Page 39 - Nirmala Sitharaman

LS passes banking laws amendment Bill allowing 4 nominees in bank accounts

The Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. The Bill piloted by Finance Minister Nirmala Sitharaman was approved by a voice vote. Replying to the debate on the Bill, Sitharaman said depositors will have the option of successive or simultaneous nomination facility, while locker holders will have only successive nomination. She also said that since 2014, the Government and the RBI have been extremely cautious, so that banks remain stable. "The intention is to keep our banks safe, stable, healthy, and after 10 years you are seeing the outcome," Sitharaman said. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in coopera

PSBs safe, stable, performed exceptionally well in recent years: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said that the public sector banks are safe, stable and healthy and have performed "exceptionally well" in recent years earning Rs 85,520 crore profit in the first six months of the current fiscal. Replying to a debate on the Banking Laws (Amendment) Bill, 2024, the minister said that all the Public Sector Banks have turned profitable. The Bill, which amends the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, was later passed by the Lok Sabha by a voice vote. She further said that total bank branches of scheduled commercial banks have increased by 3,792 in a year to reach 16,55,001 in September 2024. Out of this 85,116 branches are of public sector banks. Stressing that the Indian banking system is critical to the growth of the ..

Maharashtra CM's name to be declared on eve of govt's swearing-in on Dec 4

Despite the Mahayuti alliance's resounding victory in the Maharashtra Assembly elections, more than a week has passed, and the alliance has yet to announce its next Chief Minister

Insurance premiums may drop if GST Council decides to reduce taxes: FM

Finance Minister Nirmala Sitharaman on Monday said the cost of insurance to the policy holder is expected to come down if the GST Council recommends a reduction in GST rate on health and life insurance policies. In a written reply in the Lok Sabha, she said the GST Council in its September 9 meeting had recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance. "...The matter of review of GST rates on life and health insurance is pending before the GoM. If a recommendation for a reduction in GST rate is made by the GST Council, the cost of insurance to the policy holder is expected to come down on account of reduction in GST," she said. Sitharaman said this while replying to the question on whether GST reduction on health insurance will be a step towards making healthcare more equitable. To a query on how the government will ensure that insurance companies pass on the benefits of any GST reduct

Nirmala Sitharaman to move bill to amend banking laws in Lok Sabha tomorrow

Union Finance Minister Nirmala Sitharaman is expected to move the Banking Laws (Amendment) Bill, 2024 in the lower house of Parliament on Monday.As per the schedule issued by the secretariat, Sitharaman is expected to move the Bill further to amend the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, be taken into consideration and passing tomorrow in Lok Sabha.Union Railways Minister Ashqini Vaishnaw is also expected to move a bill further to amend the Railways Act, 1989, for consideration and passing, the schedule read.Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal is expected to introduce the Coastal Shipping Bill, 2024, in Lok Sabha on Monday.The Bill will seek to amend the law relating to regulation of coastal shipping, promote coasting trade and ...

Women should take benefits of schemes launched by Centre: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday urged women to come forward and take benefits of central schemes to make them more capable and empowered. She was speaking at a credit outreach programme held in Madhubani, where loans to the tune of Rs 1,121 crore were provided to 50,294 beneficiaries by various banks. Our Prime Minister Narendra Modi ji says there should be a Lakhpati Didi' in every village of the country and for this, banks have launched several schemes for providing financial assistance to women. Women are being given financial assistance and training through every Self Help Group (SHG) in Bihar. I urge women to become a part of the schemes launched by the central government... so that they can become more capable and empowered, Sitharaman said. She also said women would play an important role in achieving the goal of a developed India by 2047. Our PM believes that India's development should be led by women. The focus of the NDA government is clear The poor, wome

FM distributes Rs 1,388 cr in loans at Darbhanga credit outreach programme

Union Finance Minister distributed five copies of the Constitution each in Maithili and Sanskrit to distinguished citizens

Boost credit flow to allied agri activities: FM Nirmala Sitharaman to RRBs

FM also directed Uttar Bihar Gramin Bank to increase credit flow to fisheries and foxnut (makhana) to realise the full potential of these activities in the region

PM Modi visualises women-led economic growth for India: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday asserted that PM Narendra Modi was of the view that women would steer economic growth in the country, which was on its way to becoming the third largest economy in the world. She was speaking at a credit outreach programme held in the north Bihar town of Darbhanga, where she was joined by cabinet colleague Chirag Paswan and Deputy Chief Minister Samrat Choudhary, among others. Sitharaman said, "Earlier, PM Modi used to tell me that the Union budget should be women-centric. But now he says the budget should be one that visualises women in leadership roles." The finance minister, who is on a two-day tour of Bihar, noted that the region, which was known for 'makhana' and Madhubani paintings, owed these to women's hard work. "We have brought in projects like 'Drone Didi'. Besides, cash assistance is being provided to women entrepreneurs through self-help groups. They are also being imparted with skills. Standing here, the birthplace o

Life insurance stocks fall; HDFC Life, SBI Life, Max Financial dip up to 7%

According to the latest data, HDFC Life distributes 65 per cent of its insurance policies through banking channels, followed by SBI Life (60 per cent), Max Life (52 per cent), and ICICI Prudential

Rs 1,435 crore PAN 2.0 project gets CCEA approval as business identifier

The PAN 2.0 project aims to enable technology-driven transformation of taxpayer registration services and offers several benefits

How govt navigates headwinds, challenges will shape the FY26 Budget

It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Sitharaman, rare in Indian polity

FMCG distributors flag deep discounts by quick commerce companies

AICPDF says qcomm firms' deep discounting, predatory pricing put small retailers and distributors under immense pressure

Indians should not listen to West's diktats to build Brand Bharat: FM

If we want to build Brand Bharat' we should not listen to the diktats of the west regarding what is right, said Union Finance Minister Nirmala Sitharaman on Friday at the India Ideas Conclave 2024 in Bengaluru. For millennia, we've been producing products, there's never been this point of exploitation. And suddenly for a traditional industry like, let's say, carpet making, you had a diktat coming from the buyers in the West saying, Oh, no, you're using children for making these carpets. We won't buy it from you, said Sitharaman. She said in India, families are engaged in making crafts, without denying children the schooling, because unless the craft is learnt very young, a craftsman can never master it. We've not denied children education.... you are not going to be told by others, you employ children. We need to stand up and say, we take care of their education, said Sitharaman. The kind of steps that need to be taken for better ethical production, which would make products superi

Indian qcom startups can be key global players: FM Nirmala Sitharaman

Sitharaman's remarks come at a time when there is a heated debate about the effect of the swift growth of quick-commerce platforms on traditional brick-and-mortar retail stores in India

Karnataka CM seeks more agricultural loans, meets FM for farmers' interests

Karnataka Chief Minister Siddaramaiah met Union Finance Minister Nirmala Sitharaman on Thursday, urging her to intervene and increase the Short Term Agricultural Loans (SAO) limit for the fiscal 2024-25. In the meeting held at North block, the chief minister highlighted a sharp decline in the proposed loan allocation by NABARD, which has sanctioned only Rs 2,340 crore against the state's applied limit of Rs 9,162 crore, a 58 per cent reduction compared to the previous year's Rs 5,600 crore. Presenting a detailed representation, Siddaramaiah emphasised that Karnataka aims to disburse short-term agricultural loans worth Rs 25,000 crore to 35 lakh farmers in 2024-25. In 2023-24, the state has already disbursed Rs 22,902 crore through the cooperative credit structure. The state government said that the drastic reduction in the SAO loan limit could significantly impede agricultural cooperation and potentially disrupt food grain production. NABARD attributed the reduced allocation to a ..

Karnataka CM seeks to meet FM Sitharaman to discuss Nabard loan 'reduction'

Karnataka Chief Minister Siddaramaiah on Wednesday said he has sought an appointment with Union Finance Minister Nirmala Sitharaman to discuss the "reduction" in loan amount to the state this year, from the National Bank for Agriculture and Rural Development (NABARD). The Chief Minister will be travelling to the national capital tonight. "There is a launch of Nandini products in Delhi, so I'm going. I have also sought appointment with Union Finance Minister Nirmala Sitharaman, because NABARD loan to the state this year has been reduced. Last year, Rs 5,600 crore was given, this year it is Rs 2,340 crore. It has been reduced by 58 per cent," Siddaramaiah said. Speaking to reporters here, he noted that the NABARD comes under the Finance Ministry. "I will make a request to her." Asked if he will be meeting the Congress high command during the visit, the CM said: "I will have to return (to state) by tomorrow evening. If I get time, I will meet." Siddaramaiah is scheduled to launch Nan

A lot of 'ills' have crept into the system: Panda on product mis-selling

'You don't need to chase customers. You have to give the option to the customer. No mis-selling, no force-selling, the Bima Sugam will also facilitate that,' says Debasish Panda

Lending rate cut still some time away: SBI Managing Director Vinay M Tonse

SBI MD says banks would look for monetary policy stance and policy rate action to decide actions

Challenges and opportunities loom in equal measure ahead of FY26 Budget

While the formal meetings of Finance Minister Nirmala Sitharaman with various stakeholders seeking their wishlist for Budget 2026 is expected to begin next month, the budget-making exercise is gaining