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Finance Ministry

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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Board recommended note ban after govt advice: RBI to Parliamentary panel

Board recommended note ban after govt advice: RBI to Parliamentary panel

Tue, Jan 10, 2017

Contrary to popular belief, it was the Government which had "advised" the Reserve Bank to junk Rs 500/1000 notes on November 7 and the board of the central bank the very next day recommended the demonetisation.

Quoting of PAN card number now mandatory for bank accounts

Quoting of PAN card number now mandatory for bank accounts

Sun, Jan 08, 2017

The government on Sunday announced amendments to the Income-tax rules that banks need to obtain and link PAN card numbers to all existing accounts.

Finance Ministry clears 29 investment proposals worth Rs 2.11 lakh crore

Finance Ministry clears 29 investment proposals worth Rs 2.11 lakh crore

Wed, Jan 04, 2017

Expenditure Finance Commission (EFC) under the Ministry of Finance cleared 29 proposals of various ministries involving expenditure of about Rs 2.11 lakh crore during the last year.

Steel Ministry seeks lower import taxes on key raw materials

Steel Ministry seeks lower import taxes on key raw materials

Tue, Jan 03, 2017

India`s Steel Ministry wants lower import taxes on a number of key steelmaking raw materials, including nickel, to protect the domestic industry from the rising costs of basic resources, a senior government official said on Tuesday.

Budget to be presented on February 1: Govt official

Budget to be presented on February 1: Govt official

Tue, Jan 03, 2017

Union Budget 2017 will be presented on February 1, 2017, a government official confirmed on Tuesday.

Can't give info if Arun Jaitley, Arvind Subramaniam consulted before demonetisation: RBI

Can't give info if Arun Jaitley, Arvind Subramaniam consulted before demonetisation: RBI

Sun, Jan 01, 2017

Whether views of the Chief Economic Advisor and the Finance Minister were taken before the sudden announcement of demonetisation of high-value currency notes by Prime Minister Narendra Modi on November 8, the Reserve Bank of India (RBI) feels this query cannot be answered under the Right to Infor

Govt's direct tax kitty swells to Rs 5.57 lakh crore in April-December 2016

Govt's direct tax kitty swells to Rs 5.57 lakh crore in April-December 2016

Fri, Dec 30, 2016

Government's direct tax kitty has swelled to Rs 5.57 lakh crore between April 1 and December 19, thereby achieving 65 per cent of budget estimates.

10 director level posts vacant in Reserve Bank of India

10 director level posts vacant in Reserve Bank of India

Sun, Dec 25, 2016

Reserve Bank of India's (RBI) all powerful central board is short of ten non-official directors and one Deputy Governor at a time when the apex bank is engaged in massive demonetisation and remonetisation exercises.

PM Narendra Modi promises more reforms, says note ban short-term pain

PM Narendra Modi promises more reforms, says note ban short-term pain

Sat, Dec 24, 2016

Prime Minister Narendra Modi on Saturday hinted at unleashing more radical reforms, saying his government will not shy away from taking difficult decisions that are in national interest and admitted the note ban caused "short-term pain".

Arun Jaitley faces hurdles for launch of GST by April 2017

Arun Jaitley faces hurdles for launch of GST by April 2017

Sat, Dec 24, 2016

The prospects of introducing a goods and services tax (GST) in India next April, its biggest tax reform, faded on Friday after central and state finance officials postponed talks on how to administer the tax after a two-day meeting.

RBI's latest currency disbursal figures: The math still doesn't add up

RBI's latest currency disbursal figures: The math still doesn't add up

Fri, Dec 23, 2016

On December 7, during the monetary policy press conference, the Deputy Governor of RBI, R. Gandhi, informed the media that a total of Rs 4 trillion or Rs 4 lakh crore had been disbursed to the public in new currency notes till the day before.

Government limits charges on electronic fund transfer

Government limits charges on electronic fund transfer

Wed, Dec 21, 2016

RBI has also rationalised the Merchant Discount Rate (MDR) for debit card transactions up to Rs 2,000 for the 3-month period.

Retirement fund body EPFO likely to retain 8.8% interest on EPF for FY17

Retirement fund body EPFO likely to retain 8.8% interest on EPF for FY17

Sun, Dec 18, 2016

Retirement fund body EPFO is likely to retain 8.8% rate of interest on EPF deposits for the current fiscal for its over four crore subscribers -- same as 2015-16 -- at its trustees meeting on December 19, Monday.

Labour Ministry wants to retain 8.8% interest on EPF for FY17

Labour Ministry wants to retain 8.8% interest on EPF for FY17

Thu, Dec 15, 2016

The Labour Ministry is pitching for retaining 8.8 % interest rate on EPF deposits of over 4 crore subscribers of the retirement fund body EPFO for 2016-17 and trying to bring the Finance Ministry on board.

Indian economy well cushioned to absorb Fed rate hike impact: Finance Ministry

Indian economy well cushioned to absorb Fed rate hike impact: Finance Ministry

Thu, Dec 15, 2016

The Indian economy is "well cushioned" to absorb the impact of U.S. Federal Reserve`s rate hike, the chief economic adviser at the Ministry of Finance Arvind Subramanian said on Thursday, amid fears of capital outflows from India.

Banks must keep deposits record of scrapped, valid notes: Finance Ministry

Banks must keep deposits record of scrapped, valid notes: Finance Ministry

Mon, Dec 12, 2016

To avoid any malpractices, the government on Sunday asked all public sector banks to strictly maintain record of deposits made through both old Rs 500 and Rs 1,000 notes and other valid currencies.

23% Jan Dhan accounts still without balance; deposit surge abates

23% Jan Dhan accounts still without balance; deposit surge abates

Sun, Dec 11, 2016

Despite a huge surge in total deposits in Jan Dhan accounts following demonetisation, about one-fifth of these still continue to have no balance.

Hike in fares likely as Indian Railways mulls ways to raise resources

Hike in fares likely as Indian Railways mulls ways to raise resources

Sun, Dec 11, 2016

Train passengers may have to shell out more as Indian Railways is mulling increasing fares in a bid to raise resources after the Finance Ministry rejected its proposal of a special safety fund.

Demonetisation: I-T department seizes Rs 130 crore in cash & jewellery since Nov 8

Demonetisation: I-T department seizes Rs 130 crore in cash & jewellery since Nov 8

Wed, Dec 07, 2016

The Income Tax Department (I-T) has carried out investigations into over 400 cases post-demonetisation seizing as much as Rs 130 crore in cash and jewellery, an official statement said on Tuesday.

EPFO invests Rs 9,723-crore in ETFs, earns 9.17% absolute return

EPFO invests Rs 9,723-crore in ETFs, earns 9.17% absolute return

Mon, Nov 28, 2016

Retirement fund body EPFO has invested Rs 9,723 crore in exchange traded funds (ETFs) till October this year while absolute return on these investments was 9.17%, Parliament was informed on Monday.

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