Page 2 - Finance Ministry

FinMin streamlines recruitment, result timelines for public sector banks

The Finance Ministry has undertaken several initiatives aimed at streamlining the timelines for recruitment examinations for the public sector banks and declaration of their results. This includes recruitment to State Bank of India (SBI), Nationalised Banks (NBs) and Regional Rural Banks (RRBs), the Department of Financial Services under the Ministry of Finance said in a statement on Thursday. Additionally, these initiatives seek to enhance transparency in examinations conducted by the Institute of Banking Personnel Selection (IBPS). The recruitment in SBI, NBs and RRBs is conducted through the IBPS process, in accordance with the mandates of the respective banks, it said. Typically, examinations for RRBs are administered prior to those for NBs and the SBI. The results are subsequently announced in a similar sequence, it said. "Nevertheless, a notable trend has emerged wherein newly recruited candidates frequently transition from RRBs to NBs, and subsequently to SBI. This migratio

AU Small Finance Bank surges 4%; what's driving stock price on Wednesday?

AU Small Finance Bank in focus: The Finance Ministry has increased the foreign investment limit in the private-sector bank from 49 per cent to 74 per cent.

Sanjay Malhotra's first year as RBI governor: Stability with reforms

The RBI under him prizes stability, yet remains open to reform. The onus is on the banking industry to prove it deserves Malhotra's trust

India a crown jewel for us as far as impact is concerned: Binance's Seker

Binance's APAC head says India is the fastest-growing digital asset market globally despite regulatory uncertainty, with explosive potential driven by mobile penetration and savvy users

Stronger data safeguards, effective use of shared info: Revenue secy

Revenue Secretary Arvind Shrivastava on Tuesday said countries need to work towards ensuring strong data confidentiality systems and also make sure that information shared under international standards is used effectively. He said jurisdictions globally must also adapt to new challenges, including digital economy taxation and crypto asset reporting frameworks, which will need both technical innovation and coordinated action. "Looking ahead we must continue to deepen beneficial ownership transparency, ensure strong data confidentiality systems and make sure that information shared under international standards is used effectively," the secretary said addressing the 18th Global Forum Plenary meeting here. Shrivastava said over the years, the Global Forum has enabled a transformation in the global tax landscape from banking secrecy and limited cooperation to transparency and information exchange. "The work of the Global Forum continues to evolve and India stands ready to contribute ..

Govt seeks Parliament nod for ₹41k crore additional spending in FY26

First supplementary demands for grants tabled in Parliament focus on fertiliser and petroleum subsidies amid rising costs

FinMin does not advise LIC; its Adani investments as per SOPs: Sitharaman

Finance Minister Nirmala Sitharaman on Monday said her ministry does not issue advisory or directions to Life Insurance Corporation of India (LIC) regarding its investment decisions, and emphasised that the investments that the state-owned insurer made in Adani Group were as per established SOPs. India's largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Following due diligence as per established standard operating procedures (SOPs), it has bought shares across half a dozen listed companies of Adani Group, whose book value stands at Rs 38,658.85 crore and invested another Rs 9,625.77 crore in debt instruments of the conglomerate. "The Ministry of Finance does not issue any advisory/direction to LIC in connection with matters related to investment of LIC fund," she said in a written reply to a question in Lok Sabha. The investment decisions of the state-owned insurer, she said, are taken by "LIC alone ...

Govt seeks Lok Sabha nod for ₹41,455 crore extra expenditure in FY26

The government on Monday sought Parliament's nod for net additional spending of Rs 41,455 crore in the current fiscal, which includes over Rs 18,000 crore expenditure towards fertiliser subsidy. Finance Minister Nirmala Sitharaman tabled the first batch of Supplementary Demands for Grants for 2025-26 in the Lok Sabha. It seeks Parliament's approval for a gross additional expenditure of Rs 1.32 lakh crore. This includes proposals with a net cash outgo of Rs 41,455.39 crore and gross additional expenditure, matched by savings of the Ministries/Departments of Rs 90,812 crore. As per the Supplementary, approval of Parliament is being sought for spending Rs 18,525 crore on fertiliser and related subsidies, and about Rs 9,500 crore by the Petroleum Ministry to compensate oil marketing companies for under-recoveries.

GST 2.0 bolstered momentum, economy on stable footing: FinMin review

While trade policy uncertainty remains elevated, the ministry felt that global pressures have moderated relative to earlier peaks

GST rate cuts boost consumption, India set for steady growth: FinMin report

The GST rate rationalisation gave a "measurable" boost to consumption, and the Indian economy is on a stable footing to navigate risks and maintain growth momentum through the current fiscal, a finance ministry report said on Thursday. The Finance Ministry's Monthly Economic Review for October said that with inflationary pressures easing and recent tax reforms boosting household disposable incomes, the near-term consumption outlook appears increasingly positive. Retail inflation has reached an all-time low in the current series, dropping to 0.25 per cent in October 2025, down from 1.44 per cent in September 2025. The decline can largely be attributed to the complete impact of reduced GST rates, a favourable base effect, and significant falls in food inflation, the ministry said. "The rationalisation of GST rates has provided a measurable boost to consumption, as reflected in the strengthening of high-frequency indicators, including higher e-way bill generation, record festive-seaso

FinMin renews merger proposal of state-owned general insurance firms

The Finance Ministry is considering an earlier proposal to merge the three state-owned general insurance companies into a single entity, following their improved financial health, to achieve better efficiency and scale. The government infused Rs 17,450 crore between 2019-20 and 2021-22 in three PSU general insurance companies, namely Oriental Insurance, National Insurance and United India Insurance, to bring them out of financial distress. In the Budget for 2018-19, the then finance minister Arun Jaitley announced that the three companies -- Oriental Insurance, National Insurance, and United India Insurance -- would be merged into a single insurance entity. However, the government dropped the idea in July 2020, and the Union Cabinet rather approved a capital infusion of Rs 12,450 crore into the three general insurance companies. As their finances have improved, the finance ministry is doing a preliminary assessment of the merger of these entities with a view to improving their ...

FM Sitharaman meets infrastructure, energy experts on Budget for FY27

Finance Minister Nirmala Sitharaman on Friday met experts from infrastructure and energy to elicit their views on the forthcoming Budget for FY27. Those present at the meeting include Afcons Managing Director S Paramasivan, Shapoorji Pallonji Infrastructure Capital Director Manish Tripathi, GMR Group Deputy Managing Director K Narayanarao, JM BAXI Group Director Sandeep Wadhwa and Infravision Foundation CEO Jagan Shah, among others. "Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the 11th Pre-Budget Consultation with the experts from the #Infrastructure and #Energy Sectors in connection with the forthcoming Union Budget 2026-27, in New Delhi, today. "The meeting was also attended by Secretaries of @MinOfPower; @shipmin_India; @MORTHIndia; Chairman of Railway Board; and the Chief Economic Adviser to the Government of India," the Ministry of Finance said in a social media post on X. Sitharaman is likely to present the Budget on February 1. She will present

Need to relook at Rs 15k ceiling for mandatory pension enrolment: DFS Secy

The country needs to relook at the Rs 15,000 a month salary ceiling for mandatory pension enrolment to provide the social security net for people, a top FinMin official said on Tuesday. It is "very bad" that some people, especially those in the private sector, who earn more than Rs 15,000 a month, do not have any pension cover and become dependent on children as they age, Department of Financial Services Secretary M Nagaraju said here. "People who are earning less than Rs 15,000 a month, it is mandatory to enrol in the EPF (Employees Provident Fund) system, but for those earning more than Rs 15,000, it is not mandatory," Nagaraju explained. "We need to look at it...how do we secure the future of those who earn a little more also, but have a secure future and not depend on the children in the time of old age," the official added. In remarks at the CII Financing Summit here, Nagaraju termed this as an "inconsistency", which is different from the government's focus to ensure that maxi

Finance Ministry's Chintan Shivir discusses use of AI in govt processes

At a two-day Chintan Shivir in Rajasthan, the finance ministry discussed AI adoption in government processes

CBDT plans nationwide outreach ahead of new Income Tax Act, 2025 rollout

Starting January 2026, the CBDT will conduct nationwide awareness and training programmes to familiarise taxpayers with the new Income Tax Act, 2025, which comes into effect on April 1, 2026.

Finance ministry to vet ongoing schemes for 16th Finance Commission

Ministries asked for five-year outlays and outcome assessments

Govt urges banks to deepen presence in IIBX, expand GIFT City operations

The senior government official further noted that the intent is to strengthen the ecosystem around IIBX and ensure that banks play a larger role in facilitating bullion trade and related financial flo

Overhaul of GST processes in works for easier compliance, faster refunds

The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs

Pre-Budget meeting: Ficci seeks faster resolution of tax disputes

Industry body calls for clearing ₹18 trillion in pending tax appeals, TDS rationalisation and tax neutrality for fast-track demergers ahead of Union Budget 2026

Economy accelerated in Q2FY26, momentum to sustain: Finance Ministry

The review also flagged the rise in long-term sovereign bond yields of major economies and said this could undermine the hedging role such bonds typically play in the financial markets