Dfs Gst
DFS tells public sector banks to speed up CIRP filings, cut delays at NCLT
The Department of Financial Services has urged public sector banks to reduce procedural delays in insolvency filings and improve resolution timelines under the IBC
UPS may be replicated to other stakeholders of NPS: Finance Secretary
Financial Services Secretary M Nagaraju on Thursday expressed hope that the Unified Pension Scheme (UPS), which promises an assured pension of 50 per cent of the average basic pay drawn over the last 12 months, may be replicated for other stakeholders under the New Pension System (NPS). Observing that NPS has emerged as a robust retirement savings mechanism in the country, he said, its growing assets under management and subscriber base is reflective of people's trust in the scheme. The government has recently introduced the UPS under NPS for central government employees. The scheme is effective from April 1. UPS is a unique contributory but defined benefit scheme that provides an assured payout of 50 per cent of the average basic pay for the last 12 months upon superannuation along with the benefit of inflation indexation through dearness relief, Nagaraju said, while speaking at the 1st International Research Conference on Pension, organised by PFRDA and IIM Ahmedabad here. "I tru
India needs more global-scale banks for 2047 vision: DFS Secy M Nagaraju
Large banks also play a crucial role in the stability & growth of the global economy, with the resources & expertise to absorb shocks & manage risks better, ensuring stability in the financial system
A first in 12 years: Banks to overhaul terms of engagement with BCs
Viability package for agents in NE states on cards
FinMin reviews financial inclusion schemes, urges better banking outreach
Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly in the North East
SBI-led panel against 18% GST on co-lending; submits report to FinMin
Says co-lending should be restricted to priority sector lending and not extended to other areas
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
Archaic laws need to be reviewed keeping in mind recent changes: DFS Secy
Joshi explained the intention behind the Budget proposals for the financial sector
DFS organises workshop in collaboration with Google on financial frauds
The workshop was attended by Vivek Joshi, secretary, DFS, senior officials of public sector banks, DFS, and the National Payments Corporation of India (NPCI)
DFS work on draft insurance law complete, sent to Cabinet for approval
The amendments aim to enhance the security of policyholders, promote their interests, and improve returns
Centre asks IBA to ready EASE-like plan for regional rural banks
The banks' lobby group has been asked to assist with the preparation of the viability plan for RRBs
DFS to approach revenue dept, opposing GST on 'free services' by banks
The department of financial services (DFS) is planning to write to the department of revenue opposing the move to tax banks for some of the free services provided to its customers."We will write to the revenue department on the issue of imposition of tax - service tax and goods and services tax (GST) on banks for some free services they offer to customers," DFS secretary Rajiv Kumar told reporters.He said that the services, offered free of cost, were entitlement of customers and taxing such facilities is not legally tenable."To our mind, it's not a service. The banks are already earning some income by offering certain services to customers who maintain a minimum balance in their accounts," the secretary said.Kumar said the issue would be sorted out once the two departments sit together and discuss the matter in detail.Revenue department officials argue that banks are not offering 'free services' but actually charging customers by asking them to maintain a minimum account balance."In ..
