Dibyajyoti Pattanaik, managing director at Odisha-based micro lender Annapurna Finance, said that the number of borrowers seeking moratorium is growing by the day as they want to hold back whatever liquidity they have with no or less cash flow.
Earlier this month, RBI Governor Shaktikanta Das held a meeting with heads of both public and private sector banks to take stock of the economic situation.
The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, sources said. The deployment of excessive funds by banks under the reverse repo route may also come up for discussion on Monday.
The BJP has been holding a series of meetings with various stakeholders, including business leaders, farmer bodies and trade unions, as part of its per-Budget dialogue. These meetings are being coordinated by party spokesman on economic issues, Gopal Krishna Agarwal.
The government on Friday increased its market borrowing estimate by staggering Rs 4.2 lakh crore to Rs 12 lakh crore for the current fiscal to deal with the expected shortfall in revenue due to the impact of COVID-19 crisis on the economy. Here is ET Now consulting editor Mythili Bhusnurmath's view on it.Covid-19 impact: Govt raises market borrowing limit to Rs 12 lakh cr for FY21
In a letter to Finance Minister Nirmala Sitharaman, the Confederation of ATM Industry (CATMi) mentioned that it has been recognised by the government as a crucial player to further the financial inclusion. The COVID-19 situation has caused a sharp decline in the ATM transactions and has posed severe business challenges to the ATM industry, the CATMi stated.
Finance Minister Nirmala Sitharaman asked civil accounts officers to focus on bringing in more efficient and adaptive technologies to further smoothen the working of the Public Financial Management System (PFMS). Speaking at a function to mark the 44th Civil Accounts Day, she said there is so much more to be accomplished and officers need to be responsive to the changes.
The borrowers represented the micro, small and medium sized enterprises (MSMEs), retail, agriculture and corporate sectors, which was indicative of an economic revival, said finance minister Nirmala Sitharaman’s office in a tweet on Thursday.
The government is not likely to have public events on the occasion of the first anniversary given the current situation due to the outbreak of COVID-19 pandemic and consequent lockdown, according to sources.
"If such payments are made, the business of the traders will fall like anything and in absence of any inflow of money, such payments will be disastrous for the retail trade of the country and in turn will badly affect the economy," CAIT Secretary General Praveen Khandelwal said in the letter to Goyal.
Government officials said while preparing the stimulus, with measures meant for MSMEs and poor finalised on Saturday, the Narendra Modi administration was conscious of the fact that the UPA’s packages, announced by then finance minister Pranab Mukherjee in 2008 had resulted in massive inflationary impact and a huge pile of bad debt, which took years to clean up.
The plan, which has been in the works for months, is likely to be part of the stimulus package.
"Have seen pictures of what is happening in JNU. Condemn the violence unequivocally. This is completely against the tradition and culture of the university," Jaishankar tweeted.
The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on petrol and diesel, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to coronavirus lockdown.
Over March 6-7, a distinguished audience of Indian and global business leaders, policymakers and academia will hear from Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar and Commerce & Railways Minister Piyush Goyal.
For the manufacturing sector - domestic demand, expensive credit, cash-strapped MSMEs, high cost of setting-up and automation are the big areas of concern. Industry veterans suggest that the only way to revive demand is for the government to keep to its spending targets and streamline policies and processes.
Finance Minister Nirmala Sitharaman reacted over the mystery of the disappearing Rs 2000 note, that banks are recalibrating ATMs to replace high-value Rs 2,000 notes. Finance Minister Nirmala Sitharaman said, “As far as I know, no such instruction has been given to banks.” On the other hand, Finance Minister Nirmala Sitharaman directed banks to clear their pending loan cases of Ministry of Micro, Small and Medium Enterprises (MSMEs) by March 15. “Banks have given us information on how many (MSMEs) they have restructured, reached out to, their loans and everything else. Few MSMEs that are lying pending before them, we have requested them to clear out all by March 15”, said Finance Minister Sitharaman while addressing the press conference in New Delhi on February 26. Nirmala Sitharaman dismisses reports of ATMs being recalibrated to replace Rs 2,000 notes
India’s budget gap for the year ended March 31 has touched 4.4% of gross domestic product, says sources.
Nirmala Sitharaman faced flak for not doing enough to revive a slowing economy in her maiden July 5 Budget.
The task force has also called for a revamp of financing models for infrastructure and backed a return of development financial institutions, such as IDBI and IFCI, albeit with a sectoral focus. It has argued that banks and NBFCs are unable to meet the massive funding requirement and face several challenges, which is turning the clock back by close to two decades.
Finance Minister Nirmala Sitharaman on Tuesday unveiled Rs 102 lakh crore of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector. Addressing a press conference, she said Prime Minister Narendra Modi had in his Independence Day speech spoken of investing Rs 100 lakh crore in infrastructure. Nirmala Sitharaman gives India Rs 102 lakh cr infra push
In a letter written to the Union finance minister Nirmala Sitharaman, the All India Organisation of Chemists and Druggists (AIOCD) demanded insurance coverage for its 8.5 lakh chemists and druggists operating in the country.
FM Sitharaman announced distribution of 5 kg of wheat or rice and one kg of preferred pulses free-of-cost every month over the next three months to 80 crore poor across the country to deal with the economic impact of the lockdown amid coronavirus outbreak.
Prime Minister Narendra Modi has held a series of meetings with key ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, and top officials of the government to finalise the second economic package targeted at sectors most affected by the lockdown to check Covid-19 spread. The meetings involving Shah, Sitharaman and other officials of the key economic ministries are taking place for the last few days and the idea is to get inputs on the impact of the current lockdown on different segments of the economy and identify immediate measures that may be required as a relief and revival strategy, sources privy to the developments said.Covid-19 pandemic: Next economic package soon, PM Modi chairs series of meetings with key ministers
Sitharaman, in a meeting with top executives of public and private sector lenders attended for the first time by the CBI director, Rishi Kumar Shukla, assured the bankers that a distinction would be made between genuine commercial failures and culpability. She further added that there had been concerns and worries among bankers about investigative agencies.
The bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis, she said at a press conference. Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions, she said.
The prime minister held discussions with Shah and Sitharaman and is expected to have follow up meetings with ministers of key economic ministries such as Micro, Small & Medium Enterprises (MSME).
To help the poor tide over the COVID-19 crisis, the government had on March 26 said ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April.
Para banks have requested that this window be established through MUDRA, Small Industries Development Bank of India, National Bank for Agriculture and Rural Development and National Housing Bank. They are also requesting a special purpose vehicle that would be allowed to leverage about 4 times to provide a funding of ₹50,000 crore to small and medium-sized NBFCs.
Prime Minister Narendra Modi on May 01 held a detailed meeting on the power sector in the view of coronavius lockdown. The Prime Minister also took stock of the impact of COVID-19 pandemic on the sector. The PM discussed various long-term reforms for enhancing sustainability, resilience, and efficiency of the sector. Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and Civil Aviation Minister Hardeep Singh Puri were present in the meeting. Chief of Defense (CDS) Bipin Rawat was also present in the meeting.PM Modi holds detailed meeting on power sector amid Coronavirus lockdown
In the meeting, Manish Sisodia also demanded funds for all the three municipal corporations in Delhi, the same way as Centre gives money to civic bodies in other states.
Ahead of the scheduled end of the extended nationwide lockdown, Prime Minister Narendra Modi on Friday met key ministers including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman apparently to discuss an exit strategy.
Infra development will especially be critical for the success of the Make in India programme as manufacturing competitiveness critically depends on infrastructure, the final report of the task force submitted to Finance Minister Nirmala Sitharaman said.
The meeting comes on the back of the fear if the telecom department takes any coercive action, the sector would face a huge blow and it may lead to a private sector duopoly. The govt has called on the cabinet secretary to chalk out steps to try and ensure no telco shuts down, given the fact that a Vodafone Idea collapse will have wide implications across sectors.
Sitharaman today met industry and trade associations to assess the impact of the virus on businesses. The finance minister said that a meeting of the concerned secretaries will be held tomorrow. The finance minister assured the industry that she will speak to the PMO on steps to provide any relief.
To minimize the difficulties of the poor in nationwide lockdown, the government is giving cash to them through Direct Benefit Transfer (DBT). Around 31 crore beneficiaries have already received the assistance in their bank accounts.
The task force in its final report has suggested setting up for three committees for monitoring, implementation and funding of infrastructure projects. To boost fund flow, the NIP task force, chaired by economic affairs secretary Atanu Chakraborty, also suggested deepening the corporate bond market including municipal bonds.
Finance Minister Nirmala Sitharaman on Tuesday rebutted Congress leaders Rahul Gandhi and Randeep Singh Surjewala's allegations regarding "wilful defaulters, bad loans and write-offs", and stated that they have "attempted to mislead people in a brazen manner". "Rahul Gandhi, MP (LS), and Randeep Singh Surjewala, spokesperson of Congress, have attempted to mislead people in a brazen manner. Typical to Congress, they resort to sensationalising facts by taking them out of context," Sitharaman tweeted.FM refutes Rahul Gandhi's allegations on 'wilful defaulters and bad loans', tweets 'facts taken out of context'
The Cabinet has cleared the proposal before it made its way into the budget text, the Minister told reporters in response to a volley of questions on the subject. Out of the Rs 18,600 crore project cost, the Centre and Karnataka will share 20% each, while 60% of the project financing will come from multilateral lending institutions, she said.
As the cash-flow for MSMEs dries up, and in the absence of any fiscal support, many will be forced to cut jobs to curb costs.
Nearly 100 small MFIs has sought conversion of their outstanding bank loans into equities as their fund dried up.
Small micro lenders sought fund from the Centre to meet their operational expenses and requested it to advise their lenders --banks and development finance institutions--to convert their outstanding loans into equity or long term advances with reduced interest rates.
Finance Minister Nirmala Sitharaman on Friday condemned Chief Minister of West Bengal, Mamata Banerjee’s referendum remark on CAA and called it ‘irresponsible’ statement. While speaking to ANI, she said, “We never wanted a 3rd party or international fora's interference in our affairs.Nirmala Sitharaman condemns Mamata’s UN referendum remark on CAA
Finance Minister Nirmala Sitharaman on Friday said that NRC process will not start without consulting the stakeholders. She said, “Citizenship Act is an Act through which citizenship is given to people who fled persecution. For 70 yrs they've been waiting, it's an Act which will give them citizenship so they can live a life of dignity. NRC process wouldn’t start without consulting stakeholders: Nirmala Sitharaman
State finance ministers, during a video conference on Monday, also discussed issues arising out of the lockdown, including the urgent requirement of some form of aid for micro, small and medium enterprises, which have been affected the most, besides relief for the services sectors.
The government is set to announce a second set of measures in the coming days to counter the impact of the lockdown, which is seen to be essential to prevent loss of lives.
"I don’t think the challenges to the economy and the government’s responses to them are going to be diluted," FM Nirmala Sitharaman said, speaking to an audience via video channels at Times Network's India Economic Conclave 2019. "We can assure every step is being taken in order to ensure that india and the economy goes forwards and benefits all."
There is widespread speculation that rate increases will be announced at the GST Council meeting on Dec 18.
The lockdown was like the chakravyuh that you can enter, but never exit. So, cut the Gordian knot.
Gadkari said he has devised a scheme to set up the fund, and the proposal may be placed before the Cabinet for approval once the finance ministry gives its go-ahead.
"The government has instituted comprehensive reforms in PSBs to improve, governance, underwriting, monitoring and recovery, and has leveraged technology in all aspects of banking, resulting in reduction in their NPAs," Sitharaman said in written reply to a question in the Lok Sabha.
"Buzz is everywhere other than my office," Nirmala Sitharaman said. She was responding to a question on whether the GST Council, which will meet on December 18, take up the matter of hike in rates as the shortfall has hit revenue target of the government. States have complained of delay in GST compensation owing to the shortfall in GST kitty.
Forbes released its list of world's 100 most powerful women for honoring those in top leadership positions in business, philanthropy, media, and politics. This year the newcomer in the list is Indian Finance Minister, Nirmala Sitharaman. Here's a list of other leaders named among the world's 100 most powerful women by Forbes.
She was responding to concerns about will happen to long-term investments that tax payers make for availing of exemptions.
Section 7, 9 and 10 of the IBC would be suspended for six months and the suspension time can be extended up to one year. An enabling provision with respect to extending the time would be part of the ordinance, they added. Suspension of these provisions could be extended up to one year based on the economic situation going forward.
As part of the Rs 1.70 lakh crore relief package, the government announced free foodgrains and cash doles to women and poor senior citizens and farmers to mitigate the hardships during the lockdown. The swift implementation of the package is being continuously monitored by central and state governments, the Finance Ministry said in a statement.
According to official data, the total deposits into the accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) increased to Rs 1.28 lakh crore during the week ended April 8, 2020 as compared to Rs 1.20 lakh crore at the end of April 1, 2020. This is probably the biggest weekly increase in deposits of Jan Dhan accounts witnessed in the recent past.
In a letter addressed to Finance Minister Nirmala Sitharaman, the Confederation of all India Traders (CAIT), has suggested the formation of fast track courts at district level to deal with the cases of bounced cheques on immediate basis and bring amendments in Section 138 of The Negotiable Instrument Act, 1881.
The price on the futures contract for WTI crude that is due to expire Tuesday fell minus $37.63 a barrel.
The FM shared a glimpse of her interests during the Budget 2020 speech.
The labour ministry has already asked the EPFO for data on job losses and salary cuts
Gandhi did not spare Home minister Amit Shah and Finance minister Nirmala Sitharaman either and took potshots at them during his hectic tour of the Wayanad Lok Sabha constituency, which he represents. He lashed out at Sitharaman, saying she was "incompetent", not aware of what was happening around her and had the "arrogance" to say she does not eat onions or garlic.
Nirmala Sitharaman said there are several structural issues related to storage of onions and the government is trying to address them. Steps taken by the government to check rising prices of onion include ban on exports, imposition of stock limit, and import and transfer of onions from surplus to deficit areas, FM said.
Garment exporters will continue to get rebate on central and state taxes on their outward shipments as the government has decided to extend the RoSCTL scheme beyond March 2020 to enhance competitiveness of the labour-intensive textiles sector.
Senior Congress leader P Chidambaram on Sunday urged the government to transfer cash and distribute free foodgrains to the poor, saying only a heartless government will not do anything.
"It is being reported that a 20% cut in Central Government Pensions is being planned.This news is FALSE. There will be no cut in pension disbursements," the finance ministry said in a tweet. "It is clarified that salaries and pensions will not be affected by Government Cash Management instructions," the ministry further added.
Her comments on personal income tax rates came in response to a question from TMC member Saugata Roy during a discussion in Lok Sabha where she was piloting the bill to amend corporate tax rates. She said she valued everybody who earned their living, paid their tax and took care of their family and business. “So, personal income tax will be considered for its merit.
Replying to a barrage of criticism, she said "I have been told that I am the worst Finance Minister, they're not even waiting for me to finish my term. I told them that please give me more ideas, we will work on it. If there's a govt that listens, it is PM Modi's government."
Tuberculosis is among one of the biggest risks in India, and kills 1.5 mn people every year.
The government on Saturday introduced new tax slabs with reduced rates for an annual income of up to Rs 15 lakh for those foregoing exemptions and deductions under a simplified tax regime. Here is why FM Nirmala Sitharaman thought your personal tax need to be simplified.Budget 2020: Here is why Nirmala Sitharaman thought your personal tax need to be simplified
The long pending suburban rail project for Bengaluru got a definitive push on Saturday with Finance Minister Nirmala Sitharaman making a formal announcement in the Budget and committing to 20% of equity contribution.
The FM announced a Rs 99,300 crore outlay for the education sector and Rs 3,000 crore for skill development.
The foreign inflows into India grew 15 per cent to USD 26 billion during the first half of the current financial year.
While delivering the second budget speech of Narendra Modi Government 2.0, Finance Minister Nirmala Sitharaman dedicates every action of the government to the nation, invokes Kashmiri poet Dinanath Kaul.FM Nirmala Sitharaman invokes Kashmiri poet Dinanath Kaul, says every action is dedicated to 'pyara watan'
On the merger of banks, everything is going smoothly, the bank boards have all been on board, they have taken the necessary steps to keep that process going smoothly: Finance Minister Nirmala Sitharaman in Delhi.Merger of PSU banks going smoothly: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that to ease the worries of MSMEs that are in danger of becoming NPA accounts, it has now been decided that the NPA classification norms will exclude the 3-month moratorium window that banks are allowed to give on loan repayments.
If the world economy recovers next year, then we can do 6-6.5%, though it is a low base. But if the global economy continues to face problems, getting much above 5-5.5% would be difficult, says Swaminathan Aiyar, Consulting Editor, ET Now, after the Economic Survey was tabled in Parliament.
“We support a time-bound suspension of debt service payments for the poorest countries that request forbearance,” the G20 said in a statement on Thursday after an online meeting of finance ministers and central bank governors aday earlier.
In a letter to Sitharaman dated March 16, the state minister said not enabling this provision severely jeopardizes the states’ efforts to raise funds for their Covid-19 operations. Misra said the West Bengal State Emergency Relief Fund, set up under the overall umbrella of the CM’s Relief Fund and dedicated to combat Covid-19, had received encouraging response from people and businesses
Sitharaman also justified Prime Minister Narendra Modi's remarks in a viral video, where he is seen taking a dig at those indulging in superstition.
New Delhi, Apr 16 () The finance ministry on Thursday clarified that financial assistance to people hit by the Covid-19 crisis will be provided only through the Direct Benefit Transfer (DBT) mechanism and no other means.
A law requiring 120 days' stay in India to claim Non-Resident Indian (NRI) status needs to be changed, an association representing NRIs has demanded, citing economic disruptions due to the coronavirus pandemic.
Monetary policy measures taken by the government, the Reserve Bank of India and other regulators have helped de-freeze the market and catalyse credit flows, the minister said, while addressing finance ministers and central bank governors of the G20 on the global economic outlook amid evolving COVID-19 pandemic crisis.
The All India Indian Revenue Service Association said in a letter to CBDT chairman dated April 14 said that till the time the written guidelines are issued from the top most levels, field offices should remain closed, following state issued guidelines.
NBA president Rajat Sharma, in a letter to Sitharaman, said in order to ensure social distancing and for ensuring the safety of the editorial personnel, the news broadcasters have had to take various steps which have resulted in the operating costs going up exponentially during the COVID-19 pandemic.
Employers will be able to deduct taxes on salaries paid to employees from the beginning of a financial year, basis the individual’s choice of opting for the old or the new taxation regime though a declaration, the Board said in a circular.
"Institutions like banks should understand their core strengths and offer benefits to people like providing value- added features like phone banking facilities or rolling out of chat bots to serve customers and should not take up unnecessary scaling up of operations", Finance Minister Nirmala Sitharaman said.
Sitharaman said banks are going a churn in assessing risk in order to ensure their functioning is smoother. She underscored the need for banks to evaluate how much store is set by the ratings of the Credit Rating Agencies and urged financial institutions to ensure their internal assessments of credit risk also play a role.
Government was taking efforts to ensure more regulatory mechanism in the banking sector to benefit bank account-holders, she said in the context of the PMC Bank and IL&FS issues. India took the call not to the join RCEP despite spending considerable amount of time on the negotiating table, she said addressing the 6th G Ramachandran Memorial Lecture.
Indian financial markets will be closed on Tuesday on account of Ambedkar Jayanti.
Finance ministers of 5 states made a joint appeal to the Union Finance Minister Nirmala Sitharaman demanding the release of GST compensation.State FMs appeal to Nirmala Sitharaman for release of GST compensation
: More than 30 crore poor people have received Rs 28,256 crore financial assistance under Pradhan Mantri Garib Kalyan Yojana. As part of Rs 1.70 lakh crore relief package, the government announced free foodgrains and cash doles to women and poor senior citizens and farmers to mitigate hardship faced due to the lockdown.
Amid the brunt of the Covid-19 impact and the lockdown, government revenues are likely to take a substantial hit in March. On the other hand, expenditures for the month should rise due to various costs arising from the virus containment efforts and enforcing the lockdown.
The Employees’ Provident Fund Organisation has received 400,000 requests for withdrawals under a special Covid-19 window announced 13 days ago to provide relief to subscribers in financial need.
Union Finance Minister Nirmala Sitharaman, on November 16 held a meeting with Rajasthan Tax Consultants' Association, ICAI, CAIT and Laghu Udyog Bharti to address concerns raised on the process of filling Goods and Services Tax (GST) forms and make them more user friendly.FM Nirmala Sitharaman holds meeting to ease process of filling GST forms
Sitharaman says the strategic sale of Air India and BPCL will be wrapped up by March
Congress leader RV Deshpande suggested the ESI Corporation pay 70% of salaries of eligible MSME employees treating their lockdown period as “sick leave”.
"I want no company to shut operations. I want everyone to be up and running," the finance minister said.
FM said it’s too soon to say whether India would be able to stick to fiscal deficit targets.
The commission reviewed the emerging situation and the uncertainties relating to the behaviour of macroeconomic variables like real gross domestic domestic product, inflation and fiscal deficit.
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