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.
Tag: Economy
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.
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…
RBI has issued the Statement on Developmental and Regulatory Policies on August 7, 2019. This Statement sets out various developmental and regulatory policy measures in the areas of Financial Markets; Payment and Settlement Systems; Banking Regulation, Financial Inclusion and Credit flow to NBFCs. I. Financial Markets 1. Introduction of stripping/reconstitution facility for State Development Loans…
India’s Central Bank Reserve Bank of India announced on 6th August the IIIrd Bi-Monthly Monetary Policy wherein they announced an array of conventional and unconventional measures to boost slowing economic growth, including reducing the benchmark interest rate by an irregular 35 basis points (bps), its fourth rate cut this year. The Reserve Bank of India’s six-member rate-setting…
The Central Board of Direct Taxes (CBDT) has extended the due date for filing of I-T returns for such categories of assesses for the Assessment Year 2019-20 to August 31 this year. They were earlier required to file their returns by July 31. For details please click here: Deadline to file I-T returns extended to August…
The Union Cabinet cleared seven amendments to the Insolvency and Bankruptcy Code (IBC) during its meeting on Wednesday 17th July which will allow the government to stick to strict timelines, and simultaneously, maximise the value of an insolvent entity from the resolution plan as a going concern. The amendments will also aid decision-making in the…
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…
Current Account Deficit & Its Impact on Economy What is Current Account Deficit? Current Account Deficit (CAD), is a key indicator that reflects the economic strength of a nation. The CAD is the net of foreign exchange inflows and outflows. CAD is one of the key indicators of an economy’s health and measures the difference…
The Reserve Bank of India today released the 19th issue of the Financial Stability Report (FSR). The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial system. The Report also discusses issues relating to development and regulation…