loan resolution matters are expedited. An integrated portal is being developed by the Ministry of Corporate Affairs for seamless information flow to banks on the National Company Law Tribunal (NCLT) cases, the finance ministry said in a statement. The decision was taken in a review meeting chaired by Department of Financial Services Secretary M Nagaraju to address key operational challenges and enhance the efficiency of resolution mechanisms through the National Asset Reconstruction Company Limited (NARCL) and NCLT. The discussion on cases at NARCL centred on expediting timelines for the resolution of accounts. The Secretary underscored NARCL's pivotal role as a specialised entity designed to accelerate the resolution of large-value stressed assets, thereby, strengthening the financial ecosystem, it said. During the meeting, it was info

FIU helped detecting Rs 11k cr undisclosed income, 461 kg narcotics: FinMin

The Financial Intelligence Unit (FIU) has helped in detection of undisclosed income of Rs 11,000 crore and seizure of 461 kg of narcotic drugs, the finance ministry said on Thursday. The FIU under the finance ministry collects, analyses and disseminates information to law enforcement agencies about suspicious financial transactions pertaining to money laundering, terror and proliferation financing. The intelligence shared by FIU-IND with agencies has led to Rs 983 crore worth of assets attached, Rs 2,763 crore worth criminal proceeds identified and Rs 10,998 crore undisclosed income detected. Besides, it helped in seizure of 461 kg of narcotic/psychotropic substances, levy of Rs 39.14 crore penalty and 184 arrests in money laundering and terror financing cases. In a post on X, the finance ministry also said 46.31 per cent higher refunds were issued between April-November 27, 2024, during FY25. Refunds amounting to Rs 3.08 lakh crore issued during this period.

GNPA of PSBs declines to 3.12% in Sep from 14.58% in March 2018: FinMin

Gross non-performing assets (NPAs) of public sector banks (PSBs) have declined to a decade low of 3.12 per cent at the end of September 2024 from a peak of 14.98 per cent in March 2018 on the back of measures like the 4Rs -- recognition, recapitalisation, resolution, and reform -- taken by the government, the finance ministry said on Thursday. Since 2015, the government implemented a comprehensive 4Rs strategy of recognising NPAs transparently, resolution and recovery, recapitalising PSBs, and reforms in the financial system to address the challenges faced by PSBs, it said. Capital adequacy ratio of PSBs improved 393 bps to reach 15.43 per cent in September 2024 from 11.45 per cent in March 2015, it said. During 2023-24, PSBs recorded the highest-ever aggregate net profit of Rs 1.41 lakh crore against Rs 1.05 lakh crore in 2022-23, it said, adding that the figure was Rs 0.86 lakh crore in the first half of 2024-25. In the last three years, PSBs have paid total dividend of Rs 61,964

Centre seeks Parliament approval for extra Rs 86,730 crore spending in FY25

The net additional spending, as stated by the government, amounts to Rs 44,183 crore for the financial year ending March 31

PSBs were UPA's ATM for cronies: FM Sitharaman hits out at Rahul Gandhi

Finance Minister Nirmala on Wednesday termed the allegation of Leader of Opposition (LoP) Rahul Gandhi against state-owned banks as an insult to the hardworking employees and to the citizens who benefit from a cleaner, stronger banking system. Gandhi has a penchant for making baseless statements and the fact is that high concentration of corporate credit and indiscriminate lending during UPA tenure had resulted in significant deterioration in the health of public sector banks, she said in a series of posts on X. Banking sector, especially Public Sector Banks (PSBs), have seen a remarkable turnaround under the leadership of Prime Minister Narendra Modi, she said. Earlier in the day, Gandhi after meeting a delegation from the All India Banking Officers Confederation accused the government of using public sector banks, the "lifelines of the masses", as an unlimited source of funds for their "fraudulent friends". "The Modi government has turned these lifelines of the masses into privat

New RBI governor Sanjay Malhotra warned of killing 'golden goose'

As the head of India's central bank, Malhotra inherits the management of an economy beset with the dual challenge of rising prices and slowing growth

FinMin-RBI ties the best in my stint with excellent cooperation: Das

Outgoing Reserve Bank Governor Shaktikanta Das on Tuesday said he gave his best to the institution, and asserted that ties between Mint Road and the finance ministry were "the best" in his six-year stint. Speaking to reporters on the last day of his term, Das said the "perspectives" of the central bank and the finance ministry can be different on many issues and the phenomenon is seen the world over. "...in my tenure, I think we have been able to resolve all such issues through internal discussions," Das, the career bureaucrat-turned-central banker, said. "The relationship between the government, and the finance ministry in particular, and the Reserve Bank of India... I think they have been at their best. We had excellent cooperation, excellent coordination," Das added. Das, who had served as the secretary in the Department of Economic Affairs and also worked closely on demonetisation in 2016, was appointed as the RBI Governor in 2018 following the sudden resignation of Urjit ...

Limited appetite raises questions on insurance FDI growth projections

The pace of FDI utilisation has been slow. Among private-sector non-life insurers, no company has reached the current 74 per cent threshold

Centre may halt Sovereign Gold Bonds issuance from FY26 to reduce govt debt

Scheme said to have outlived its purpose of reducing physical gold imports

Indian insurance firms seek zero-coupon bonds to manage long-term risks

Insurance companies have made a request to the Reserve Bank of India, which has then discussed the matter with the Finance Ministry of the government

Govt invites applications for post of pension fund panel PFRDA chief

The government has begun searching for a successor to Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty whose term is ending in May next year. The PFRDA chairman holds office for five years or till the age of 65 years. The chairman is entitled to a consolidated salary of Rs 5.62 lakh per month without the facility of house and car, the finance ministry said while inviting applications for the post. As per the eligibility criteria mentioned in the public notice issued by the Department of Financial Services, the applicant should have a minimum of two years of residual service as of the last date of submission of applications. Applicants should be a government servant and have worked as Secretary/Additional Secretary in the Government of India or its equivalent level in a State Government for at least three years, it said. A public sector official, and has worked at least at one level immediately below the board level for at least three years or an ..

Business correspondents' body demands higher charges for AePS withdrawals

Faced with a jump in costs and transaction failures, bank agents are demanding an upward revision of per-transaction charges to 1 per cent or Rs 21, whichever is lower

Finance Ministry likely to end windfall tax as oil prices stabilise

In September, the government eliminated the windfall tax on domestically produced crude oil, reducing it to zero per tonne

FinMin proposes to raise insurance FDI to 100%, composite licence provision

The finance ministry has proposed to amend various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence. The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10. As per the proposal, the FDI limit in Indian insurance companies will be raised from 74 per cent to 100 per cent. This is the second public consultation that the DFS has sought on the proposed amendments to the Insurance Act 1938, the Life Insurance Corporation Act 1956, and Insurance Regulatory and Development Authority Act, 1999. The finance ministry in December 2022 invited comments on the proposed amendments to the Insurance Act, 1938, and the Insurance Regulatory Development Act, 1999. According to an office memorandum dated November 26, 2024, it is proposed to amend certain provisions of insurance laws to ensure accessibilit

Life insurance stocks fall; HDFC Life, SBI Life, Max Financial dip up to 7%

According to the latest data, HDFC Life distributes 65 per cent of its insurance policies through banking channels, followed by SBI Life (60 per cent), Max Life (52 per cent), and ICICI Prudential

Finance ministry weighs removing windfall tax amid falling crude prices

The federal finance ministry will evaluate scrapping windfall tax on domestic crude oil output, Tarun Kapoor, adviser to the Indian prime minister, said last month