Statement on Developmental and Regulatory Policies sets out various developmental and regulatory policy measures on (i) liquidity management and support to targeted sectors; (ii) regulation and supervision; (iii) debt management; (iv) payment and settlement systems; (v) financial Inclusion; and (vi) external commercial borrowings.
The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February 2021 in the Parliament. The Budget speech was given by the FM from 11 a.m. to 1 p.m.
This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. Several regulations around the securities market are proposed to be merged as a single code. Several direct taxes and indirect taxes amendments were also proposed.
Union Finance Minister Nirmala Sitharaman tabled Economic Survey 2020-21 in the Parliament on January 29, 2021. The survey is generally presented a day before the Union Budget. This year, the survey is being presented earlier because the day-before-budget is a Sunday. The real growth rate for FY21 has been taken as -7.7% (MoSPI) in Economic Survey 2020-21 and real growth rate for FY22 is assumed as 11.5 % based on IMF estimates.
Following the presentation of the Economic Survey in both the houses of the Parliament by Finance Minister Nirmala Sitharaman, Chief Economic Adviser KV Subramanian addressed a press conference in which he introduced the highlights of the annual survey document.
Union Finance Minister announces Stimulus to boost Demand in the Economy: Highlights:“Total demand boost due to today’s measures expected to be more than ₹ 1 lakh crore”.Finance Minister Nirmala Sitharaman also announced additional capital spending and Rs 12,000 crore, 50-year interest-free loan to states to boost the economy that has been battered by the pandemic and the resulting lockdown.
The Reserve Bank of India Governor Shaktikanta Das announced the policy decision of the Monetary policy committee on 9th October 2020. RBI’s MPC began its three-day deliberations on Wednesday. This was the first meeting of the new MPC which was formed after the appointment of three three eminent economists – Jayant Verma, Ashima Goyal and Shashanka Bhide. The meeting of the six-member MPC, earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed. The MPC must have a quorum of four.
Reserve Bank released the 21st Issue of the Financial Stability Report (FSR) on 24th July 2020, which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial sector.
RBI issued instructions to all the Financial Institutions including Banks, Cooperative Banks, NBFC’s and other FI’s to initiate necessary action for reclassification of enterprises as per the new definition w.e.f July 1, 2020 and issue necessary instructions to your branches/controlling offices in this regard,
This booklet entitled ” Latest Banking Updates – Bank Promotions (Updated as of 31.05.2020)” has been prepared with an intention to provide ‘Latest Developments in Banking and Financial Sector’ for the enrichment of Bank’s Staff, the Banking knowledge and Banking Developments taking place in present day scenario, when the entire Banking Industry is facing heavy Turbulence in the form of huge NPA and mounting losses.
Retailers, small businesses not registered as MSME also to get guaranteed emergency credit.Eligible borrowers should have annual turnover up to Rs 100 crore, exposure to bank credit. Guaranteed emergency credit will be available for retailers and other businesses too even if they are not registered as Micro, Small and Medium Enterprises (MSME), a senior Finance Ministry official said.
The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.Measures taken by the Reserve Bank of India, like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.