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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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Finance Ministry, PMO to focus on key sectors to push for growth, jobs

Finance Ministry, PMO to focus on key sectors to push for growth, jobs

Sun, Jun 09, 2019

The PMO has also sought proposals on key Measures For Budget 2019-20 and the ministries were asked to send issues on allocations for Budget. Union Budget will be presented on July 5.

Budget 2019: Nirmala Sitharaman appreciates suggestions, says officials will collate them

Budget 2019: Nirmala Sitharaman appreciates suggestions, says officials will collate them

Thu, Jun 06, 2019

Finance Minister Nirmala Sitharaman Thursday appreciated the suggestions given by various stakeholders for the forthcoming budget and said that ministry officials will take note of them.

India's GDP growth rate slumps to 5.8% in fourth quarter

India's GDP growth rate slumps to 5.8% in fourth quarter

Sat, Jun 01, 2019

India’s economic growth rate slowed to five-year low of 5.8% in January-March 2018-19, due to poor performance in agriculture and manufacturing sectors, official data released on May 31 said

Modi cabinet 2.0: Nirmala Sitharaman appointed new Finance Minister

Modi cabinet 2.0: Nirmala Sitharaman appointed new Finance Minister

Fri, May 31, 2019

In what would come as a surprise for many, former defence minister Nirmala Sitharaman has been appointed as the Minister of Finance in the new Narendra Modi government.

FinMin may look at 10-year tax holiday on rental profits earned by builders

FinMin may look at 10-year tax holiday on rental profits earned by builders

Wed, May 29, 2019

In a recent meeting with senior finance ministry officials, the real estate developers have been asked to suggest steps to address challenges faced by the sector.

Finance Ministry starts groundwork for fresh bank consolidation

Finance Ministry starts groundwork for fresh bank consolidation

Mon, May 27, 2019

Government sources said that heads of all public sector banks (PSBs) have been asked to be ready with their consolidation plan so that it could be placed before the alternative mechanism (AM) of the new government as soon as it is formed.

Planning ETF investment? Finance Ministry to launch exchange-traded fund this fiscal - Check details

Planning ETF investment? Finance Ministry to launch exchange-traded fund this fiscal - Check details

Sun, May 26, 2019

The government currently has two exchange-traded funds -- CPSE ETF and Bharat-22 ETF -- listed on domestic exchanges. ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.

Modi 2.0: Finance Ministry holds important meet - Know participants, issues and more from the discussion

Modi 2.0: Finance Ministry holds important meet - Know participants, issues and more from the discussion

Fri, May 24, 2019

Union Finance Ministry on Friday held an important meeting to carve out the outlining of fiscal policies for the second tenure of Modi government.

FinMin reworking strategic sale procedure for CPSEs

FinMin reworking strategic sale procedure for CPSEs

Sun, May 12, 2019

Facing a daunting task of meeting the Rs 90,000-crore disinvestment target in the current fiscal, the Department of Investment and Public Asset Management (DIPAM) will focus on outright sale of selected CPSEs, which have been pending for long. NITI Aayog has already identified 35 profitable and loss-making CPSEs which can go in for strategic sale.

Finance Ministry to take call on bank recap after September

Finance Ministry to take call on bank recap after September

Fri, May 03, 2019

The remaining PCA (Prompt Corrective Action) banks will also require fresh funds to come out of the Reserve Bank of India`s (RBI) framework for weak banks. But for this, the banks would have to match the performance parameter targets required for PCA removal and would have to show improved performance.

Global ETF launch: Finance Ministry starts consultation with investors

Global ETF launch: Finance Ministry starts consultation with investors

Sun, Apr 28, 2019

The Finance Ministry has started consultation with global investors for launching CPSE-scrip based Exchange Traded Fund (ETF) in overseas market in the current fiscal, a government official has said.

Government to borrow Rs 4.42 lakh cr in H1 FY2019-20: Economic affairs secy

Government to borrow Rs 4.42 lakh cr in H1 FY2019-20: Economic affairs secy

Fri, Mar 29, 2019

Briefing reporters on the borrowing programme for 2019-20, Economic Affairs Secretary Subhash Chandra Garg said gross borrowing will be Rs 4.42 lakh crore during April-September 2019-20.

Borrowings calender for FY20 to be out today: Here is what you should expect

Borrowings calender for FY20 to be out today: Here is what you should expect

Fri, Mar 29, 2019

The approval from Election Commission has come, and the Department of Economic Affairs (DEA) secretary will lay out the ways and means of fund raising from the market later in the day.

Banks need to raise own capital till June: Sources

Banks need to raise own capital till June: Sources

Fri, Mar 15, 2019

In January, the government got Parliament nod for an additional Rs 41,000 crore to recapitalise public sector banks, over and above the already budgeted Rs 65,000 crore taking the total recapitalisation package for the current financial year to Rs 1,06,000 crore.

New Re 1 coin to be available soon: Check its features and how it is different from old coin

New Re 1 coin to be available soon: Check its features and how it is different from old coin

Tue, Mar 12, 2019

The design of the coins is prepared by the National Institute of Design while Security Printing and Minting Corporation of India Limited and the Ministry of Finance played the key role in the introduction of new coins in the country.

New Rs 2 coin introduced: Check images, features, shape and spot the difference

New Rs 2 coin introduced: Check images, features, shape and spot the difference

Mon, Mar 11, 2019

The design of the coins is prepared by the National Institute of Design while Security Printing and Minting Corporation of India Limited and the Ministry of Finance played the key role in the introduction of new coins in the country.

FinMin may borrow 60% from market for H1, switch bonds up to Rs 70k cr

FinMin may borrow 60% from market for H1, switch bonds up to Rs 70k cr

Sun, Mar 10, 2019

This may not happen this fiscal as this is a poll year and expenditures related to welfare schemes like the direct income for farmers will be executed in the first half, so funds would be needed even though these are budgeted expenditures.

Finance Ministry stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh cr

Finance Ministry stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh cr

Thu, Mar 07, 2019

Direct tax revenue has totalled to Rs 8.4 lakh crore so far this fiscal and it is doubted if the target could be reached in the next three weeks even though collections pick up in the last few months of the fiscal.

FinMin stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh crore

FinMin stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh crore

Thu, Mar 07, 2019

The government had met close to two-third of its revenue collection target from direct taxes, garnering Rs 7.88 lakh crore from April 2018 to January 2019. In FY18, direct tax collection was Rs 10.02 lakh crore, which exceeded the then revised budgeted target of Rs 9.8 lakh crore. The income tax e-returns filed for the April-February period has grown nearly 30 per cent compared with the corresponding period in FY18.

Finmin expects 3-4 more banks to come out of RBI's PCA framework this year

Finmin expects 3-4 more banks to come out of RBI's PCA framework this year

Sun, Feb 24, 2019

The RBI may in the next few weeks take a decision to remove these two lenders out of PCA supervision as they had done in the case of Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) last month after capital infusion in December, sources said.

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