Dfs Gst

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 ..