RBI measures to incentivise banks to lend more: FM

Finance minister Nirmala Sitharaman on Friday said the RBI has taken a slew of steps to maintain adequate liquidity in the system, incentivise bank credit flows, ease financial stress and enable normal functioning of markets, as part of the second stimulus package to deal with the impact of COVID-19 pandemic. The first stimulus package was

PSB mergers to come into effect from April 1: FM

Finance minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from April 1, 2020. The Union Cabinet, she said, has given a go-ahead for the merger proposal and the govt has been in regular touch. There

Govt monitoring coronavirus impact on economy: FM

Finance minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy. The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 sector state-run banks to

Govt banks out of touch with consumers: FM

Finance minister Nirmala Sitharaman rapped state-run banks for lacking consumer connect and said often executives at the branch level could not communicate in the local language or provide details of govt schemes. ​​​The minister’s outbursts at an event to unveil the next phase of PSB reform plan, EASE 3.0, were triggered by customer complaints from

Budget provides ‘discreet, considered’ stimulus: FM

Finance minister Nirmala Sitharaman on Friday said the Budget presented by her last week provides a “discreet and considered” stimulus. Speaking to industry representatives in the financial capital, Sitharaman said the Budget draws on experiences of all the past instances of a slowdown in growth where the government has had to provide for a booster.

Govt intends to have a simplified tax regime: FM

Briefing the media after an interaction with industry representatives & economists, Finance minister Nirmala Sitharaman on Friday said that the govt has introduced taxpayers’ charter in the budget as it intends to bring in a simplified taxation regime. She said the charter proves govt’s commitment to simplify the process without putting pressure on the taxpayer.

Don’t hesitate, invest, FM tells industry

In a post Budget interaction at a CII event, Finance minister Nirmala Sitharaman, “I don’t think in today’s condition it can be just government spending which can pull economy towards growth.” She said, “I strongly believe industry today will have to come out of hesitation which you have..,” adding that the government was there to

Govt intends to remove all I-T exemptions: FM

After slashing income tax rates for individuals on condition that they give up exemptions and deductions, finance minister Nirmala Sitharaman on Saturday said the government intends to remove all I-T exemptions in the long run. Speaking at a press conference after presenting Budget, she said income tax cuts follow reduction in corporate tax rates in