Of the 66.56 million cards, co-operative banks have issued about 32.71 million cards. Regional rural banks have issued about 12 million cards while commercial banks about 25.5 million cards.
The small and medium enterprises may soon have a credit card in their names. The Lucknow-based Small Industry Development Bank of India is mulling over the idea of having an SME credit card.
Insurance companies are processing a surge of claims related to the Air India plane crash in Ahmedabad, including travel, personal accident, and life insurance claims.
This card is a variation of the popular Kisan Credit card.G-Card was distributed to nearly 3,500 small and marginal farmers growing ginger in the remote militant infested district of Karbi Anglong. The card has brought a lot of benefits to the farmers of the area, who often had to shell out 'revolutionary taxes' on cash transactions.
Bad loans in the agriculture sector remain elevated, with several public-sector banks (PSBs) reporting higher slippages in the April-June quarter of FY26. For many banks, non-performing assets (NPAs) in farm lending were 5 per cent or more, with some nearing double digits.'
In a significant policy shift aimed at boosting agri-productivity and rural prosperity, Finance Minister Nirmala Sitharaman on Saturday announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
After dissidence in Karnataka, a section of Members of Parliament and Members of Legislative Assembly belonging to the Bharatiya Janata Party in Bihar have revolted against their party leader and Deputy Chief Minister S K Modi for his reported statement intending to cover sharecroppers under the Kisan Credit Card Scheme.
Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
Defying the bearish sentiment in the markets on Monday, ICICI Bank's share price rose by 2 per cent, reaching an intraday high of Rs 1,234.4 per share on the BSE. With a 1.5 per cent gain at the close, the stock emerged as the top performer on both the BSE Sensex and the National Stock Exchange Nifty 50 indices.
Prime Minister Narendra Modi has lauded the Union Budget as a "people's budget" that fulfills the dreams of every Indian and said that it is a "force-multiplier" that will boost consumption, investment and growth. He highlighted a host of measures for different sectors, including welfare initiatives for gig workers, tax relief for the middle class, and support for the manufacturing sector.
According to Misri's statement, Modi said he could not accept the invitation due to a pre-existing schedule, and invited Trump to visit India for the Quad Summit, likely later this year.
Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit for the April-June quarter at Rs 11,696 crore on Saturday. Growth in the core income slowed for the country's second largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in its post-tax profit at Rs 11,059 crore on a standalone basis. The core net interest income (NII) growth came at a multi quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter.
Inaugurating the Grameen Bharat Mahotsav, the Prime Minister exuded confidence that villages will play a key role in pushing forward the dream of Viksit Bharat by 2047.
A nationwide socio-economic and caste census to identify people living below poverty line (BPL) was on Wednesday flagged off from Shankhola, a remote tribal hamlet in Tripura West district.
Agriculture credit jumped seven-fold to Rs 7,00,000 crore (Rs 7 trillion) in the past ten years of UPA government, boosting foodgrains output to a record and enabling enactment of food law.
The notice requested Rashid or a representative of his to appear before the district expenditure monitoring committee within two days to address the discrepancy and ensure timely submission of the expenditure report to the Election Commission of India.
Radio frequency identification service by Bharti, SBI allows cashless buying.
Banks want the government to bear the cost of providing cover under the proposed credit guarantee scheme for distressed farmers.
ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT). Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent. Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
The government is planning to provide collateral-free loan up to Rs 1.50 lakh to farmers through the Kisan Credit Card scheme.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
The Madhya Pradesh Police have arrested the father of former Indian cricketer Naman Ojha in connection with a case of alleged embezzlement of funds in Betul district in 2013.
In her first address to the joint sitting of Parliament as the Budget session began, she said 'Amrit Kaal', described by the government as the 25-year period culminating in the centenary of India's independence, is the time to build an India which is 'aatmanirbhar' (self reliant) and also fulfils its humanitarian obligations.
The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said.
Jaitley slams Rajan for MSME banking crisis statement, says postmortem is easier than action
The government also proposed promoting 'one product one district' for better marketing and export of horticulture crops. It also called on states for early implementation of three key central model laws on land leasing, agriculture produce and livestock marketing and contract farming.
Prime Minister Narendra Modi on Friday said the Centre has transferred around Rs 1,35,000 crore so far under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme with the payment of eighth instalment on Friday and is also procuring higher quantity of paddy and wheat at minimum support price to boost farmers' income.
Without making any direct reference to the three new farm reform laws or to the three-month-old agitation by farmers, Modi said there is a need for expanding options for the country's farming community to sell agri produce.
On reforms in pipeline, she said the government is for universal right to minimum wages and wants to remove regional disparity through a national floor wage.
Finance Minister Nirmala Sitharaman on Thursday said the Indian economy is witnessing a strong recovery after a long and strict lockdown. Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery. She noted that COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 per cent.
About 150 years ago, in British India, big farmers in the western region of Maharashtra agitated over unfair lending practices and demanded a more fair and inclusive financing structure. People say this is where the seeds of the cooperative movement, now omnipresent in the country, were sown. Today, more than 800,000 cooperative societies thrive in India, with 300 million members, a number close to the population of the United States. Despite a reach this deep--grass roots as they call it--cooperatives do not occupy a lion's share in the Indian economy.
The government has also announced a slew of measures to ease cash flow for the rural sector.
The farm sector has been resilient to the COVID-19 shock and is estimated to grow at 3.9 per cent this fiscal, the Economic Survey said on Monday, while suggesting to the government to give priority to crop diversification, allied farm sectors and alternative fertilisers like Nano urea. The Economic Survey 2021-22 also pitched for increasing agriculture research and development (R&D) and organic farming, besides use of new technologies like drones. "The performance of the agriculture and the allied sector has been resilient to the COVID-19 shock. ...Growth in allied sectors including livestock, dairying and fisheries has been the major drivers of overall growth in the sector," the Survey said. The agriculture sector has experienced buoyant growth in the past two years.
PM extended some old schemes and finally said yes to one that was legally mandated for past 2 years.
Every defaulter is not a wilful defaulter who has the capability of paying back and is yet not servicing the bank loan, observes Tamal Bandyopadhyay.
Former RBI governor R Gandhi said that the RBI needs to re-introduce a one-time restructuring package and mere moratoriums will not suffice in unprecedented times like the COVID-19 pandemic.
There will be pressure on the fiscal situation, especially at a time when the monsoon can also disappoint. More populist expenditure is on cards if the mandate is a hung Parliament or a coalition government.
Pawan Kumar Soni, a 55-year-old farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone.
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