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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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Women officers account for 41% in preparation of Budget 2017

Women officers account for 41% in preparation of Budget 2017

Mon, Jan 30, 2017

In preparation of India's Union Budget 2017-18, women officers have accounted for 41% of senior level personnel involved in the process in 2017.

Budget 2017 documents to provide 'composite' outflow on schemes

Budget 2017 documents to provide 'composite' outflow on schemes

Mon, Jan 30, 2017

The Budget documents will have a different look this time with the Finance Ministry deciding to introduce the concept of 'composite outflow' of funds on government schemes by doing away with 'plan and non-plan' distinction.

Jan Dhan deposits rose Rs 29,000 crore in month post-note ban

Jan Dhan deposits rose Rs 29,000 crore in month post-note ban

Mon, Jan 30, 2017

Deposits in Jan Dhan accounts have grown by more than 50% since the demonetisation announcement.

Cannot disclose preparedness to handle demonetisation crisis: RBI

Cannot disclose preparedness to handle demonetisation crisis: RBI

Thu, Jan 26, 2017

The RBI has not been fothcoming with information about currency situation in the country and its preparedness in the wake of demonetisation citing one exemption or the other.

Budget 2017: To continue government's transformation drive, says Finance Ministry

Budget 2017: To continue government's transformation drive, says Finance Ministry

Wed, Jan 25, 2017

Finance Ministry on Wednesday said the drive to transform India will continue in Budget 2017-18 to be unveiled by Finance Minister Arun Jaitley on February 1.

Budget 2017: Industry, experts want corporate tax slashed to 25%

Budget 2017: Industry, experts want corporate tax slashed to 25%

Mon, Jan 23, 2017

In a bid to attract more investments in the country, both India Inc and analysts are looking for an immediate cut in the corporate tax to bring it down to 25% in the upcoming Union Budget 2017-18 from the current 30%.

Budget 2017: Can Centre deliver on its disinvestment promise?

Budget 2017: Can Centre deliver on its disinvestment promise?

Mon, Jan 23, 2017

Sanjeev Prasad, Suvodeep Rakshit , Sunita Baldawa and Anindya Bhowmik of Kotak Institutional Equities wrote, “We expect the government to continue to focus on divestment of its stakes in various companies to bolster its overall revenues. The divestment figure will be crucial as tax revenues may not be entirely supportive of likely higher capital expenditure as well as revenue expenditure.”

NITI Aayog proposes anywhere banking for deposits and withdrawals

NITI Aayog proposes anywhere banking for deposits and withdrawals

Mon, Jan 23, 2017

Aseem Manchanda reports that NITI Aayog has sent a proposal to the Government stating that customers should be able to deposit or withdraw money from their accounts from any bank.

Govt analyses cash deposits in last 10 days of demonetisation

Govt analyses cash deposits in last 10 days of demonetisation

Sun, Jan 22, 2017

Expanding scrutiny of suspicious transactions post demonetisation, the government has begun analysing deposits in new accounts and loan repayments as well as transfers to e-wallets and advance remittance for imports during the last 10 days of deadline to turn in junked notes.

Budget 2017: Government may incentivise food processing SMEs

Budget 2017: Government may incentivise food processing SMEs

Sun, Jan 22, 2017

The government is likely to announce incentives for small and medium food processing units in areas such as rice and tea in the Budget to promote the sector and boost manufacturing activities.

Profits improve as India Inc focuses on repaying loans

Profits improve as India Inc focuses on repaying loans

Thu, Jan 19, 2017

The banking sector and India Inc has been a story of over-leveraging for quite some time now. With non-performing assets (NPAs) and bad loans rising, deleveraging has been one of the major themes for corporate India in 2016. Also, the strategy seems to be paying off.

Talks with govt on demonetisation began early last year: Patel

Talks with govt on demonetisation began early last year: Patel

Wed, Jan 18, 2017

Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.

India inks $48 million financing pact with World Bank for Nagaland Health Project

India inks $48 million financing pact with World Bank for Nagaland Health Project

Mon, Jan 16, 2017

Multilateral lending agency World Bank and India on Monday signed a financing agreement for International Development Association (IDA) credit of $48 million (nearly Rs 319.33 crore) (equivalent) for the 'Nagaland Health Project'.

Nirmala Sitharaman signals start-ups may get tax benefits in Budget 2017

Nirmala Sitharaman signals start-ups may get tax benefits in Budget 2017

Mon, Jan 16, 2017

Commerce and Industry Minister Nirmala Sitharaman on Monday indicated that start-ups may get additional tax benefits in the forthcoming budget, to be unveiled on February 1.

Finance Ministry finalising fund infusion for PSBs to exceed Rs 25,000 crore

Finance Ministry finalising fund infusion for PSBs to exceed Rs 25,000 crore

Sun, Jan 15, 2017

The Finance Ministry is likely to finalise capital infusion plan for public sector banks (PSBs) this week based on the request of various lenders which have been impacted by demonetisation amid rising bad loans.

Government fully respects independence and autonomy of RBI: Finance Ministry

Government fully respects independence and autonomy of RBI: Finance Ministry

Sat, Jan 14, 2017

It said in a release, "There has been a report in sections of the Press that some unions have alleged infringement of the autonomy of the Reserve Bank of India. It is categorically stated that the Government fully respects the independence and autonomy of the Reserve Bank of India."

RBI employees resent ''government interference''

RBI employees resent ''government interference''

Sat, Jan 14, 2017

The letter asked the Governor whether a recent media report, according to which the Finance Ministry had deputed a Joint Secretary-level officer to the RBI to oversee its currency chest operations, is true.

Growth in 2016-17 would be 7% to 7.75%, NITI Aayog says

Growth in 2016-17 would be 7% to 7.75%, NITI Aayog says

Thu, Jan 12, 2017

The 12th Five-Year Plan appraisal document, prepared by NITI Aayog has made a strong case for clear tax policies and focus on manufacturing, even as it exuded confidence that growth in 2016-17, the final year of the Plan would be 7 per cent to 7.75 per cent.

Hope to resolve issues for GST rollout from April 1: Arun Jaitley

Hope to resolve issues for GST rollout from April 1: Arun Jaitley

Thu, Jan 12, 2017

With states and the Centre still locked in stalemate over control of tax payers, Finance Minister Arun Jaitley today said the issue will be resolved in next few weeks for rollout of the GST regime from April 1.

Government on course to achieve FY17 disinvestment target: Official

Government on course to achieve FY17 disinvestment target: Official

Wed, Jan 11, 2017

The Government has already garnered Rs 23,500 crore by divesting its stakes in public sector units (PSUs) so far in the current fiscal and is hopeful of achieving the fiscal 2016-17 (FY17) disinvestment target of Rs 56,500 crore, a Finance Ministry official said on Wednesday.

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