Page 9 - Finance Ministry

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

The applicant should have a minimum of two years of residual service as on the date of vacancy

Govt announces borrowings of Rs 8 trillion in the first half of FY26

The gross market borrowing of ₹8 trillion will be completed through 26 weekly auctions

Govt to borrow Rs 8 trillion in H1 FY26. What does it mean? | Finance Ministry

The Indian government has unveiled its borrowing plan for the first half of FY26 to the tune of Rs 8 trillion, and you may be wondering, what does that even mean? Watch the video to understand.

5% GST for restaurants with non-specified premises: Finance Ministry

Option of 5% GST without ITC or 18% with ITC to be applicable on restaurant services provided at non-specified premises, clarifies FinMin

FM Sitharaman meets US Chamber of Commerce President Suzanne Clark

Finance Minister Nirmala Sitharaman on Thursday met US Chamber of Commerce President and CEO Suzanne Clark. "Union Minister for Finance and Corporate Affairs Smt @nsitharaman met Ms @SuzanneUSCC, President and CEO, US Chamber of Commerce @USChamber, in New Delhi, today, along with Mr Atul Keshap, President, @USIBC at @USChamber," the Finance Ministry said in an X post. The ministry further said that during the meeting, Sitharaman mentioned that India values the growing business engagements between India and US businesses. Clark appreciated India's continued reforms, including in FDI, leading to the growing interest of US businesses in India, and underlined the increased cross-border investment, innovation, growing entrepreneurship and trade that strengthen the US-India partnership, the ministry added.

Uncertainty in trade policy, geopolitics risk to growth next year: FinMin

Estimates of agricultural production suggest positive outlook for food inflation

No major lapses found in gold loan portfolios of PSBs after audit: FM

Sitharaman was replying to the discussion on the Banking Laws (Amendment) Bill, 2024. Later, the Rajya Sabha passed the Bill by voice vote

Govt withdraws gold monetisation scheme, short-term deposits to continue

This decision comes after a comprehensive review of the scheme's performance and evolving market conditions

FinMin, RBI officials to meet on Mar 26 to decide April-Sept borrowing plan

India's finance ministry and central bank officials will meet on Wednesday to decide the country's market borrowing plan for April and September

Lok Sabha passes Finance Bill 2025 with 35 amendments, Rajya Sabha next

The amendments include one that abolishes a 6 per cent digital tax, popularly known as the 'Google Tax,' on online advertisements

FinMin launches BAANKNET, e-BKray to enhance PSU bank e-auctions

The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of non-performing asset cases

A Ministry of Finance for 21st century: Restructuring for future challenges

Finance ministries worldwide drive economic reforms. It's time to restructure India's to meet the challenges of tomorrow