Page 5 - Nirmala Sitharaman

720 million basic savings bank accounts exempt from balance penalty: FM

About 72 crore Basic Savings Bank Deposit Accounts (BSBDA), including those under the PM Jan Dhan scheme, are not subject to any penal charges for non-maintenance of minimum balance, Finance Minister Nirmala Sitharaman said on Monday. In a written reply to a question in the Lok Sabha, she said banks offer zero-balance savings accounts facility in Basic Savings Bank Deposit Accounts (BSBDAs), including the accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), to ensure universal access to banking facilities, particularly for unbanked, vulnerable and small depositors, and to promote financial inclusion. These accounts do not require maintenance of any minimum balance, and the account holders are provided basic banking services such as deposits, withdrawals and ATM access free of charge, without levy of any penal charges. "Approximately 72 crore BSBDAs, including PMJDY accounts, are not subject to any penal charges for non-maintenance of minimum balance," Sitharaman said.

Oil price rise not to have substantial impact on inflation: Sitharaman

The impact of global crude price rise on inflation is not estimated to be substantial at this point as India's inflation is near the lower bound, Finance Minister Nirmala Sitharaman said on Monday. In reply to a written question in the Lok Sabha, Sitharaman said the price of both global crude oil and the Indian basket has been on a declining trajectory for the past one year, till the geo-political clashes commenced in West Asia on February 28, 2026. "Between the end of February and untill March 2, 2026, the Crude Oil FOB Price (Indian Basket) rose from USD 69.01/barrel to USD 80.16/barrel. Given that India's inflation is near the lower bound, the impact on inflation is not estimated to be substantial at this point," Sitharaman said. She was replying to a question on whether the government has reviewed the impact of rising global crude oil prices on inflation in the country. Global crude prices have been rising since February 28 when the US and Israel launched military strikes on Ir

Payments Council of India writes to FM raising concern on Fino CEO arrest

The outreach comes at a time when FM Sitharaman on social media platform X took note of the issue and said she will check on it

Fino Payments Bank backs its MD after GST arrest; FM says she will check

Fino Payments Bank says its MD Rishi Gupta and the bank had no role in alleged GST violations linked to programme managers; Finance Minister Nirmala Sitharaman says she will review the issue

AgriStack could transform farming, but execution will decide its fate

AgriStack, pitched as the "next UPI", could transform farm subsidies, tenant inclusion and soil health - but only if farmer, land and crop data are accurate and trusted

Business Standard Manthan 2026: Global flux drives new growth conversation

Through the day, the Manthan fireside chats and panel discussions sparked a unique debate on making India future-ready through the prism of energy transition, food security, technology, self-reliance

India tweaking BIT model to suit bilateral needs: FM Nirmala Sitharaman

"AgriStack is a fantastic experiment. I would think the next UPI-like big revolution shall emerge from AgriStack. Now we'll be able to have a clear picture of how much fertiliser is required"

FM Sitharaman, Pralhad Joshi lead key discussions as BS Manthan concludes

The day's sessions focused on food and energy security, digital markets regulation and the impact of AI on both industry and the creative economy, bringing the two-day summit to a close

Nirmala Sitharaman slams congress over India AI summit protest

Sitharaman criticised the Congress for staging protest at the recently concluded AI Impact Summit, calling the demonstration "inappropriate".

Congress should regret AI Summit protest like Emergency: FM at BS Manthan

Speaking at the BS Manthan, Finance Minister Nirmala Sitharaman said that the demonstration by the Indian Youth Congress has shamed Indians and undermined the efforts of India's youth

BS Manthan: Sitharaman flags fund utilisation gap, cautious on China FDIs

FM Sitharaman says political choices affect fund usage, defends calibrated disinvestment, and reiterates cautious stance on Chinese investment and BITs while backing domestic reforms

Nirmala Sitharaman, Pralhad Joshi to headline Day 2 of BS Manthan: Schedule

Manthan 2026: Leaders from government, top think tanks and industry will deliberate on India's food and energy security and explore how artificial intelligence can transform the creative sectors

Gold imports not alarming yet, FDI inflows a puzzle: FM Sitharaman

'Too soon to comment on US tariff twist, but India committed to forging more trade deals'

NMP 2.0 for FY26-30 launched: Govt aims ₹16.7 trn from asset monetisation

Private investment of Rs 5.8 trillion also included in the target

Banks need to focus on core biz, desist from misselling: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday came down heavily on banks resorting to mis-selling of financial products, including insurance, saying it is an offence under the Bharatiya Nyaya Sanhita (BNS). "Banks should concentrate on their core business... My pet peeve has always been .... you're spending more time on selling insurance when it is not required, and conveniently, it fell between two stools (of RBI and IRDAI)," Sitharaman told reporters after her customary post-Budget address to the Central Board of the RBI. On February 11, the RBI had issued draft guidelines on mis-selling, saying banks will have to refund the entire amount paid by the customer for purchase of the product or service and also compensate the customer for any loss arising due to mis-selling as per an approved policy. The public has been given time until March 4 to give feedback. The stricter norms on mis-selling will come into effect from July 1, the RBI had said. "I am glad that the RBI is coming up

'Too early to comment': FM Sitharaman on impact of US tariff changes

Finance Minister Nirmala Sitharaman on Monday said it is too early to comment on the tariff changes announced by the United States and the commerce ministry is reviewing the situation. On Friday, the US Supreme Court gave a verdict against the sweeping import tariffs imposed by the Trump administration on trade partners. Following that, President Donald Trump imposed a 10 per cent tariff on all countries, including India, from February 24 for 150 days. Later on Saturday, Trump announced raising these tariffs to 15 per cent. Asked about the impact of tariff changes on the Indian economy, Sitharaman said it is a "bit too soon" to comment. "But on the trade particularly, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will have to take a call on when they are going to go for further negotiations. So it's a bit too early for me (to comment)," Sitharaman said. On Sunday, India and the US decided to reschedule the proposed meetin

Business Standard Manthan: Road map for making India future-ready

At the third edition of the BS summit, FM Sitharaman, Nitin Gadkari, will be among the thought leaders to deliberate on India's tremendous relevance across areas in a volatile geopolitical landscape

Budget 2026 highlights: A look at key numbers announced by FM Sitharaman

From SME funding and services-led growth to tax tweaks and tourism, Nirmala Sitharaman's record ninth Budget signalled where public spending and policy are headed in FY27

FM calls for tech share, differentiated treatment for low emissions nations

The finance minister stressed that India had increased its commitment towards climate action, increasing its budget allocation from 3.7 per cent of GDP six years ago to nearly 5.6 per cent of GDP now