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GNPA of PSBs declines to 3.12% in September from peak of 14.58% in March 2018: Finance Ministry

GNPA of PSBs declines to 3.12% in September from peak of 14.58% in March 2018: Finance Ministry

Thu, Dec 12, 2024

Gross non-performing assets (NPAs) of public sector banks (PSBs) have declined to a decade low of 3.12 per cent at the end of September 2024 from a peak of 14.98 per cent in March 2018 on the back of measures like the 4Rs -- recognition, recapitalisation, resolution, and reform -- taken by the government, the finance ministry said on Thursday.

Insurance Amendment Bill proposing 100% FDI unlikely in winter session

Insurance Amendment Bill proposing 100% FDI unlikely in winter session

Sun, Dec 08, 2024

Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, may not be introduced in Parliament in the ongoing session, sources said. Some finetuning may be required in the draft Bill after receiving comments from stakeholders, sources said.

Finance Ministry proposes to raise FDI in insurance to 100%

Finance Ministry proposes to raise FDI in insurance to 100%

Thu, Nov 28, 2024

The finance ministry has proposed to amend various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence.

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RBI vs Govt row! A case for PCA framework in India

RBI vs Govt row! A case for PCA framework in India

Mon, Nov 05, 2018

The government's row with RBI is over the PCA framework where about 11 state-owned banks are, more or less, trapped.

RBI, Govt to face liquidity crunch as commercial papers worth Rs 1.52L crore are set to mature

Mon, Nov 05, 2018

Liquidity is a critical indicator of banking, financial services and insurance (BFSI) sector’s performance over the next few months. The current tightness in liquidity and systemic risk aversion, triggered by IL&FS’s default, and outflows from debt mutual funds, have big implications for non-banking financial companies (NBFCs), which will be in a deep soup if they are unable to properly anticipate funding supply challenges, said market experts.

FinMin likely to finalise capital infusion in PSBs this month

FinMin likely to finalise capital infusion in PSBs this month

Sun, Nov 04, 2018

The Finance Ministry is likely to finalise the second round of capital infusion for public sector banks (PSBs) towards the end of this month taking into account the latest quarter's performance, sources said.

Centre invokes never-before-used powers to direct RBI governor Urjit Patel: Report

Centre invokes never-before-used powers to direct RBI governor Urjit Patel: Report

Wed, Oct 31, 2018

Separate letters have been sent to the Reserve Bank of India (RBI) governor in recent weeks, exercising powers under the section on issues ranging from liquidity for non-banking financial companies, capital requirement for weak banks and lending to small and medium enterprises, the report said.

RBI-Govt rift: Finance minister, central bank discuss liquidity crunch, take stock of financial sector at FSDC meeting

RBI-Govt rift: Finance minister, central bank discuss liquidity crunch, take stock of financial sector at FSDC meeting

Wed, Oct 31, 2018

The tension between the government and the central bank has risen in the last few days. Earlier in the day, Jaitley slammed RBI for failing to prevent indiscriminate lending, saying that the central bank looked the other way when banks gave loans indiscriminately during 2008 to 2014.

GST likely to have 3-rate structure in future: Bibek Debroy

GST likely to have 3-rate structure in future: Bibek Debroy

Sat, Oct 27, 2018

In his address at the launch here of "GST: Explained for Common Man" written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder, the PMEAC Chairman noted that only very few countries that have implemented GST follow the principle of "dual GST" (Goods and Services Tax) whose "terminal role from an economists point of view is to have a single tax structure."

Input Tax Credit: GST returns deadline extended by FinMin

Input Tax Credit: GST returns deadline extended by FinMin

Sun, Oct 21, 2018

The Central Board of Indirect Taxes and Customs (CBIC), under the Finance Ministry, said trade and industry had expressed apprehension relating to October 20 due date for claiming ITC under GST for July 2017-March 2018.

7th Pay Commission: This source reveals when central government employees may get pay hike good news

7th Pay Commission: This source reveals when central government employees may get pay hike good news

Fri, Oct 19, 2018

7th Pay Commission: The 11 million strong central government employees and pensioners have been waiting for their pay hike news over and above the recommendations of the official report recommendations for a long time.

Govt likely to appoint new CEA in next 1-2 months

Govt likely to appoint new CEA in next 1-2 months

Fri, Oct 19, 2018

The government is likely to appoint a new chief economic advisor (CEA) in the next one or two months, sources said.

FinMin refutes FIEO's claims, says Rs 71,169 cr GST refunds cleared till date

FinMin refutes FIEO's claims, says Rs 71,169 cr GST refunds cleared till date

Sat, Oct 13, 2018

The Finance Ministry termed these figures as "exaggerated and thus inaccurate". It clarified that IGST refund worth only Rs 3,065 crore is held up due to deficiency in claims filed, and the quantum of pending ITC refund is only Rs 2,077 crore.

India yet to work out payment mechanism for Iran oil imports, government official tells CNBC TV18

India yet to work out payment mechanism for Iran oil imports, government official tells CNBC TV18

Fri, Oct 12, 2018

Oil minister Dharmendra Pradhan has conveyed that New Delhi will continue to buy Iranian oil to some extent, said economic affairs secretary at the finance ministry Subhash Chandra Garg.

FinMin drafting Asset Monetisation Framework for hiving off CPSEs' non-core biz

FinMin drafting Asset Monetisation Framework for hiving off CPSEs' non-core biz

Sun, Oct 07, 2018

The nine CPSEs whose non-core assets have been identified for hiving off are Pawan Hans, Scooters India, Air India, Bharat Pumps & Compressors, Project & Development India Ltd (PDIL), Hindustan Prefab, Hindustan Newsprint, Bridge and Roof Co and Hindustan Fluorocarbons.

Contactless banking to be the new paradigm: Fin Services Secretary Rajiv Kumar

Contactless banking to be the new paradigm: Fin Services Secretary Rajiv Kumar

Mon, Oct 01, 2018

Based on the experience of this automated loan processing system, other products could be onboarded, he said, adding "contactless banking is going to be the new paradigm as it fosters transparency".

Govt moots Independent Payments Regulatory Board to promote consumer protection

Wed, Sep 19, 2018

The draft proposal provides PRB with sufficient powers to ensure public's ability to transmit money smoothly and securely through payment and settlement systems. "The Committee recommends that the government may place the proposed Bill before the Union Cabinet for its consideration," said the report.

FinMin crafting strategy to boost GST revenues, engaging with states to identify issues

FinMin crafting strategy to boost GST revenues, engaging with states to identify issues

Sun, Sep 09, 2018

The Centre paid Rs 14,930 crore to compensate states for revenue loss incurred in June and July, a nearly four-fold jump compared to Rs 3,899 crore paid for the months of April and May.

Did you invest in Chit fund? Massive benefit may come soon

Did you invest in Chit fund? Massive benefit may come soon

Fri, Aug 10, 2018

The All India Association of Chit Funds in their memorandum submitted to the Committee requested for allowing a chit fund company to mention under their name as 'A ROSCA Institution' (Rotating Savings and Credit Association).

Setback for Bullet Train! Railways see fund shortage for mega project; FinMin asks it to borrow from market

Setback for Bullet Train! Railways see fund shortage for mega project; FinMin asks it to borrow from market

Mon, Jul 23, 2018

Overall, Indian Railways managed to gather up to Rs 18,000 crore from the ministry.

One year of GST: Impact of new tax regime decoded

One year of GST: Impact of new tax regime decoded

Mon, Jul 02, 2018

Currently, GST has five tax bracket namely 0%, 5%, 12%, 18% and 28% and is followed as a dual tax regime in India.

One year of GST: When Modi invoked milk and Mercedes to attack Congress

One year of GST: When Modi invoked milk and Mercedes to attack Congress

Mon, Jul 02, 2018

Modi will remembered as the man who changed an entire face of India financial system with reforms like demonetisation and GST.

One year of GST: This regime made airfare in economy class cheaper, but business class turned expensive

One year of GST: This regime made airfare in economy class cheaper, but business class turned expensive

Mon, Jul 02, 2018

One year of GST: The response has been mixed with some left confused about the digitized process and its norms.

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