Page 9 - Latest Updates on Nirmala Sitharaman
FM Nirmala Sitharaman seeks RBI help to clear RRB dues with states
The finance minister also directed RRBs to become more customer-friendly and use their local connections to further improve performance
 "FM Nirmala Sitharaman seeks RBI help to clear RRB dues with states")
MCA likely to bring out internship scheme guidelines within two weeks
The MCA has held industry consultations on the scheme before finalising the guidelines. The ministry will also put in place checks and balances in the scheme to ensure transparency
 "MCA likely to bring out internship scheme guidelines within two weeks")
FM Sitharaman urges regional rural banks to reduce high attrition rates
RRBs were established regionally and are oriented towards rural areas, with capital contributed by the Government of India, state governments, and sponsored banks under the RRB Act, 1976
 "FM Sitharaman urges regional rural banks to reduce high attrition rates")
Use simpler language in tax notices, don't instil fear: FM tells officials
Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously"
 "Use simpler language in tax notices, don't instil fear: FM tells officials")
Focus on deposits, strengthen cybersecurity: FM Sitharaman to banks
The FM also met top officials of regional rural banks in a separate meeting, where banks were asked to expedite one state-one RRB initiative
 "Focus on deposits, strengthen cybersecurity: FM Sitharaman to banks")
FM asks RRBs to devise suitable products aligning with MSME clusters
Sitharaman also asked sponsor banks and RRBs to recognise the challenges ahead and continue focusing on maintaining asset quality, expanding digital services
 "FM asks RRBs to devise suitable products aligning with MSME clusters")
FM Sitharaman meets heads of PSBs, exhorts banks to improve deposit growth
Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks
FM to discuss bad loans taken over by NARCL with PSBs, RRBs on Monday
Sitharaman had last chaired a meeting with heads of PSBs in December 2023
 "FM to discuss bad loans taken over by NARCL with PSBs, RRBs on Monday")
Urgent need to address $4 trn financing gap to accelerate SDG progress: FM
"Our priority should be a people-centric growth path that empowers the most vulnerable and marginalised to participate in the development journey," she said
 "Urgent need to address $4 trn financing gap to accelerate SDG progress: FM")
India must focus on skilled workforce to become developed by 2047: Gopinath
India has grown well in terms of its overall growth rate, and at 7 per cent, it is the fastest growing major economy in the world, she said
 "India must focus on skilled workforce to become developed by 2047: Gopinath")
Financial bids for Chhattisgarh-based NMDC Steel likely in two months
The Union Budget has set the target for miscellaneous capital receipts, including disinvestment, at Rs 50,000 crore for FY25 compared to the revised estimate of Rs 30,000 crore for FY24
 "Financial bids for Chhattisgarh-based NMDC Steel likely in two months")
Foreign exchange rules amended: Cross-border share swaps eased by govt
Now, transfer of all shares in firms having FDI with countries sharing land borders, would require prior government approval
 "Foreign exchange rules amended: Cross-border share swaps eased by govt")
Wish I could bring down taxes to nil, says FM Nirmala Sitharaman
But there are challenges to overcome and the country needs money for that, says the finance minister
 "Wish I could bring down taxes to nil, says FM Nirmala Sitharaman")
Govt needs money to meet challenges, fund R&D, says FM Sitharaman
Sitharaman was addressing the 11th convocation of Indian Institute of Science Education and Research (IISER) in Bhopal
Centre sets up team to implement internship scheme announced in Budget
The Union Ministry of Corporate Affairs is holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme
 "Centre sets up team to implement internship scheme announced in Budget")
Uncertainty in garment sector amid Bangladesh crisis, normalcy soon: FM
FM Sitharaman addresses concerns over garment sector investments in Bangladesh and urges banks to boost deposit mobilisation amidst rising economic challenges
 "Uncertainty in garment sector amid Bangladesh crisis, normalcy soon: FM")
Banks should bring in innovative products to mobilise deposits: Sitharaman
The banks, she stressed, need to focus on core banking business which is mobilising deposits
 "Banks should bring in innovative products to mobilise deposits: Sitharaman")
Banking laws Bill extends tenure of cooperative banks' directors to 10 yrs
Changes to banking laws have a consumer tilt; no proposal that would allow change in ownership pattern of PSBs
 "Banking laws Bill extends tenure of cooperative banks' directors to 10 yrs")
Govt tables banking laws bill in LS, seeks to raise nominees per a/c to 4
Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades
 "Govt tables banking laws bill in LS, seeks to raise nominees per a/c to 4")
Union Budget 2024: Parliament approves Appropriation Bill, Finance Bill
The Rajya Sabha returned the Appropriation Bill and the Finance Bill to the Lok Sabha, thus completing the budgetary exercise for 2024-25
 "Union Budget 2024: Parliament approves Appropriation Bill, Finance Bill")
