Banks urged to focus on core business, innovate for higher deposits: FM Sitharaman
4 months, 2 weeks ago

Banks urged to focus on core business, innovate for higher deposits: FM Sitharaman

India TV News  

Union Finance Minister Nirmala Sitharaman has called on banks to concentrate on their core business activities, emphasising the importance of innovative products to increase deposits. Call for innovation Sitharaman encouraged banks to develop innovative products to boost deposits, particularly in light of the growing gap between deposits and lending. RBI's stance RBI Governor Shaktikanta Das echoed Sitharaman's concerns, noting that the central bank has repeatedly alerted banks about the widening gap between deposits and lending, which has exceeded 300 basis points in recent months. Bank-specific situations Governor Das also mentioned that the situation varies among banks, with some launching special drives to raise deposits by offering higher interest rates temporarily.

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History of this topic

Rahul Gandhi raises questions on the functionality of a government bank, Nirmala Sitharaman responds sternly | Breaking
1 week, 4 days ago

Rahul Gandhi raises questions on the functionality of a government bank, Nirmala Sitharaman responds sternly | Breaking

ABP News  

Anchor: 'Opposition leader Rahul Gandhi had raised questions on the Modi government over the functioning of public sector banks. Nirmala Sitharaman alleged that during the UPA regime, illegal money was found and distributed to people, due to which the health of government banks worsened. Government banks have been strengthened under the Modi government and in the UPS government, I am …

Sitharaman Rebukes Rahul Gandhi Over Allegations on Public Sector Banks
1 week, 4 days ago

Sitharaman Rebukes Rahul Gandhi Over Allegations on Public Sector Banks

Deccan Chronicle  

Union Finance Minister Nirmala Sitharaman strongly criticized Leader of Opposition Rahul Gandhi for his comments regarding the functioning of Public Sector Banks under the Modi government. Responding to Gandhi's accusations that PSBs have been turned into "private financiers for the rich and powerful," Sitharaman highlighted the significant reforms and improvements in the banking sector during the Modi regime.On Wednesday, Gandhi, …

FM Sitharaman urges regional rural banks to onboard customers to digital services like mobile banking by Dec 2024
3 weeks, 2 days ago

FM Sitharaman urges regional rural banks to onboard customers to digital services like mobile banking by Dec 2024

Live Mint  

New Delhi, November 30 : Union Finance Minister Nirmala Sitharaman has urged Regional Rural Banks to onboard rural customers to digital services such as Internet Banking, Mobile Banking, and UPI. In the meeting, Sitharaman directed the RRBs to prioritize onboarding customers for digital services and set a deadline to complete this task by December 2024. "RRBs to prioritize onboarding customers …

FM Sitharaman calls for more SBI-sized banks as India’s economy grows
10 months, 2 weeks ago

FM Sitharaman calls for more SBI-sized banks as India’s economy grows

Live Mint  

Finance Minister Nirmala Sitharaman in an interview with Mint said that the Indian economy is going through a structural transformation and conventional paradigms are being challenged. STRUCTURAL TRANSFORMATION IN RURAL AREAS Nirmala Sitharaman said that the government is working on data to measure the structural transformation in rural areas. "Government is prepared to address any impact on the rural economy …

Union Finance Minister Nirmala Sitharaman kickstarts Coimbatore visit with cleanliness drive
1 year, 2 months ago

Union Finance Minister Nirmala Sitharaman kickstarts Coimbatore visit with cleanliness drive

The Hindu  

Union Finance Minister Nirmala Sitharaman, participated in a cleanliness drive organised by Canara Bank and the State Level Bankers’ Committee of Indian Overseas Bank, in Coimbatore on Tuesday, under the Swachh Bharat campaign of the Centre. The Minister spoke to officials of the two banks and proceeded to clean Bharathi Colony Road in Peelamedu, where the drive was conducted. Under …

EMIs to go up soon as Bank of Baroda hikes lending rates by 5 bps from 12 April
1 year, 8 months ago

EMIs to go up soon as Bank of Baroda hikes lending rates by 5 bps from 12 April

Live Mint  

One of the leading public sector lenders, Bank of Baroda has hiked its benchmark lending rates by 5 basis points on various tenures. With effect from April 12, the bank will raise the Marginal Cost of Funds Based Lending Rate by 5 bps on overnight tenure to 7.95%. As per the regulatory filing, in Q4FY23, the bank's total deposits stood …

Govt to work with RBI for execution of bank privatisation plan: Nirmala Sitharaman
3 years, 10 months ago

Govt to work with RBI for execution of bank privatisation plan: Nirmala Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Sunday said the government will work with the Reserve Bank for execution of the bank privatisation plan announced in the budget. Speaking to reporters in the financial capital, Sitharaman also said that the government has no plan to form any bank investment company to house the government stakes in banks. On the bad bank, Sitharaman …

NBFCs, fintech companies urge FM Nirmala Sitharaman to enhance lending facilities
3 years, 11 months ago

NBFCs, fintech companies urge FM Nirmala Sitharaman to enhance lending facilities

Live Mint  

Non-banking finance companies and fintech players have urged Finance Minister Nirmala Sitharaman to enhance the lending facilities by three to four years which were announced and extended by the Reserve Bank of India during Covid-19 lockdown. This requires great effort for financial inclusion, including increased lending," said Harsh Kumar Bhanwala, Executive Chairman of Capital India. Banks and capital markets play …

Nirmala Sitharaman press meet updates | Finance Minister announces 12 schemes to boost economy
4 years, 1 month ago

Nirmala Sitharaman press meet updates | Finance Minister announces 12 schemes to boost economy

The Hindu  

A day after announcing a scheme to boost manufacturing sector, Finance Minister Nirmala Sitharaman is meeting the press to announce more stimulus. The government on Wednesday approved a Production-Linked Incentive scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period. 3000 crore for …

Govt’s steps will boost consumer spending, demand in economy: PM Modi
4 years, 2 months ago

Govt’s steps will boost consumer spending, demand in economy: PM Modi

Live Mint  

The announcements made by Finance Minister Nirmala Sitharaman on 12 October are "timely moves", which will boost demand in economy, Prime Minister Narendra Modi wrote in a tweet. What Nirmala Sitharaman announced FM Sitharaman today announced measures of ₹73,000 crore to stimulate consumer spending in the economy in an effort to fight the slowdown due to coronavirus pandemic following lockdown. …

Finance minister Nirmala Sitharaman moves bill to amend Banking Regulation Act
4 years, 3 months ago

Finance minister Nirmala Sitharaman moves bill to amend Banking Regulation Act

Hindustan Times  

The Lok Sabha on Wednesday took up for consideration a bill to address the potential disruptions in the financial system by providing for the Reserve Bank of India to prepare a scheme for reconstruction or amalgamation of the banking company without the necessity of first making an order of moratorium. Moving the Banking Regulation Bill 2020 for passage of the …

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