The Finance Ministry is set to commence its pre-budget meetings on October 12, initiating preparations for the Union Budget 2027-28, which will be the fourth budget of the Modi 3.0 government and the tenth for Finance Minister Nirmala Sitharaman.
The Union finance ministry has constituted a high-level committee, chaired by former Central Vigilance Commissioner Suresh N Patel, to recommend structural, regulatory, and legislative reforms for India's banking sector, aiming to make banks globally competitive and support the financing needs of a developed economy.
Banking services across India, particularly at public sector banks, are set to be disrupted for three days starting Monday due to a nationwide strike by bank unions. The strike, called by the United Forum of Bank Unions (UFBU), is primarily to press for a five-day working week and other demands, despite the finance ministry's appeal for dialogue.
The Union Sports Ministry has committed a grant-in-aid of Rs 2000 crore to the Gujarat Government for hosting the 2030 Commonwealth Games in Ahmedabad. This funding, based on 2025 rates and expected to reach Rs 2500 crore by 2030, will be disbursed from the Assistance to National Sports Federations (ANSF) scheme. Ahmedabad won the bid last year to host the centenary edition, which is anticipated to be a grand event featuring 15 to 17 disciplines, unlike the scaled-down Glasgow Games.
AIADMK chief Edappadi K Palaniswami has criticised Tamil Nadu Chief Minister C Joseph Vijay for his silence regarding a multi-crore international drug racket operating along the state's coastline. Palaniswami questioned if the racket was happening with the ruling TVK's knowledge, citing a recent 137 kg crystal methamphetamine seizure by the DRI and the alleged involvement of a TVK functionary. He demanded a comprehensive explanation from the Chief Minister.
75% of India's 60 million digital-payment merchants have never recorded a transaction above 2,000.
The finance ministry has announced that all banks, including Regional Rural Banks, will remain open on Sunday, September 27, 2026, to ensure public convenience amidst a proposed three-day strike by the United Forum of Bank Unions (UFBU) starting September 28, 2026. The strike, if it materialises, seeks a 5-day banking week and pension reforms.
The IDBI Bank stake sale could generate over Rs 26,500 crore, helping the government surpass its annual divestment target, notes A K Bhattacharya.
'There will be some inconvenience to people. But we have given one-month notice to the government one month ago.'
The newly appointed Union Finance Minister Pranab Mukherjee took charge of his new office in north block, returning to it after a gap of 24 years. The Finance Ministry office, which has been sealed off to outsiders and particularly prying journalists with the vote-on-account preparations in full swing, was on Thursday opened up at 4 p.m. when the media was invited in to cover the taking over ceremony.
Bankers said the impact could become more visible from September 29 as customers could withdraw larger amounts of cash, although ATM operations are increasingly managed through third-party cash-loading arrangements.
The Centre has spent 28 per cent of its FY27 capital expenditure budget of Rs 12.21 trillion in the first three months against around 24.5 per cent during the corresponding period a year ago.
Former Rajasthan chief minister Ashok Gehlot has criticised the Centre for introducing a 0.4% charge on UPI transactions above Rs 2,000, alleging the decision was influenced by pressure from the United States and its payment companies like Visa and Mastercard. He highlighted a perceived shift in the government's stance on Merchant Discount Rate (MDR) for UPI, claiming it would ultimately burden consumers and small businesses while benefiting American firms.
NITI Aayog has called for a fundamental overhaul of urban governance in India, advocating for empowered city governments, directly elected mayors with five-year terms, and greater financial autonomy for urban local bodies to manage the country's rapidly growing urban population.
The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in the wake of the COVID-19 crisis. However, funds for schemes under the Pradhan Mantri Garib Kalyan Package, the Aatmanirbhar Bharat Abhiyan package and any other special package or announcement would be allocated, according to an office memorandum by the department of expenditure, which comes under the finance ministry.
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
The Indian Finance Ministry has instructed its officials to refrain from using AI tools and apps like ChatGPT and DeepSeek on government devices, citing concerns over data confidentiality. This move comes amidst global discussions regarding the potential security risks associated with AI tools and follows similar actions by countries like Australia and Italy, which have restricted access to DeepSeek due to privacy concerns. The directive highlights the growing awareness of the potential security implications of AI technology in government environments.
'The restrictive monetary limits under FAST-DS may prevent a significant number of taxpayers from regularising their undisclosed foreign assets.'
Union Finance Minister Nirmala Sitharaman expressed strong confidence in India achieving over 10 per cent economic growth, advocating for increased technology adoption and innovation. She urged overcoming scepticism and highlighted technology's transformative role in agriculture and public sector reforms, while also launching a new fund and book at an IIT Madras event.
The National Stock Exchange, Bombay Stock Exchange, MCX Stock Exchange and United Stock Exchange have been invited for the August 6 meet.
The judges questioned the government's position on arbitration, underscoring the contradiction between its resistance to enforcement and its efforts to promote India as an arbitration-friendly jurisdiction.
India was on Friday accorded the vice presidency of the Financial Action Task Force (FATF), the global body that sets standards for combating money laundering and terrorist financing, for the first time.
The fiscal consolidation path and Rs 1 trillion stabilisation fund provide room to absorb mild shocks, but sustained oil-price increases pose risks.
Union Finance Minister Nirmala Sitharaman announced the government's plan to establish a high-powered committee to examine reforms for the banking sector, aligning it with the vision of a 'Viksit Bharat' (Developed India) and India's next phase of growth.
A quick assessment of the ground reality will tell you that it is a reflection of the finance ministry's mistaken faith in factors beyond its control.
The Chintan Shivir is expected to discuss the progress of government schemes, policy implementation, time management, inter-ministerial coordination, and public service delivery, among others.
The Congress party has strongly criticised the Modi government's decision to introduce a 0.4% Merchant Discount Rate (MDR) on UPI transactions over Rs 2,000, alleging it is a result of US pressure to benefit American card companies. The party also linked this move to broader US actions against India, including tariffs and H-1B visa issues, coining the term "Narendra's Ongoing Trump Appeasement." The government, however, clarified that consumers will not bear the charge, which applies only to merchants.
The Congress party has accused the Modi government of succumbing to US pressure by introducing a 0.4% Merchant Discount Rate (MDR) on UPI transactions over Rs 2,000 for merchants. The party alleges this move aims to benefit US card companies and links it to broader US actions against India, including tariffs and H-1B visa issues. The government, however, clarifies that consumers will not be charged.
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
The Finance Ministry's expenditure department has approved a substantial Rs 1.25 lakh crore outlay for India Semiconductor Mission 2.0, significantly increasing the country's investment in global chip-making ambitions and aiming to establish India as a major semiconductor hub.
The Indian government has ratified an 8.25 per cent interest rate on Employees' Provident Fund (EPF) deposits for the financial year 2025-26, with over seven crore contributing members expected to see this credited to their accounts this month.
Chief Election Commissioner Gyanesh Kumar is facing significant scrutiny after an investigation revealed objections from his fellow election commissioners, Sukhbir Singh Sandhu and Vivek Joshi, regarding decisions made during the Special Intensive Revision of voter lists. The objections, reportedly made at least 14 times, concerned issues like changes to voter registration forms and centralised control over electoral roll databases, intensifying criticism of Kumar's tenure and the EC's impartiality.
The truck operators, who are on strike since Saturday to protest a new service tax, are likely to meet finance ministry officials on Thursday in a bid to end their agitation that has disrupted movement of goods and pushed up prices.\n\n\n\n
Exit polls show the Bharatiya Janata Party-led National Democratic Alliance is set to form the government after votes are counted on Friday.
The Congress party has accused the Indian government of imposing new charges on UPI transactions due to pressure from the United States, specifically to benefit American card companies. The opposition party demanded the withdrawal of the decision, calling it "anti-national" and alleging it fills the coffers of US firms while burdening Indian citizens. The government, however, clarified that the Merchant Discount Rate (MDR) charges apply only to commercial transactions above Rs 2,000 and are not levied on consumers, a stance supported by the BJP which accused Congress of spreading "fake news".
India appears poised to sustain its growth in a more durable way than before with the economy carrying the momentum from FY23 into the current fiscal year, the Annual Economic Review for 2022-23 released by the finance ministry on Thursday said. However, the report cautioned that escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, a high magnitude of El-Nino impact, and modest trade activity and FDI inflows, are factors that could constrain the pace of growth. "Should these developments deepen and dampen growth in the subsequent quarters, the external sector may challenge India's growth outlook for FY24," the finance ministry said.
India's public sector banks (PSBs) have seen their net profit nearly treble over the past five years, reaching a record Rs 1.98 trillion in FY26, driven by significant improvements in asset quality and sustained lending growth across key economic sectors.
Opposition parties, including Congress, TMC, and RJD, have strongly criticised the government's decision to impose a 0.4% Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000 made to merchants. They allege the move is a result of "American imperialism" and will lead to increased commodity prices, while the government maintains the charge is on merchants and not consumers, with person-to-person transactions remaining free.
Life Insurance Corporation of India (LIC) is facing a thinning of its top management as Managing Director Dinesh Pant exits to join Irdai, leaving one of four MD posts vacant. This comes amidst broader staffing challenges across several public sector insurers and a headless Financial Services Institutions Bureau (FSIB).
The opposition has intensified its criticism of the government's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15. Leaders like Rahul Gandhi and Jairam Ramesh allege the move is a result of US pressure, particularly from American card companies, and demand an immediate rollback, warning of increased costs for consumers.
