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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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Arvind Subramanian will continue as CEA for 1 more year: Arun Jaitley

Arvind Subramanian will continue as CEA for 1 more year: Arun Jaitley

Sat, Sep 23, 2017

The Finance Ministry tweeted quoting Jaitley saying that CEA Arvind Subramanian will continue for one more year after completion of his 3 year tenure.

Real estate is easiest to bring under GST, Arun Jaitley says

Real estate is easiest to bring under GST, Arun Jaitley says

Thu, Sep 21, 2017

Jaitley while addressing the 2nd India Investor Summit discussed various issues of Indian economy like inflation, black money, private investment, disinvestment, banks capital requirement and farm loan waiver.

Google to launch TEZ mobile payment service in India on Monday

Google to launch TEZ mobile payment service in India on Monday

Sat, Sep 16, 2017

According to an official communication Finance Minister Arund Jaitley said that Google's payment service Tez will launch on Monday.

Two lakh companies struck off, bank accounts inoperable: Govt

Two lakh companies struck off, bank accounts inoperable: Govt

Tue, Sep 05, 2017

The government said that since such ‘Struck off`’ companies have ceased to exist, action has been initiated to restrict the operation of bank accounts of such companies.

Cabinet gives approval to increase GST cess on luxury cars

Cabinet gives approval to increase GST cess on luxury cars

Wed, Aug 30, 2017

The Cabinet has approved the Finance Ministry's proposal to increase the GST cess on luxury cars by another 10%.

Here's why Mahindra will be impacted the most with hike in GST cess

Here's why Mahindra will be impacted the most with hike in GST cess

Fri, Aug 25, 2017

Mahindra's higher exposure to the SUV segment makes it especially vunerable to the impact of the hike in the GST cess expected soon.

Public sector banks shares rise as Govt gives in-principle approval for mergers

Public sector banks shares rise as Govt gives in-principle approval for mergers

Wed, Aug 23, 2017

Shares of public sector banks (PSBs) rose in trade on Wednesday afternoon as the government gave an in-principle approval for mergers between various PSBs.

Luxury car makers voice disappointment over GST Council's increase in cess

Luxury car makers voice disappointment over GST Council's increase in cess

Mon, Aug 07, 2017

The GST Council's decision to increase the cess on luxury vehicles by an additional 10% is expected to see an increase in the prices of luxury cars.

SUVs, luxury cars to get expensive as GST Council recommends hike in cess to 25%

SUVs, luxury cars to get expensive as GST Council recommends hike in cess to 25%

Mon, Aug 07, 2017

The GST Council has taken the decision to increase the rate in the cess charged on larger cars to 25% from the earlier GST cess of 15%.

Govt to sell up to 25% stake in 4 defence PSUs via IPO

Govt to sell up to 25% stake in 4 defence PSUs via IPO

Fri, Aug 04, 2017

The government is planning to list four of its defence PSUs by selling up to 25 per cent stake in each of them through an initial public offering (IPO).

Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16

Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16

Sun, Jul 30, 2017

The report of the Financial Intelligence Unit (FIU), the premier technical snoop wing under the Finance Ministry, said the financial year 2015-16 saw a "record increase" in the detection of such instances.

Government seeks parliament approval for $1.7 billion extra spending

Government seeks parliament approval for $1.7 billion extra spending

Wed, Jul 26, 2017

The Indian government on Wednesday sought parliament`s approval to spend an extra 106.5 billion rupees ($1.65 billion) in new spending in the fiscal year to March 2018, on top of an earlier approved spending of $333.3 billion in the annual budget.

Undisclosed income of Rs 71,941 crore found in 3 yrs: Govt to SC

Undisclosed income of Rs 71,941 crore found in 3 yrs: Govt to SC

Sun, Jul 23, 2017

Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of "undisclosed income", the Centre has told the Supreme Court.

Mudra loans disbursement cross Rs 1.8 lakh crore

Mudra loans disbursement cross Rs 1.8 lakh crore

Wed, Jul 19, 2017

The ministry said, "Loans under Pradhan Mantri Mudra Yojana (PMMY) Scheme have been extended by banks, Non Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) to small/micro business enterprises since April 08th 2015 with the objective of ‘Funding the unfunded’ through institutional finance by providing loans upto 10 lakh for manufacturing, processing, trading, services and activities allied to agriculture."

7th Pay Commission: Are revised allowances coming from July itself?

7th Pay Commission: Are revised allowances coming from July itself?

Sat, Jul 08, 2017

Now that finance ministry has asked central ministries to ensure recommendations made under 7th Pay Commission to be paid from current months salary.

Have zero tolerance on NPAs; fight cases: Finmin to banks

Have zero tolerance on NPAs; fight cases: Finmin to banks

Sat, Jul 08, 2017

The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as well.

Rs 200 notes to be a reality soon; RBI places printing order

Rs 200 notes to be a reality soon; RBI places printing order

Tue, Jul 04, 2017

After introducing new notes of Rs 2000 and Rs 500, the RBI is all set to introduce new Rs 200 notes in the country.

'War room' set up to deal with GST crises

'War room' set up to deal with GST crises

Tue, Jun 27, 2017

Central Board of Excise and Customs (CBEC) chief Vanaja N Sarna told PTI today that the unit will act as a quick resource centre for central and state government officials to address their queries on the historic tax reform scheduled to be implemented from July 1.

Department of Telecom asks Centre to cut its revenue target from the sector

Department of Telecom asks Centre to cut its revenue target from the sector

Mon, Jun 19, 2017

Department of Telecom has asked for a revise in non-tax revenue targets for the current fiscal.

Finance Ministry asks PSBs to explore acquisition of smaller banks

Finance Ministry asks PSBs to explore acquisition of smaller banks

Sun, Jun 18, 2017

The finance ministry has asked four large PSU lenders to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, sources said.

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