Page 2 - Finance Sector

Rethinking India's Monetary Policy Framework: A response to the RBI Review

Former RBI Chair Professor Charen Singh says the 4 per cent inflation target stifles growth and jobs, calling for a flexible 5-7 per cent range and a band-only framework instead of a fixed point targe

Customers allowed to opt for up to four nominees in bank accounts

The finance ministry says depositors can now nominate up to four beneficiaries under the Banking Laws (Amendment) Act, 2025, bringing transparency and uniformity in claim settlements

Size Matters: What will it take for India PSBs to break into Global Top 20?

With a rank of 43, the State Bank of India (SBI) is currently the only Indian public sector lender in the latest S&P Global Market Intelligence ranking of the world's 100 largest banks by assets

Foreign interest: Growth prospects draw investment into financial sector

India is not only the fastest-growing large economy in the world, it also has significant untapped potential for formal finance

Bank customers can opt for up to four nominees in their accounts from Nov 1

Beginning next month, a bank customer can opt for up to four nominees in her or his account with a view to ensure uniformity, and efficiency in claim settlement across the banking system. The key provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1, 2025, a finance ministry statement said on Thursday. The Banking Laws (Amendment) Act, 2025 was notified on April 15, 2025. It contains a total of 19 amendments across five legislations the Reserve Bank of India Act, 1934, Banking Regulation Act, 1949, State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980. As per the amendments, it said, customers may nominate up to four persons, either simultaneously or successively, thereby simplifying claim settlement for depositors and their nominees. Depositors may opt for either simultaneous or successive nominations, as per their preference, it said. With regard to nominat

Andhra Pradesh govt clears ₹250 crore pending under Vaidya Seva Scheme

The Andhra Pradesh government on Wednesday said it released Rs 250 crore towards pending dues owed to private hospitals under the Dr NTR Vaidya Seva health scheme. The funds were released after State Health Minister Satya Kumar Yadav held discussions with Finance Minister P Keshav to expedite the clearance process. The government has released Rs 250 crore now, and steps are underway to release another Rs 250 crore soon, Health Department Secretary Saurabh Gaur said in a press release. He appealed to representatives of the Andhra Pradesh Speciality Hospitals Association and other associations to continue offering health services under the Dr NTR Vaidya Seva scheme without interruption. However, the association rejected the government's offer, saying accepting smaller amounts would jeopardise their financial stability. The offer made in yesterday's meeting was something we all unanimously refused and rightly so. Yielding to smaller amounts now will mark the end of our cash flows an

UCO Bank to add another 150 branches by March to expand business

State-owned UCO Bank plans to add another 150 branches in the next five months in a bid to expand its presence and business. Currently, the Kolkata-based lender has 3,322 branches across the country and with the addition of 150 branches, the network would rise to 3,472 by the end of the current financial year. The board has approved opening of 150 more branches by March, UCO Bank MD & CEO Ashwani Kumar said during a call after approval of second quarter numbers. The bank is working on improving ambience of the branches, he said, adding, more skilled workers are going to be hired on the IT, digital and cyber security side. As of September 2025, the bank has a total staff strength of 21,266 with 70 per cent of them are below average age of 70 years. For the second quarter ended September 30, 2025, UCO Bank has reported a 3 per cent rise in net profit at Rs 620 crore against Rs 603 crore in the year-ago period. The total income in the quarter under review rose to Rs 7,421 crore from

Provisions of SC/ST Act can't be used to curtail bank's mortgage rights: HC

The Delhi High Court has said that the provisions of the SC/ST Act relating to wrongful occupation or dispossession of land belonging to people from Scheduled Castes and Scheduled Tribes cannot be used to prevent a bank from exercising its lawful mortgage rights. Justice Sachin Datta made the prima facie observation while staying the proceedings initiated by the National Commission for Scheduled Tribes against Axis Bank, its Managing Director (MD) and the Chief Executive Officer (CEO). "Prima facie, in the context of the facts of the present case, Sections 3(1)(f) and (g) of the Atrocities Act are not attracted inasmuch the same cannot be invoked to preclude/ prevent the exercise of mortgage right/security interest of the petitioner," the judge said in an order passed on October 16. The Commission had ordered Axis Bank's MD and CEO to appear in person after a representation was made by a person alleging violation under Sections 3(1)(f) and (g) of the Scheduled Castes and Scheduled

Indian govt pushes to expand rupee settlement with key trade partners

Initial steps include establishing direct rupee rates that don't rely on a third currency, such as the US dollar, for cross-reference, said the person familiar with the central bank's thinking

Foreign investors to invest ₹50k cr in finance, banking sectors: Goyal

Commerce and Industry Minister Piyush Goyal has said that in the last few months, foreign investors have announced plans to invest over Rs 50,000 crore in India's finance and banking sectors. Amidst global headwinds, he said India is an oasis for investments. He added that today, India is emerging as a preferred investment destination. Even in turbulent times, Foreign Direct Investment (FDI) continues to flow robustly, the minister said. "In the last few months itself, investors from all over the world have announced plans to invest over Rs 50,000 crore in India's finance and banking sector," he said in a post on X. This surge in FDI highlights the growing attractiveness of the Indian economy to global investors, he said. FDI in India rose 15 per cent to USD 18.62 billion during April-June this fiscal year, while the inflow from the US nearly tripled to USD 5.61 billion during the quarter, according to government data.

PNB expects $1 billion hit in transition to new credit rules, says CEO

The country's third-largest state-owned lender by market capitalisation is one of the first to disclose an estimate on the likely effect of the rules

Godrej Group firm plans third debt sale in as many months, eyeing $230 mn

The STRPP bonds are set to have a maturity ranging from three years to four years

Access to EPF corpus made easier, but use the facility only in emergencies

EPF subscribers should continue to save separately for housing, and children's education and marriage

RBI not targeting any specific Rupee level, says Guv Malhotra at IMF

The Reserve Bank of India is selling dollars in both onshore and offshore markets after what it saw as speculative attacks by global fund managers on the rupee

Sebi chief urges public interest directors to strengthen governance at MIIs

Tuhin Kanta Pandey urges public interest directors to reinforce risk checks, cybersecurity, and governance culture at stock exchanges, clearing bodies, and depositories

Oppn slams EPFO rules change, says govt punishing salaried people

Attacking the Modi government over the change in EPFO rules, the opposition on Wednesday alleged that salaried people are being punished for the Modi government's "mishandling of the economy" and urged Labour and Employment Minister Mansukh Mandaviya to scrap the "draconian" provisions. The opposition hit out at the government over the specific change to the period for availing premature final settlement of EPF from the existing 2 months to 12 months and final pension withdrawal from 2 months to 36 months. They also slammed the provision of earmarking 25 per cent of the contributions in the members' account as minimum balance to be maintained by the member at all times. In a post on X, Congress MP Manickam Tagore said the Modi government's new Employees' Provident Fund Organisation (EPFO) rules are nothing short of "cruelty". "Pensioners and job-losers are being punished for needing their own savings. Prime Minister Narendra Modi ji this is the time to intervene and stop Mansukh .

EPFO liberalises EPF partial withdrawals; members can withdraw up to 100%

The board of retirement fund body EPFO on Monday approved liberalised part withdrawals for its more than seven crore subscribers, allowing up to 100 per cent EPF withdrawal. The Central Board of Trustees (CBT), the apex decision-making body of EPFO, headed by Labour Minister Mansukh Mandaviya, took several path-breaking decisions during its meeting, a Labour Ministry statement said on Monday. To enhance the Ease of Living of EPF members, the CBT decided to simplify the partial withdrawal provisions of the EPF Scheme by merging 13 complex provisions into a single, streamlined rule categorised into three types, namely, Essential Needs (illness, education, marriage), Housing Needs and Special Circumstances. Now, members will be able to withdraw up to 100 per cent of the eligible balance in the Provident Fund, including employee and employer share. Withdrawal limits have been liberalisededucation withdrawals allowed up to 10 times and marriage up to 5 times (from the existing limit of

AHPI, insurers discuss common empanelment and faster claims for patients

The meeting between AHPI and insurers focused on a unified hospital empanelment system, quicker claim settlements, and improved patient experience nationwide

ONGC likey to provide first guarantee in 15 years for unit's bond sale

ONGC Petro Additions Ltd (OPAL), in which ONGC owns more than 95% stake, is looking to raise 50 billion rupees ($563.22 million) through a multiple-tranche bond sale, they said

Term insurance: Here are the best plans and rates available for you

Here is a list of the best insurance premiums for a term insurance plan available for young male professionals living in cities and who have a longer investment horizon