Page 7 - Finance Minister

Amid falling staff strength, PSBs may soon start hiring on a monthly basis

From a peak of 886,490 in 2012-13, staff strength in state-owned banks fell to 770,800 in 2020-21

Enhance coverage of scheduled castes in all schemes: FM Nirmala Sitharaman

The FM was chairing the performance review of PSBs on credit and other welfare schemes for scheduled castes

Decoded: What are green bonds and how much will be the govt issue?

Green bonds are debt instruments the proceeds of which are utilised to finance projects that are beneficial to the environment

Reducing govt spending holds the key to fixing India's inflation worries

If the finance ministry wants private investment to revive, it must make things easy for it and resist the temptation to go on spending just because it can

FM Sitharaman to review credit, welfare schemes for SCs on Tuesday

The review of measures undertaken for the welfare of SCs in the banks would be one of the agendas of the meeting

Slowdown in West, on balance, would be positive for India: CEA Nageswaran

'Signs are very encouraging' are for the Indian economy, he says in an interview

Be ready to meet the credit demand: FM Nirmala Sitharaman to banks

The finance minister said Indian banks have to plan for the Amrit Kaal. And for that, they have to become digitally savvy, especially the public sector ones

FM Sitharaman asks women entrepreneurs to take up leadership roles

Finance minister Nirmala Sitharaman on Friday urged women entrepreneurs and corporate leaders to take up leadership roles. Addressing a women directors' conclave at the BSE headquarters here, she said there is not enough number of women leaders in the corporate world because they are saddled by an inherent feeling that they need to prove themselves time and again to be in the leadership role. And the only way out is mentoring and more women to become board members. Urging corporates to have more females on their boards, she said globally it has been proved that companies with more women leaders on their boards are more profitable and more inclusive. Women are not asking for gender parity and inclusivity, the minister said. "You want for profit, get us in. You cannot ignore us anymore," she added. Underlining the existing regulatory framework on women's presence on the boards of listed companies, the minister said now it's up to the companies concerned to walk the talk, the governm

Centre upbeat on Rs 1.5-trillion GST revenue every month from October

GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

'If FM doesn't see red now...': What Chidambaram says on retail inflation

Senior Congress leader P Chidambaram on Tuesday attacked Finance Minister Nirmala Sitharaman over retail inflation rising to 7 per cent, saying if she doesn't see "red" even now, it can be concluded that she does not represent the average family in India. After declining for three months, retail inflation rose to 7 per cent in August due to higher food prices. "Only a few days ago, the Honourable FM said that inflation was not a 'red-lettered priority' for her. India's retail inflation surged to 7 per cent yesterday. Food inflation is 7.62 per cent," Chidambaram said in a tweet. "If the Honourable FM doesn't see 'red' even now, we can only conclude that she does not represent the average family in India," the former finance minister said. The Consumer Price Index (CPI) based inflation, which is factored in by RBI while deciding the monetary policy, has remained above the central bank's comfort level of 6 per cent for eight months in a row. CPI inflation was 6.71 per cent in July an

Time for multilateral institutions to be relevant in post-Covid world: FM

Finance Minister Nirmala Sitharaman on Tuesday said it is time for multilateral institutions like World Bank and IMF to make themselves relevant in the post-pandemic world. She also said there is a need for debate over 'freebies'. Speaking at the release of book titled Recalibrate: Changing Paradigm, the minister said, there is a strong case for setting up of Fiscal Council as recommended in the book to further strengthen the fiscal discipline. The book is authored by Finance Commission Chairman N K Singh and Principal Secretary to the Prime Minister P K Mishra.

Many countries interested in bilateral rupee trade: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the RBI announced a mechanism recently. Speaking at Hero Mindmine Summit, she said this along with other steps taken by the government is towards full capital account convertibility. "It isn't the ruble-rupee which was in the old format. Now this (bilateral rupee trade) formulation, which I am glad the RBI has come up at a time which was so critical," she said when asked if India is ready for capital account convertibility. Highlighting that many countries have evinced interest in trade in the rupee, she said, in a way it is opening the Indian economy more than what can be imagined. "Post-pandemic, India is coming up with so many out-of-the-box solutions...I would like to highlight the fact that we are a lot more open with the Indian economy, a lot more open in the way we are talking to countries, we are willing to have our digital platform become ...

WazirX says ED has unfrozen bank accounts, allowing it to continue ops

Cryptocurrency exchange platform said it is cooperating with agency in its investigation of 16 fintech companies and instant loan apps

PM to launch national logistics policy on Sat for seamless flow of goods

The policy is being brought in tandem with Prime Minister's ambitious GatiShakti national master plan

No decision yet on ban lifting on cotton import from India: Pakistan FM

Pakistan's Finance Minister Miftah Ismail on Wednesday said that the country's textile sector had demanded lifting of a ban on the import of cotton from India, but the government has so far not taken any decision on the issue. Addressing a press conference along with Defence Minister Khawaja Asif here, Ismail talked about the damage caused to the cotton crop due to devastating floods that have affected more than 33 million people, inundated a third of the country and caused losses of more than USD 10 billion. Replying to a question with respect to trade with India, the minister said that the All Pakistan Textile Mills Association (APTMA) was asking the federal government to allow import of cotton from India. "The government has not taken any decision yet," he said, without elaborating when such a decision could be taken. Pakistan suspended trade with India after the latter revoked the special status of Jammu and Kashmir in August 2019. But the ban is hurting the crisis-hit country

FM Sitharaman stresses on timely completion of IMF 16th quota review

Finance minister Nirmala Sitharaman on Wednesday underlined the need for timely conclusion of 16th General Review of Quotas (GRQ) to provide greater say to developing economies in the International Monetary Fund. As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in the voting rights of emerging countries in line with their relative positions in the world economy. Sitharaman made the comments during her meeting with MD of IMF Kristalina Georgieva who is visiting the country to discuss India's upcoming G20 presidency and IMF's support to India for the presidency. "FM Smt. @nsitharaman emphasised the importance of timely conclusion of 16th General Review of Quotas GRQ) in a way that addresses inequity and imbalances in the global economy," the finance minister said in a series of tweets. Georgieva agreed with Sitharaman that for the IMF to remain relevant, it i

Job creation, wealth distribution priority over inflation: FM Sitharaman

The finance minister said if India and the United States joined efforts in growing their respective economies, they might be the engines of global growth within the next two decades

As freebies debate rages, a look at states' contingent liabilities

The net borrowing ceiling of states is mandated by the FRBM Act. However, the upper limit of what their contingent liabilities can be is set by states' own legislative bodies

Financial inclusion major step towards inclusive growth: FM Sitharaman

Financial inclusion is a major step towards inclusive growth which ensures the overall economic development of the marginalised sections of the society, Finance Minister Nirmala Sitharaman said on Sunday. The success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas as well as 56 per cent of women Jan Dhan account holders, she said on the eighth anniversary of the flagship financial inclusion scheme. "Continuation of PMJDY beyond 2018 saw a marked shift in approach to meet challenges and requirements of the emerging FI (financial inclusion) landscape in the country. "There has been a shift in focus from 'every household' to 'every adult', with added emphasis on usage of accounts by enhancing Direct Benefit Transfer (DBT) flows through these accounts, promoting digital payments through the use

Freebies row: Poll promises should be met via budgetary provisions, says FM

Meanwhile, the apex court has asked a three-judge Bench to review a past order on the issue, which said that such handouts are not a corrupt practice