The Union Budget for 2026-27, presented by Finance Minister (FM) Nirmala Sitharaman on Sunday, which was a first, had an excellent domestic macro backdrop. According to the first advance estimates, gross domestic product (GDP) in constant prices is projected to grow 7.4 per cent in the current financial year, against 6.5 per cent in 2024-25.
Three additional vehicle makers and five more auto component makers will begin availing financial incentives under the production-linked incentive (PLI) scheme for the automobile sector from 2026-27 (FY27) onwards, Hanif Qureshi, additional secretary at the Ministry of Heavy Industries (MHI), said on Wednesday.
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
Three laws passed in Parliament could boost central revenues, reshape GST cess flows, shift MGNREGA costs to states and create new budget headroom ahead of the 2026-2027 Union Budget, points out A K Bhattacharya.
Investors and startup executives are calling for extending the period for an entity to be recognised as a startup from 10 to 15 years for deep-tech companies.
Union Bank of India has revised the interest rates upwards by 25-50 basis points on domestic deposits for different maturity periods with effect from December 1, 2004.
'A breakout above 158,000 to 160,000 could trigger the next leg higher toward 165,000 to 170,000.'
Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.
Public sector lender Union Bank of India on Tuesday announced interest rates for new home loans up to Rs 50 lakh at 8 per cent for one year.
The bank expects Securities and Exchange Board of India approval for its proposed asset management company in the next few days, Raman said, adding once the approval is secured, the bank expects to start operations of the AMC in a couple of months.
The Supreme Court has restrained lower courts from releasing the accused in a digital arrest fraud case where a 72-year-old lawyer was duped of Rs 3.29 crore. The court expressed concern over the growing cybercrime and the targeting of elderly citizens.
Payments banks have urged the Union finance ministry to increase their deposit limit for each account to Rs 5 lakh, according to a source who participated in a meeting, chaired by the Department of Financial Services Secretary M Nagaraju, in New Delhi. At present, they can accept deposits of up to Rs 2 lakh.
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Union Bank of India has posted a 36.84 per cent increase in net profit at Rs 155.89 crore (Rs 1.56 billion) for the first quarter ended June 30, 2003, compared to Rs 113.91 crore (Rs 1.14 billion) in April-June 2002.
ICICI Bank has reversed its decision to raise the minimum monthly average balance (MAB) for new savings accounts in metro and urban locations to Rs 50,000, revising it instead to Rs 15,000, effective August 1. The MAB for new savings accounts in semi-urban locations has been revised from Rs 25,000 to Rs 7,500, and for rural locations from Rs 10,000 to Rs 2,500.
The Supreme Court on Tuesday cancelled bail granted to former DHFL promoter Dheeraj Wadhawan in the multi-crore bank loan scam case. A bench of Justices Sanjay Kumar and Satish Chandra Sharma passed the order after perusing the report filed by a medical board and directed Wadhawan to surrender within two weeks.
Public sector banks (PSBs) have seen a sharp drop in household deposits from 70.6 per cent to 63 per cent in contrast with private banks, which witnessed a surge from 27.1 per cent to 34.1 per cent.
Contrary to the current trend of declining home loan rates, Union Bank of India has hiked interest rates for fresh home loans by 0.50 per cent across all maturities of fixed and floating rate options, effective January 1, 2004.
In a significant development, the Supreme Court on Tuesday sought responses from the Centre, CBI, ED, Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the ADAG and its group companies.
The Supreme Court has directed the CBI to conduct a pan-India investigation into digital arrest scams and questioned the RBI about its lack of AI usage in detecting and freezing accounts used by cybercriminals.
Union Bank of India has posted a net profit of Rs 1435.80 million for the quarter ended December 31, 2002 (DQ-02) as compared to Rs 990.10 million in the quarter ended December 31, 2001 (DQ-01).
India's merchandise exports grew in the first three weeks of November compared with the same period last year, according to preliminary government data, Commerce and Industry Minister Piyush Goyal said on Tuesday. The uptick comes despite globa
Union Bank of India posted a 75.94 per cent rise in net profit at Rs 552.69 crore (Rs 5.526 billion) for the financial year ended March 31, 2003, as against Rs 314.13 crore (Rs 3.141 billion) for 2001-02.
Union Bank of India on Wednesday reported a 28.83 per cent jump in net profit for the year ended March 31, 2004 at Rs 712.05 crore (Rs 7.12 billion) as compared to Rs 552.69 crore (Rs 5.53 billion) in the corresponding period of the previous year.
Despite sharp interest rate cuts expected in this financial year amid easy liquidity conditions, state-run banks are treading cautiously on their loan growth projections for FY26. Most large banks are projecting loan growth at 11-13 per cent, almost similar to the previous financial year.
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.'
Engineering major Larsen & Toubro will pick up nearly a 10 per cent stake in the Kumbakonam-based City Union Bank for Rs 45 crore.
The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.
Reliance Group Chairman Anil Ambani on Tuesday appeared before the Enforcement Directorate here for questioning in a money laundering case linked to alleged multiple bank loan fraud cases worth crores of rupees against his group companies, official sources said.
'While we expand into other areas, banca remains our primary channel, and we continue to be a banca-led organisation.'
Union Bank of India has posted a 4.49 per cent rise in net profit at Rs 150.04 crore (Rs 1.50 billion) for the third quarter ended December 31, 2003, compared to Rs 143.58 crore (Rs 1.43 billion) reported for the same period in the previous fiscal.
A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
A court in Antwerp on Friday cleared the extradition of fugitive diamantaire Mehul Choksi, noting that his arrest by the Belgian authorities on India's request was valid, officials in the know of the development said.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
After private banks - HDFC Bank and Axis bank - decided to charge own customers for more than five transactions at their ATMs, public sector lender Union Bank of India has also joined the bandwagon.
Net NPAs increased to Rs 36,260 crore in the December quarter from Rs 34,843 crore in September and Rs 33,116 crore in December 2023, observes Tamal Bandyopadhyay.
Voters are weighing a stark trade-off -- between preserving a socially driven policy and reversing course to revive revenue, restore fiscal balance, and rein in the underground liquor economy.
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