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 due to a projected slowdown in the farm sector output this fiscal year due to erratic monsoon", FM said. When asked about the kind of investment-GDP ratio necessary to push India's growth rate, Sitharaman said "Every sector has to contribute and every region has to contribute". On the debt market, FM Nirmala Sitharaman said RBI has come up with its own understanding of how both for the government securities and private borrowing, India has a wider market.

India Rural Rural Areas Nirmala Sitharaman  sbisized  fm  data  nirmala  sitharaman  banks  rural  transformation  sector  economy  indias  areas  calls  grows

History of this topic

Rahul Gandhi raises questions on the functionality of a government bank, Nirmala Sitharaman responds sternly | Breaking
1 week, 5 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, 5 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, 3 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 …

India poised to capitalize on new growth opportunities as global economic landscape shifts
2 months ago

India poised to capitalize on new growth opportunities as global economic landscape shifts

New Indian Express  

Finance Minister Nirmala Sitharaman highlights India's potential to capitalize on new growth opportunities amidst a challenging global economic environment. She emphasizes the country's focus on boosting domestic capacities and building resilience against external shocks. The shift towards a more fragmented global economy could work to India's advantage, as the country seeks to become a key partner for many countries seeking …

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 …

SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara
6 months, 1 week ago

SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara

Hindustan Times  

SBI Chairman Dinesh Kumar Khara has said the lender would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. During the financial year 2023-24, the bank infused additional capital of ₹489.67 crore in SBI General Insurance Company Ltd. SBI General Insurance reported a 30.4% rise in net profit to …

SBI Share price: State Bank of India’s stocks surge to all-time high, market cap crosses ₹8 lakh crore
6 months, 3 weeks ago

SBI Share price: State Bank of India’s stocks surge to all-time high, market cap crosses ₹8 lakh crore

The Hindu  

The market capitalisation of the State Bank of India crossed the ₹8 lakh crore mark on June 3 after the bank's shares surged to a record high of ₹907. Finance Minister Nirmala Sitharaman has recently posted on social media that India's banking sector has achieved a significant milestone by recording its highest-ever net profit, exceeding ₹3 lakh crore. In the …

India’s growing economy needs bigger banks
10 months, 2 weeks ago

India’s growing economy needs bigger banks

Live Mint  

Finance minister Nirmala Sitharaman has said that India needs more banks the size of State Bank of India, or even larger. As our economy grows, lending capacity must expand and large lenders can lend larger sums without asset-concentration risk. In 2019, the government decided to merge at least 10 state-run banks to create four larger ones. Also expected was a …

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman
10 months, 2 weeks ago

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman

Live Mint  

New Delhi: India needs more “SBI-size” banks to meet the growing needs of the economy and industry, particularly as the country aspires to grow to be the world’s third-largest economy, finance minister Nirmala Sitharaman said. In an interview with Mint, the finance minister said the country needs to create an atmosphere so larger overseas banks can enter India, and more …

HT Interview: ‘India will be the world’s third largest economy in Modi's 3rd term’, says FM Sitharaman
10 months, 2 weeks ago

HT Interview: ‘India will be the world’s third largest economy in Modi's 3rd term’, says FM Sitharaman

Hindustan Times  

Two days after presenting her sixth budget, an interim one ahead of the 2024 national elections this summer, Union finance minister Nirmala Sitharaman sat down with journalists from Hindustan Times and Mint to discuss various aspects of the interim budget, and the state of the economy. Criticising the United Progressive Alliance for wasting a decade, acknowledging the challenge of Covid-19, …

Indian Economy under PM Modi has witnessed profound transformation: FM Nirmala Sitharaman gives govt’s report card
10 months, 3 weeks ago

Indian Economy under PM Modi has witnessed profound transformation: FM Nirmala Sitharaman gives govt’s report card

Op India  

The Indian economy under Prime Minister Narendra Modi has witnessed a profound transformation in the last 10 years when the government took several pro-people reforms that were structural, Union Finance Minister Nirmala Sitharaman said on Thursday, as she rose to present the interim Budget for 2024-25. “In 2014, the country was facing enormous challenges, the government overcame those challenges and …

Finance Minister Nirmala Sitharaman inaugurates SBI branch in Sri Lanka
1 year, 1 month ago

Finance Minister Nirmala Sitharaman inaugurates SBI branch in Sri Lanka

Live Mint  

Finance Minister Nirmala Sitharaman on Thursday visited Sri Lanka's eastern port town of Trincomalee where she opened a branch of the State Bank of India and appreciated its role in supporting corporates in international trade. During the Sri Lankan economic crisis, SBI's presence in Sri Lanka paved the way for a smooth extension of the Line of Credit worth USD …

SBI research finds 3x increase in net profit of banks under Modi govt
1 year, 4 months ago

SBI research finds 3x increase in net profit of banks under Modi govt

Op India  

The Indian banking sector has witnessed tremendous transformation between Financial Year 2013-2014 and Financial Year 2022-2023, revealed a research report by the State Bank of India on Tuesday. Screengrab of the key banking indicators from FY14-FY23, chart via SBI Research/ RBI Moreover, the net profit of banks tripled from ₹809 trillion to 2,480 trillion between Financial Year 2013-2014 and Financial …

Inside Bank of Baroda’s silent transformation
1 year, 8 months ago

Inside Bank of Baroda’s silent transformation

Live Mint  

In the last week of September 2021, Mukund Rajan, the former chief ethics officer at the Tata Group, showed a bunch of Bank of Baroda executives a video clip from the 26/11 terror attacks in Mumbai. Led by Sanjiv Chadha, the bank’s current managing director and chief executive officer, the lender is on a mission to reinvent itself by adding …

FM urges AIIB to scale up investment in renewal energy, smart technologies
2 years, 1 month ago

FM urges AIIB to scale up investment in renewal energy, smart technologies

Deccan Chronicle  

NEW DELHI: Finance Minister Nirmala Sitharaman on Friday asked the Asian Infrastructure Investment Bank to scale up investment in renewal energy and smart technologies and also urged the multilateral agency to set up a regional office in India. AIIB President Jin Liqun called upon the finance minister here and discussed various issues of relevance to the bank. @nsitharaman suggested that …

RBI’s monetrary policy has sent a positive message: Nirmala Sitharaman
2 years, 2 months ago

RBI’s monetrary policy has sent a positive message: Nirmala Sitharaman

The Hindu  

India’s inflation is at a manageable level and the Reserve Bank of India’s latest monetary policy which included a 50 basis points hike in interest rates, have sent a “very positive message in the market”, Finance Minister Nirmala Sitharaman said on Saturday. Over 70% of the foreign portfolio investors who had left the Indian stock markets in the months running …

SBI says loan demand is bouncing back as its shares outperform peers
2 years, 6 months ago

SBI says loan demand is bouncing back as its shares outperform peers

Live Mint  

Consumer cutbacks due to raging inflation and higher borrowing costs are failing to dent investment plans at Indian businesses tapping the country’s biggest lender, a sign that a recovery in Asia’s third-largest economy is gathering pace. Companies are steadily drawing down from a $71 billion loan pipeline, Dinesh Kumar Khara, chairman of State Bank of India, told Bloomberg News in …

Sitharaman says India’s fundamentals sound because of steps taken by govt
2 years, 6 months ago

Sitharaman says India’s fundamentals sound because of steps taken by govt

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said India’s fundamentals are sound due to several steps taken by the government such as reducing corporate tax, ensuring that the economy is greatly digitized and bringing in the Goods and Service Tax and bankruptcy code. Citing a study, Sitharaman said the Pradhan Mantri Garib Kalyan Yojana reduced the probability of borrowing money significantly …

Finance Minister Sitharaman meets IMF chief, discusses impact of recent 'geopolitical developments' on global economy
2 years, 8 months ago

Finance Minister Sitharaman meets IMF chief, discusses impact of recent 'geopolitical developments' on global economy

Firstpost  

During the meeting, IMF Chief Kristalina Georgieva highlighted India’s well-targeted policy mix that has helped the Indian economy remain resilient even with a limited fiscal space Washington: Finance Minister Nirmala Sitharaman on Tuesday held talks with IMF chief Kristalina Georgieva during which they voiced concern over the impact of the recent “geopolitical developments” on the global economy and the challenges …

PM Modi exhorts banks to support wealth, job creators; increase country's balance sheet
3 years, 1 month ago

PM Modi exhorts banks to support wealth, job creators; increase country's balance sheet

India TV News  

Prime Minister Narendra Modi on Thursday exhorted banks to support wealth and job creators, and work proactively to improve the country's balance sheet. Addressing bankers at the symposium to Build Synergy for Seamless Credit Flow and Economic Growth, Modi said banks have to now adopt a partnership model to help businesses thrive and move away from the idea of being …

India needs 4-5 more banks like SBI: FM Nirmala Sitharaman
3 years, 2 months ago

India needs 4-5 more banks like SBI: FM Nirmala Sitharaman

The Hindu  

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said India would need four or five more banks like the SBI to support economic growth. Exhorting the banking industry to imagine how banking has to be in the immediate and long-term future, she said, “If we look at post-COVID scenario, India’s banking contour will have to be very unique …

Nirmala Sitharaman Exclusive Interview: I Will Only be Postponing India’s Growth If I Don’t Spend Now
3 years, 10 months ago

Nirmala Sitharaman Exclusive Interview: I Will Only be Postponing India’s Growth If I Don’t Spend Now

News 18  

The government focused on the quality of expenditure while designing the Union Budget 2021, Finance Minister Nirmala Sitharaman told Network 18 Editor-in-chief Rahul Joshi, in her first post-Budget interview to a private television network. “So that is why I have made provision for large borrowings with the tax buoyancy kept at a very conservative level and with disinvestment, asset monetisation, …

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 …

No Clamour or Rush for Restructuring of Loan, Says SBI Chairman
4 years, 3 months ago

No Clamour or Rush for Restructuring of Loan, Says SBI Chairman

News 18  

Contrary to market expectations, there was not too much demand or clamour for restructuring of loans as permitted by RBI recently to beat the COVID-19 related stress, SBI Chairman Rajnish Kumar said. He expects not more than Rs 1.5 lakh crore worth loans would avail restructuring benefit even though people have projected it to be around Rs 8 lakh crore. …

India Needs More Global Sized Banks to Help Country Achieve $5 Trillion Economy: CEA
4 years, 4 months ago

India Needs More Global Sized Banks to Help Country Achieve $5 Trillion Economy: CEA

News 18  

Chief Economic Adviser K V Subramanian on Sunday said that India needs more global sized banks to help the country achieve USD 5 trillion economy by 2024-25. So, if the Indian banking sector was proportional to the size of its economy, India should have been where South Korea is, which has six banks in the global top hundred. "If you …

Discover Related