Page 78 - Nirmala Sitharaman

Customer data shared with account aggregators totally safe: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be better, which means either the building of awareness exercises are not sufficient, adequate" or there is a need for simplification of technology. "Banks, both public and private, have reviewed it with me once. Banks have become a member or a part of this account aggregators working, and it has actually helped," she said at the 'DATE with Tech' event here. She stressed that the enthusiasm of the banks has to be accentuated, only then that it will reach every customer. Allaying concerns about data security, she said, "Initially, there were some apprehensions that possibly, account aggregators are going to sit over data bank. They cannot hold data. They are just a pass-through. Neither the beneficiary customer nor the bank can sit on

NBFCs should remain cautious on lending as suggested by RBI, says FM

Finance Minister Nirmala Sitharaman on Thursday said NBFCs and small finance banks need to remain cautious while lending as suggested by the Reserve Bank. Speaking at 'DATE with Tech' event here, Sitharaman cautioned that NBFCs and small finance banks should respect the red line and should not go too far in their enthusiasm. "Enthusiasm is good but sometimes it becomes a bit too far for people to digest. So as a measure of caution the RBI has also alerted small finance banks, NBFCs to be careful that they don't go too far too soon and face any downside risks later," she said. Reserve Bank Governor Shaktikanta Das on Wednesday had said the central bank's tougher stance on unsecured loans earlier this month is a "preemptive" move aimed at ensuring financial stability. Following a massive rise in unsecured lending and delinquencies, the Reserve Bank on November 16 tightened the norms for unsecured consumer credit, asking banks and NBFCs to assign a higher risk weight. As a result, it

Sitharaman stresses on building awareness among people to curb cyber fraud

Finance Minister Nirmala Sitharaman on Thursday said there was a need to build awareness among people on cyber frauds and take the reins of technology in our hands to stop scamsters from gaming the system. Speaking at the 'DATE with Tech' event, the minister said to stop cyber frauds, where people are duped by way of a phone call or SMS, the government periodically reviews public sector banks, and regulator RBI reviews its own systems. Insurance companies also review their systems. "We are constantly doing what is required. Unless awareness, unless we are able to build that alertness in the mind of people that I should not go by anything that is said on my phone is built, citizens are at risk, Sitharaman said. She said at the micro level there is concern about people getting random calls putting them in a situation where they are getting trapped and as a result ending up losing money. "Those people who game the system probably are one notch ahead of us in terms of using and misusin

FY24 to end with strong growth performance, macroeconomic stability: FinMin

The current financial year should conclude as projected with a strong growth performance and macroeconomic stability as more than half of this fiscal has witnessed positive developments in the economy, a finance ministry report said on Tuesday. The Reserve Bank of India (RBI) has projected a 6.5 per cent GDP growth in the current financial year ending March 2024. In the Monthly Economic Review for October, the ministry also said the downside risk will continue to be inflation that should keep both the government and the RBI on high alert. Financial flows in the external sector need constant monitoring as they impact the value of rupee and the balance of payments, the report said, adding that a fuller transmission of the monetary policy may also temper domestic demand. On the inflation front, it said the decline in international crude oil prices and continued moderation in core inflation are likely to control inflationary pressures going forward. Recognising this trend, the report

Only govt should do food certification, not NGOs: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said food certification should be done only by governmental agencies, and not by non-governmental organisations. In a press conference, replying to a query on the Uttar Pradesh government banning the production, storage, distribution and sale of food products with halal certification, she said it is not right for any organisation other than the government ones to give certification. Food quality and food testing are essentially a government job. Government should do it. We have our Food Safety and Standards Authority of India (FSSAI)," she said, adding it is the government agencies that should ascertain whether there are chemical additives, artificial or harmful colours and so on. "They (government bodies) will have to be the authority to certify which is quality food for people to consume. Non-Governmental Organisations doing it is not right, she said. The Uttar Pradesh government on November 18 banned the production, storage, ...

15 Tamil Nadu fishermen reached Chennai after being released from Sri Lanka

The Finance Minister spoke to the Foreign Secretary and the Indian High Commission in Sri Lanka, following which the fishermen were rescued

Women accorded top priority under PM Mudra Yojana scheme: FM Sitharaman

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said women entrepreneurs are accorded first priority under the Centre's flagship Pradhan Mantri Mudra Yojana scheme which offers financial assistance to beneficiaries. Distributing sanction letters to beneficiaries under the PM SVANidhi Se Samriddhi programme which offers loans to street vendors, here, she said officials of the municipalities should identify the uncovered street vendors and help them avail benefits of this scheme. SVANidhi Se Samriddhi is an additional component of the PMSVANidhi scheme to facilitate access to eight Central government schemes to eligible PM SVANidhi beneficiaries and their family members for their holistic development and socio-economic upliftment. Recalling the launch of Jan Dhan-Aadhaar-Mobile Trinity, Sitharaman said that through JAM Trinity, an AADHAR card was provided to a beneficiary, after which he or she can open a bank account and, directly, the financial aid from the

Women accorded top priority under PM Mudra Yojana scheme, says Sitharaman

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said women entrepreneurs are accorded first priority under the Centre's flagship Pradhan Mantri Mudra Yojana scheme which offers financial assistance to beneficiaries. Distributing sanction letters to beneficiaries under the PM SVANidhi Se Samriddhi programme which offers loans to street vendors, here, she said officials of the municipalities should identify the uncovered street vendors and help them avail benefits of this scheme. SVANidhi Se Samriddhi is an additional component of the PMSVANidhi scheme to facilitate access to eight central government schemes to eligible PM SVANidhi beneficiaries and their family members for their holistic development and socio-economic upliftment. Recalling the launch of Jan Dhan-Aadhaar-Mobile Trinity, Sitharaman said through the JAM Trinity, AADHAR card was provided to a beneficiary after which he or she can open a bank account and directly the financial aid from the Centre

Israel war a challenge for West Asia corridor: FM Nirmala Sitharaman

The Centre aims to resolve insurance issues for domestic shippers and reduce India's logistics costs through this move

K'taka CM writes to Shah, Sitharaman to expedite drought relief funds

Karnataka Chief Minister Siddaramaiah on Wednesday wrote to Union Home Minister Amit Shah, Union Finance Minister Nirmala Sitharaman and Union Agriculture Minister Narendra Singh Tomar to expedite the process of releasing the drought relief funds to the state. In separate letters to the three Central ministers, Siddaramaiah highlighted the dismal rainfall this year which was the lowest in the last 122 years. The chief minister pointed out that out of 236 taluks, 223 have been declared drought hit in Karnataka. Among them, 196 are categorised as severely drought affected. Noting that Karnataka has estimated a loss of Rs 35,162.05 crore, Siddarmaiah said the state government has sought Rs 18,171.44 crore from the National Disaster Relief Fund (NDRF) for undertaking drought relief measures in the state. The chief minister pointed out that there are 52.73 lakh small and marginal farmers with a land holding of less than two hectares, who are most impacted by drought as the majority of t

Priyanka silent on atrocities on women in Cong-ruled Rajasthan: Sitharaman

Union Minister Nirmala Sitharaman on Friday said Congress general secretary Priyanka Gandhi speaks about crimes on women in states not ruled by her party but keeps quiet on the atrocities faced by Dalit women in Rajasthan. During her rallies in Madhya Pradesh, where Assembly polls will be held on November 17, Gandhi has been attacking the Shivraj Singh Chouhan government over poor law and order and its terrible consequences on women. She has been routinely alleging that rapes have increased during 18 years of BJP rule in MP. Hitting back, Sitharaman said, "In Rajasthan, especially on Dalit women, such terrible atrocities are being committed that one gets scared after watching the news on television and reading newspapers." "The Rajasthan government is not taking any action. But Priyanka does not say anything on this subject. She does not go to Rajasthan and question the Chief Minister. She goes to other states and gives lectures," the Union minister told reporters. In reply to a ..

Wants to bring petrol under GST: Sitharaman slams Cong on double standards

Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting "double standards" on the issue. The Bharatiya Janata Party and the central government have been in favour of bringing petroleum products under the GST regime from the beginning as it will benefit the people, she told reporters here. "Who are the people who are stopping petrol and diesel from being brought under GST? If Priyanka is in favor of bringing petrol and diesel under GST, she should ask every state government of Congress to agree to it in the GST Council, the minister said. The media should question the Congress on its "double standards", she added. Congress general secretary Priyanka Gandhi Vadra has been targeting the BJP governments at the Centre and in Madhya Pradesh over inflation during her campaign rallies ahead of November 17 assembly elections in the state. Asked about the impa

FinMin focuses on bringing all business establishments under GST net

Finance minister Nirmala Sitharaman on Tuesday said that the finance ministry's focus is not only on increasing GST revenue but also on bringing all the business establishments under its ambit. She was speaking at a function to open 12 GST Suvidha Kendras in Gujarat from here, which will help business establishments to have flawless GST registration and will help them resolve their issues at such centres. "GST 'one nation one tax', collection is going up every year, every month. GST has brought tax rates down on many items compared to earlier times. Businessmen know that they are not going to be double taxed under GST which was the case earlier. GST collection is increasing because of it," Sitharaman said. But many establishments still prefer to remain out of the ambit of GST and are not part of the formal economy, she said. "Why should they come in the tax net, not because they will pay me tax, but for the true strength of the economy what we capture is only some and not entire an

India's G20 presidency gave clear policy direction: FM Nirmala Sitharaman

The Finance Minister said that the current pace of global growth remains quite weak, well below the 3.8 per cent average in the two decades before the pandemic

Momentum must be maintained on New Delhi Leaders' Declaration: FM on G20

Finance Minister Nirmala Sitharaman on Monday said India's G20 Presidency has provided a clear policy direction for addressing the needs of the majority of the global population whose voices are often unheard in multilateral forums. "However, we still have work left to do," the minister said in an inaugural address at the Seminar on 'Strong, Sustainable, Balanced and Inclusive Growth', organised by the ministries of finance and labour, and the commerce department. On December 1, 2022, India assumed the mantle of G20 Presidency. The G20 New Delhi Leaders Declaration (NDLD), unanimously agreed to by all G20 countries, addresses some of the pressing challenges confronting the global economy and also provides policy guidance for a future built on people-focused principles and trust-based partnerships, Sitharaman said. "Even though by the end of this month, our role as G20 Presidency comes to an end, momentum must be maintained on the policy guidance in the New Delhi Leaders' ...

FM meets President and PM of Sri Lanka, discusses issues of mutual interest

Finance Minister Nirmala Sitharaman on Friday met Sri Lanka President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena and discussed India-Sri Lanka joint initiatives in the economic and commercial sphere. The president of Sri Lanka acknowledged the multi-faceted support to Sri Lanka provided by India during the economic crisis. Sitharaman is on a three-day visit to Sri Lanka. "They discussed India-Sri Lanka joint initiatives in the economic and commercial sphere. FM Smt. @nsitharaman highlighted that the 'Vision document on Economic Partnership' adopted during his visit to India in July 2023 will further strengthen the countries' maritime, air, digital, energy and people-to-people connectivity," the finance ministry said on a post on X. The finance minister also expressed satisfaction on the progress made in recent negotiations on the Economic and Technology Cooperation Agreement and UPI-based digital payments and shared her views on Investment Based Support and Bilatera

Raising receipts, accelerating economy's size key to address debt problem

The Centre's debt had risen by around ten percentage points of GDP during 2020-21 compared to the previous year, while the state's debt by little more than four percentage points of GDP

FM Nirmala Sitharaman pitches for economic integration with Sri Lanka

Sitharaman assured India will continue to work closely with the island nation on debt restructuring discussions and extend support for its economic recovery

India will work closely with Sri Lanka to deepen civilisational ties: FM

India, the Finance Minister said, had rendered an unprecedented financial assistance of over $4 billion for the people of Sri Lanka

FM Nirmala Sitharaman seeks global help to nab smuggling masterminds

Export-import frauds threaten the global supply chain and are inimical to economic and national security