Category: Finance Ministry

Union Budget 2020 – Highlights, Key Takeaways, Detailed Analysis & Impact on various Sectors

The Union Budget has been structured on the overall theme of “Ease of Living.” The Finance Minister said that the Union Budget Aims: To achieve seamless delivery of services through Digital governance; To improve physical quality of life through National Infrastructure Pipeline; Risk mitigation through Disaster Resilience; Social security through Pension and Insurance penetration.
The budget is woven around three prominent themes:
Aspirational India in which all sections of the society seek better standards of living, with access to health, education and better jobs. Economic development for all, indicated in the Prime Minister’s exhortation of “SabkaSaath, SabkaVikas, SabkaVishwas”. Caring Society that is both humane and compassionate, where Antyodaya is an article of faith.

The three broad themes are held together by

Corruption free – policy-driven good governance
Clean and sound financial sector.

The three components of Aspirational India are- a) Agriculture, Irrigation and Rural Development , b) Wellness, Water and Sanitation and c) Education and Skills

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Amendment to Master Direction (MD) on KYC

RBI introduces video-based identification process for KYC. RBI approves Aadhaar-based video authentication as alternative to e-KYC. Video KYC will have to be verified through Aadhaar.

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Economic Measures to Boost Economy by the Finance Minister

To boost liquidity in the market, the government has cleared dues worth more than 60% of 32 CPSEs in the last two months.
Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, held a press conference on the measures taken to boost economy. Chief Economic Adviser K. Subramanian, gave a presentation on Major Interventions to Boost Economy.Rs 20kcr proposals likely to get nod in 2 weeks; FM promises support to any sector that needs help. Finance minister Nirmala Sitharaman promised support to any other sector that may need help following a finance ministry presentation on ‘Major Interventions to Boost the Economy’ in the Capital on Friday.

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How the mergers will impact your bank accounts, debit cards and EMIs?

About a week ago the finance minister, Nirmala Sitharaman announced the consolidation of 10 public sector banks into four mega state-owned ones. Retail customers including account holders of amalgamating banks are likely to get affected.

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Transfer of Surplus Reserves by RBI to Government and Its Implication on the Economy

RBI board accepts Jalan committee recommendation. Amid slowing economic growth and rising global uncertainty, the Reserve Bank of India (RBI) board on Monday approved transfer of Rs 1.76 lakh crore surplus reserves to the central government.

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10 public sector banks merged into four

Finance Minister Nirmala Sitharaman announces 4 mega bank mergers. FM said that the creation of next-generation banks was imperative for India to become a $5 trillion economy in the next five years. The reforms in the banking sector come after the government announced a slew of measures to revive growth in the Indian economy.

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FinMin plans 16-point ‘Key Responsibility Area (KRA)’ to push PSBs

The Finance Ministry has taken a note that the Market Share of PSB’s is declining while that of Private Banks is declining and therefore MOF has planned to address the issue of declining share of 18 Public Sector Banks based on the Performance Indicators in certain Key areas. Now onwards Performance indicators will assess how…

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Consolidation of regional rural banks on government agenda

India is eyeing a mega revamp of its regional rural banks (RRBs) and the plan includes consolidation of these lenders for better operational efficiencies in line with the government’s big rural focus. The plan that the finance ministry is drawing up also envisages RRBs adopting differentiated banking strategies, such as targeting specific sectors, for a…

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Union Budget for 2019-20: Key Highlights & Impact on Banking & Financial Sector

The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speechon 5th July 2019 and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are as follows: 10-point Vision for the decade 1. Building Team India with Jan Bhagidari: Minimum Government Maximum Governance. 2. Achieving green…

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Trade war: India extends retaliatory tariff deadline on US products till June 16

The government on Tuesday extended the deadline to impose retaliatory import tariffs on 29 US products till June 16. The move comes as New Delhi hopes to sort out trade issues with Washington after the general elections are over and a new government is in place. The duties, which were to come into effect from…

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