Page 18 - Nirmala Sitharaman

FM Sitharaman discusses bilateral ties with Russian, Chinese counterparts

Finance Minister Nirmala Sitharaman held a series of bilateral meetings, including with Russian and Chinese counterparts, and discussed issues of bilateral cooperation and interests. These meetings were held on the sidelines of the BRICS Finance Ministers and Central Bank Governors meeting in Rio de Janeiro. During a meeting with Anton Siluanov, Finance Minister of Russia, Sitharaman expressed gratitude for the support extended by President Vladimir Putin after the Pahalgam terror attack, the finance ministry said in a post on X. The two leaders discussed India-Russia long-standing partnership. The finance minister observed that India and Russia enjoy exemplary levels of mutual trust and understanding and our Special and Privileged Strategic Partnership remains resilient and steadfast, it said. The two sides also discussed issues of bilateral cooperation, including cooperation in the financial sector, along with matters related to NDB. In another bilateral meeting with her Chines

Global South should act collectively on key economic challenges: Sitharaman

Finance Minister Nirmala Sitharaman on Friday emphasised the need for decisive collective action by the Global South to deal with multiple uncertainties arising out of fiscal constraints in several economies and evolving geopolitical dynamics. She was speaking at the Annual Meeting of Board Governors of the New Development Bank (NDB) at Rio De Janeiro, Brazil on 'Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South'. Sitharaman said the meeting is taking place at a defining moment for the Global South, as the world grapples with multiple uncertainties arising from fiscal constraints in several economies, climate transition issues and evolving geopolitical dynamics. "In response to these challenges, our collective action must be decisive, inclusive, and forward-looking," she said. The New Development Bank (NDB) has been established by BRICS nations. She noted that MDBs play a pivotal role in complementing ou

NDB mandate must focus on agility, tech and sustainable growth: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said in today's fast changing world, the mandate for New Development Bank (NDB) must be renewed with focus on greater agility, technological advancement and efficiency. Observing that NDB has played an important role in reshaping the financial landscape for the global South, she said, it has approved more than 100 projects, and it has approved more than USD 35 billion in financing across member countries, including key Indian initiatives like the metro rail, renewable energy and water management. NDB is not just a source of capital, it is a platform for shaping a more equitable and responsive global financial architecture, she said during the NDB Governors Seminar on the theme 'Challenges for Financing Sustainable Development for the Global South' in Rio de Janeiro, Brazil. "In today's fast changing world, its mandate must be renewed. The NDB's mandate must be renewed with focus on greater agility, technological advancement and efficienc

SBI's digital transformation immensely benefited customers: FM Sitharaman

Digital transformation undertaken by the State Bank of India (SBI) in the last decade has been immensely beneficial to its customers, Finance Minister Nirmala Sitharaman said on Tuesday. Congratulating SBI on completing 70 years of service to the nation, she expressed hope that the Bank will continue to innovate and empower as India continues its journey towards 'Viksit Bharat' by 2047. "With over 23,000 branches, 78,000 Customer Service Points (CSPs) and 64,000 ATMs, SBI's footprint today is formidable and it is truly the Banker to every Indian. The digital transformation it has achieved in the last decade has been immensely beneficial to its customers," Sitharaman said in a post on X. SBI has been instrumental in supporting 1.5 crore farmers, 1.3 crore Self-Help Groups (SHGs) led by women, 32 lakh street vendors under PM SVANidhi, 23 lakh MSMEs, and lakhs of artisans across various schemes, she said. SBI has over 15 crore Jan Dhan Accounts, 14.65 crore PM Suraksha Bima Yojana, 1.

Centre to issue new framework to expand GCCs beyond metro cities

Talks ongoing with Fortune 500 firms to set up new centres

International credit rating methods must evolve: FM Nirmala Sitharaman

FM Sitharaman says India's sovereign rating understates macro strength and urges reform in global rating criteria to unlock more private capital and lower financing costs

Small savings rates unchanged for sixth straight quarter from July 1

Interest rates for the popular PPF and post office savings deposit schemes are also unchanged at 7.1 per cent and 4 per cent, respectively

FM Sitharaman to embark on six-day visit to Spain, Portugal and Brazil

During her June 30-July 5 visit, the finance minister would attend the fourth International Conference on Financing for Development (FFD4) organised by the United Nations

SBI, Indian, Union Bank gain up to 4%; what's driving PSU Banks today

PSU Bank shares in focus: At 10:37 AM; Nifty PSU Bank index was the top gainer among sectoral indices, up 2.4 per cent, as compared to 0.3 per cent decline in the Nifty 50.

India open to 'big, beautiful deal' with US, says FM Nirmala Sitharaman

India signals willingness for a broad trade pact with the US ahead of July 9 tariff deadline. But Finance Minister Nirmala Sitharaman said agriculture and dairy sectors remain non-negotiable red lines

FM Nirmala Sitharaman nudges public sector banks to push credit growth

After slipping to 12% in FY25, loans growth has fallen below 10%

FM asks PSBs to step up deposit mobilisation, deepen corporate lending

Sitharaman reviews PSB performance, stresses deposit growth, better service, staffing, green lending, MSME credit, and expanded presence in underserved areas

Finance Minister urges PSU banks to boost credit growth, maintain profits

Finance Minister Nirmala Sitharaman on Friday asked public sector banks (PSBs) to take advantage of Reserve Bank's jumbo 50 basis points rate cut to increase lending toward productive sectors of the economy. During a meeting to review financial performance of PSBs, Sitharaman asked their chiefs to maintain profitability momentum in FY26, sources said. Cumulative profit of 12 PSBs rose to record Rs 1.78 lakh crore in FY25, registering a growth of 26 per cent over the previous year. The year-on-year increase in profit in absolute terms was about Rs 37,100 crore in FY25. According to sources, the minister expected that PSBs credit growth should improve post 50-bps rate cut by RBI. Banks were also directed to try maintain the FY25 credit growth level or increase during the current financial year. On June 6, the RBI's six-member monetary policy committee, headed by Governor Sanjay Malhotra lowered the benchmark repurchase or repo rate by 50 basis points to 5.5 per cent. It also slashed

Govt urges state-run banks to boost lending amid economic growth push

Financial Services secretary M. Nagaraju said banks were also urged to boost credit to small businesses and improve deposit mobilisation, following a review meeting chaired by FM Nirmala Sitharaman

Make GIFT IFSC competitive to attract HNI funds: FM Sitharaman

The minister who was in GIFT City, Gandhinagar for a high-level review of the IFSC's progress, emphasised the need to make it competitive

IBPS allowed to use Aadhaar to verify candidates in bank exams

The move aims to reduce impersonation, simplify identity checks, and bolster trust in bank recruitment, aligning with recent Aadhaar-based steps by the SSC

FTAs with US, EU soon; exporters to get full govt backing: Sitharaman

Finance Minister says trade deals with US and EU near finalisation as she assures Indian exporters of full support amid global slowdown and volatile trade conditions

Trade agreements with US, EU to be concluded soon: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said negotiations for the proposed free trade agreements with the US and European Union (EU) are progressing at a fast pace and would be concluded soon. All efforts are being made to boost exports to achieve the ambitious target of USD 2 trillion by 2030. India has already signed free trade agreements with the UAE, Australia, and 4-nation EFTA (European Free Trade Association) bloc and negotiations have been completed with the UK, she said adding "with the US and the European Union, negotiations are really intensely going on and should come to conclusion sooner." The emphasis now is on concluding more free trade agreements, she said while inaugurating Trade Conclave by India Exim Bank here. Referring to the country's exports, the finance minister said total exports of goods and services reached a record high of USD 825 billion in FY25, achieving 6 per cent growth over previous year. While global exports grew by only 4 per cent, India

FM flags tax appeals backlog, tells CBDT to fast-track resolution

Sitharaman asks tax department to resolve 5.7 lakh pending appeals, improve grievance redressal and refunds, and adopt a more taxpayer-centric approach

Centre likely to relax the board regulations for foreign insurers

The official stressed that while the reforms are not intended to open the floodgates to foreign control, they signal a more welcoming approach to global participation in leadership roles