Page 42 - Finance Ministry

FinMin tells PSBs to explore AI-powered collab in tech, HR training

The ministry cautioned PSBs on customer protection when critical services, including technology services, were outsourced

HDFC merger poses increased competition in deposits segment for PSBs: Govt

PSBs told to take swift action on fraud and willful defaulters cases

State-run banks confident of withstanding macro shocks: Finance Ministry

India's state-run banks are confident of withstanding any macroeconomic shocks and expect their outlook to improve, despite headwinds in the global banking sector, the finance ministry said

India poised for more durable growth than ever, says finance ministry

Annual Economic Review 2022-23 warns of geopolitical stress, El Niño fears, modest FDI inflows

FM Nirmala Sitharaman to soon review performance of Regional Rural Banks

Finance minister Nirmala Sitharaman is likely to meet heads of Regional Rural Banks (RRBs) and review their performance soon, sources said. RRBs play an important role in financial inclusion and serving the credit needs of rural economy. According to sources, the finance minister would review the progress with regard to issuance of Kisan Credit Card (KCC) to farm and allied sector by RRBs. With an aim to provide the benefits of KCC loans to maximum number of farmers, a special KCC saturation drive was launched under Atma Nirbhar Bharat Abhiyan to cover 2.5 crore farmers under KCC with a credit boost of Rs 2 lakh crore. She is also expected to review capital position of some of the weak RRBs, sources added. The need for technology upgradation of RRBs, strategies for NPA reduction, IT initiatives, improving financial inclusion, enhancing credit delivery to rural areas and support being given by sponsor banks to the RRBs are other issues that may be discussed in the meeting, it ...

4 IRS officers appointed in CBDT under finance ministry: Govt order

Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union finance ministry, according to a government order. The CBDT is the administrative body for the department and it is tasked to collect revenue under various direct tax categories such as personal income tax and corporate tax. According to the order issued by the Appointments Committee of the Cabinet on Wednesday, two Indian Revenue Service (IRS) officers of the 1987 batch -- Pravin Kumar and Harinder Bir Singh Gill -- and two from the 1988 batch -- Sanjai Kumar Verma and Ravi Agrawal -- have been appointed as Members in the CBDT. These officers, currently posted in various regions of the tax department, will fill four positions in the CBDT which have been vacant from September 2021 to June 2023. The CBDT is headed by a chairman and can have a maximum of six Members who are in the rank of special secretary. The two serving Members in the board are

Export of steel, iron ore, cement likely to be hit by EU carbon tax: FinMin

India's merchandise trade deficit rose faster-than-expected in May to $22.12 billion, up from $15.24 billion in April, due to reduced demand for Indian exports from developed countries

Sitharaman meets UN Deputy Secretary General, exchanges views on SDGs

Finance minister Nirmala Sitharaman on Tuesday met United Nations Deputy Secretary-General Amina J Mohammed and exchanged views on financing of Sustainable Development Goals (SDGs) and the ongoing G20 India Presidency. "FM Smt. @nsitharaman highlighted the four main agenda of the #G20 #FinanceTrack under #G20India Presidency, i.e., debt distress; #DigitalAssets/currency; strengthening #MDBs; and #DPI Digital Public Infrastructure/ tools," the finance ministry said in a tweet. During the meeting Sitharaman said a G20 Expert Group on 'Strengthening MDBs' (multilateral development banks) has been constituted to undertake an evaluation of the scale of funding required by low and middle-income developing countries to address the ever-increasing financing gap for SDGs and trans-boundary challenges. "FM Smt. @nsitharaman observed that #G20 needs to provide momentum for International Financial Institutions #IFIs and #MDBs to step-up to provide adequate financing at affordable terms to enabl

FM to meet chiefs of PSB banks to review financial performance on Thursday

Finance Minister Nirmala Sitharaman is scheduled to meet chiefs of public sector banks (PSBs) on Thursday and review their financial performance. This is going to be the first review meeting after the 2022-23 financial results. In the last fiscal, PSBs together posted a record profit of Rs 1.04 lakh crore, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the PSBs have come a long way as their profit touched Rs 1,04,649 crore in 2022-23. Besides the review of financial performance, sources said, the meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19. Heads of the banks would also apprise the finance minister about the performance duri

FM Sitharaman holds meet for 'time-bound' completion of Budget schemes

In the meeting with Meity, MCA says will look into competition issues

Finance Minister reviews progress of implementation of Budget schemes

Finance Minister Nirmala Sitharaman on Tuesday reviewed progress of implementation of Budget schemes with secretaries of finance ministry and Corporate Affairs Secretary. The meeting was attended by Economic Affairs Secretary Ajay Seth, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, Financial Services Secretary Vivek Joshi, Corporate Affairs Secretary Manoj Govil and other senior officials. "Union Finance Minister Smt. @nsitharaman chaired a review meeting on the implementation of various Union Budget announcements with Secretary, Department of Economic Affairs, @SecyDIPAM, Secretary @DFS_India, Secretary @MCA21India and senior officials of the @FinMinIndia, New Delhi, today," a finance ministry tweet said. Besides the review of implementation of various schemes of Union Budget, the minister underlined the importance of continuous assessment of progress to ensure that the schemes are implemented in a time bound manner.

FinMin requests FSIB to fill up non-executive chairman posts in PSBs

Positions vacant in six of 11 state-owned lenders, some for two years

How will changes in TCS regime affect international credit card holders?

According to an announcement by the finance ministry, there will be no change in the rate of Tax Collected at Source on international spending through credit cards

GST collections rise by 12% to over Rs 1.61 trn in June: Finance Ministry

GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, the Finance Ministry said on Saturday. The gross GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017. The average monthly gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the Finance Ministry said in a statement. "The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, Integrated GST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods)," the statement said. The revenues for June 2023 are 12 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic

Economy has moved from twin-balance sheet problem, banks now profitable: FM

Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has moved away from the twin-balance sheet problem of banks and corporates to twin-balance sheet advantage because of the concerted efforts of the Modi government. Profit of public sector banks increased to Rs 1.04 lakh crore in 2022-23, tripling from what it was in 2014, the minister said while inaugurating the corporate office of Punjab & Sind Bank here. The twin-balance sheet problem refers to deterioration in financial health of banks and corporates at the same time. "As a result (of various initiatives of the government) I'm glad to say the problems of twin-balance sheets have gone away like the Reserve Bank observing it is a twin-balance sheet advantage that the Indian economy is benefiting from,", Sitharaman said. The minister said the term twin-balance sheet was heard after a long time and according to the Reserve Bank, the Indian economy is now benefiting from the twin-balance sheet ...

Govt extends relaxations for central ministries on capital expenditure

In order to push capital expenditure by central ministries, the Finance Ministry on Friday extended the relaxed norms on capex in excess of Rs 500 crore to the second quarter of this fiscal. As per the office memorandum dated April 25, 2023, the finance ministry had removed all restrictions and conditions on capital expenditure by ministries, under the centrally sponsored schemes (CSS) and grants-in-aid for the creation of capital assets for the first quarter of the current financial year. It has been decided to continue relaxation for the second quarter of the current financial year, the finance ministry said on Friday. "For subsequent quarters, a separate advisory will be issued before the commencement of the quarter. It further reiterated that the relaxation will be subject to strict adherence to the Single Nodal Agency (SNA) and Central Nodal Agency (CNA) guidelines issued by the Department of Expenditure," it said. Usually, ministries and departments are allowed to spend 25 pe

Govt raises rates on select small savings schemes for July-Sept quarter

Small savings rate for the five-year recurring deposit was raised by 30 bps to 6.5 per cent

Centre's fiscal deficit at 11.8% of FY24 Budget target, shows CGA data

The finance ministry has targeted to bring down the fiscal deficit to 5.9 per cent of GDP in FY24 from 6.4 per cent of GDP in the preceding year

Govt unlikely to raise FY24 borrowing plan; bond yields may remain below 7%

Railways, NHAI asked not to borrow from market

No TCS on credit card spends overseas, says Ministry of Finance

Implementation of 20% tax on foreign remittances put off until October 1