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SBI to Open 500 New Branches in FY 2025: FM Sitharaman

November 18, 2024, 1:52 pm

State Bank of India (SBI), the country’s largest public sector bank, plans to open 500 new branches in the financial year (FY) 2025, Union Finance Minister Nirmala Sitharaman announced on Monday. The declaration came during the centenary celebration of the SBI Mumbai main branch building, where the Finance Minister commended the significant growth of the banking PSU and its contributions to India’s banking ecosystem.

Impressive Milestones of SBI

During her address, Sitharaman shared detailed statistics highlighting SBI’s substantial presence in the banking sector. “I understand 500 branches are going to be opened in this financial year 2025. Currently, there are 23,000 branches, 6,580 ATMs, and over 85,000 banking correspondents. Deposits have grown by 22.4 percent, while advances are up by 19 percent,” Sitharaman noted. She further emphasized that SBI caters to over 50 crore customers and holds a 25 percent share in debit card expenses, 22 percent of mobile banking transactions, 25 percent of bank UPI transactions, and a 29 percent share of ATM usage nationwide.

The Finance Minister praised SBI’s strong focus on digital evolution and infrastructure development across all its branches. “The digital app introduced by SBI now serves over eight crore customers, and the bank’s internet banking clientele stands at 13.2 crores. This number exceeds the population of many countries,” Sitharaman stated, adding that SBI’s digital investments are robust enough to handle nearly 20 crore UPI transactions per day.

SBI’s Role in Reaching Remote Areas

Highlighting SBI’s expansion over the past decade, Sitharaman acknowledged the bank’s pivotal role in extending banking services to citizens in remote areas. “Since 2014, SBI has played a significant role in taking banking services to ordinary citizens, whether through digital public infrastructure or digital banking services. The bank has been instrumental in implementing various government schemes aimed at reaching the common man,” she said.

The Finance Minister mentioned key initiatives such as the Jan Dhan Yojana, PM Suraksha Yojana, Jeevan Bima Yojana, and Atal Pension Yojana, underscoring SBI’s active participation in priority sector lending and other social welfare programs.

Comparing SBI’s growth trajectory over the years, Sitharaman reflected on the bank’s transformation. “From having 100 branches during its amalgamation in the 1920s to reaching 22,500 branches today, the growth has been remarkable. Between 2014 and now, the exponential expansion of SBI in reaching every citizen is unprecedented,” she remarked, lauding the bank’s achievements and its vision for continued growth.

SBI’s ongoing expansion and commitment to digital innovation position it as a critical player in India’s banking sector, with its reach extending to even the most distant corners of the country.

FM Sitharaman to review PSU banks, RRBs on August 19

August 18, 2024, 9:49 am

Union Finance Minister Nirmala Sitharaman will chair a crucial review meeting at Vigyan Bhawan on Monday to assess the performance of Public Sector Banks (PSBs) and Regional Rural Banks (RRBs). The meeting aims to evaluate key financial metrics and the effectiveness of government schemes to ensure these institutions align with the country’s economic goals.

The morning session, from 11:00 AM to 1:00 PM, will focus on Public Sector Banks. Key areas of review include deposit growth, credit-to-deposit ratio, asset quality, and the status of accounts managed by the National Asset Reconstruction Company Limited (NARCL). The Finance Minister will also assess the performance of PSBs under government initiatives like PM Awas Yojana, PM Surya Ghar, and PM Vishwakarma, as well as progress in digital payments and cybersecurity.

The afternoon session, from 3:00 PM to 5:00 PM, will shift focus to Regional Rural Banks. The agenda includes evaluating financial parameters, Ground Level Credit (GLC) for agriculture, and technology upgrades. Additionally, the meeting will review initiatives for Micro, Small, and Medium Enterprises (MSMEs), performance under government schemes, recent interventions, and any unresolved issues.

This comprehensive review is expected to provide valuable insights into the functioning of PSBs and RRBs, helping the government strengthen its economic contributions and ensure financial stability across the nation

NITI Aayog Meet: FM Sitharaman Responds As PIB Fact-Checks Mamata Banerjee’s Claim of ‘Muted Microphone’

July 27, 2024, 2:56 pm

Union Finance Minister Nirmala Sitharaman dismissed West Bengal Chief Minister Mamata Banerjee’s claim that she was unfairly interrupted during her speech at the NITI Aayog meeting chaired by Prime Minister Narendra Modi in New Delhi on Saturday. After leaving the 9th NITI Aayog Governing Council meeting, Mamata Banerjee alleged that her microphone was turned off after five minutes, while other chief ministers were allowed to speak for longer.

Responding to the Trinamool Congress leader’s accusation, Nirmala Sitharaman told ANI that it was inaccurate to say Mamata Banerjee’s microphone was turned off, explaining that her allotted speaking time had simply expired.

“CM Mamata Banerjee attended the NITI Aayog meeting. We all heard her. Every CM was given the allotted time, which was displayed on the screen before every table. She said in the media that her mic was put off. That is completely false. Every CM was given their due time to speak. It’s unfortunate that the chief minister of West Bengal, Mamata Banerjee, has claimed that her mic was switched off, which is not true. She should speak the truth behind this rather than again build a narrative based on falsehood,” said the finance minister.

Additionally, the Press Information Bureau Fact Check (PIB Fact Check), under the Information & Broadcasting Ministry, labeled Mamata Banerjee’s allegation as “misleading.”

“It is being claimed that the microphone of CM, West Bengal was switched off during the 9th Governing Council Meeting of NITI Aayog. This claim is #Misleading. The clock only showed that her speaking time was over. Even the bell was not rung to mark it,” PIB Fact Check posted on X.

“Alphabetically, CM, West Bengal turn would have come after lunch. She was accommodated as the 7th speaker on an official request of the West Bengal government as she had to return early,” it added.

Union Minister Pralhad Joshi also commented, noting that he was unaware of the specifics of the meeting but criticized the opposition alliance. “I can only say this so-called INDI alliance is not at all an alliance because Mamata Banerjee did not give a single seat to the Congress in West Bengal. They are not able to digest the mandate of the people, they are crying foul.”

Mamata Banerjee’s Allegations:

Mamata Banerjee claimed her microphone was turned off after five minutes, while other chief ministers from NDA-ruled states spoke for longer durations.

“This is insulting. I will not attend any further meeting,” the Trinamool Congress (TMC) leader said.

“I have come out boycotting the meeting. (Andhra Pradesh chief minister) Chandrababu Naidu was given 20 minutes to speak. The chief ministers of Assam, Goa, Chhattisgarh spoke for 10-12 minutes. I was stopped from speaking after just five minutes,” Mamata Banerjee told reporters after exiting the meeting chaired by PM Narendra Modi.

“This is unfair. From the opposition side, only I am representing here. I attended this meeting because of the greater interest that cooperative federalism should be strengthened,” she added.

Banerjee stated that she told the meeting that the government presented a politically biased budget and questioned why the Centre was discriminating against certain states.

“The NITI Aayog has no financial powers. How will it work? Give it financial powers or bring the Planning Commission back,” she said.

“I was stopped from speaking after five minutes. I said this is unfair. I am the only one present from the opposition side, I am attending this meeting because of the greater interest,” she said.

Banerjee mentioned that certain states were overlooked in the Union Budget for 2024-25.

“I said you are politically biased, you are not giving attention to different states. Even the budget is a political, biased budget…. I told them it should be reviewed. I spoke for all states,” Banerjee said.

She also highlighted that central funds are owed to West Bengal under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and Prime Minister Awas Yojana.

The TMC chief said she wanted to speak more but her microphone was turned off after five minutes.

“I was stopped after five minutes. Others spoke for 10-15-20 minutes. I was the only one from the opposition but I was stopped. This is insulting. I will not attend any further meetings,” she said.

Rahul Gandhi Takes A Jab At FM Sitharaman’s Budget: ‘To Appease…’

July 23, 2024, 3:57 pm

On Tuesday, Leader of Opposition Rahul Gandhi criticized Finance Minister Nirmala Sitharaman’s Union Budget, claiming it was intended to appease the BJP’s allies and “cronies.”

The Congress leader labeled the budget as the “Kursi Bachao” Budget, alleging that it was copied from the Congress party’s Lok Sabha election manifesto.

“Kursi Bachao Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets,” Rahul Gandhi posted on X.

Other Congress leaders also echoed the sentiment that the Budget was plagiarized.

“I am glad to know that the Hon’ble FM has read the Congress Manifesto LS 2024 after the election results. I am happy she has virtually adopted the Employment-linked incentive (ELI) outlined on page 30 of the Congress Manifesto. I am also happy that she has introduced the Apprenticeship scheme along with an allowance to every apprentice spelt out on page 11 of the Congress Manifesto. I wish the FM had copied some other ideas in the Congress Manifesto. I shall shortly list the missed opportunities,” Congress leader P Chidambaram wrote on X.

Congress leader Jairam Ramesh critiqued the employment scheme as being “designed to grab headlines rather than a programmatic guarantee.”

“The Finance Minister has taken a leaf out of the INC’s Nyay Patra 2024, with its internship program modeled on the INC’s proposed Apprenticeship Program that was called Pehli Naukri Pakki,” Jairam Ramesh posted on X. “However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets (1 crore internships) rather than a programmatic guarantee for all diploma holders and graduates, like the Indian National Congress had envisioned,” he added.

On the other hand, Union Home Minister Amit Shah praised the Budget as being pro-people and pro-development.

“The Budget 2024-25 not only exemplifies Bharat’s newfound sense of purpose, hope and optimism under the PM Modi Ji-led NDA government but also fortifies them. Harnessing the power of Bharat’s youth, Nari Shakti, and farmers, the budget fuels the nation’s pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities,” he wrote on X.

Amit Shah also commended Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the Budget.

In response to the rejection of ally JD(U)’s demand for special status for Bihar, the Central government made several announcements for the state.

Budget 2024: What Is Costlier? Customs Duties Rise On…

July 23, 2024, 1:08 pm

Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024 today, July 23. The budget includes a notable reduction in customs duties for cancer medications and mobile phones, which is expected to lower their retail prices. However, customs duties on ammonium nitrate have been increased by 10%, and non-biodegradable plastics will see a 25% hike.

The basic customs duty on certain telecom equipment has been raised from 10% to 15%. Additionally, a Tax Collected at Source (TCS) of 1% will be applied to notified goods valued over Rs. 10 lakh.

Sitharaman also proposed increasing the standard deduction for salaried employees under the new tax regime from Rs. 50,000 to Rs. 75,000. Furthermore, the tax deduction on family pensions will rise to Rs. 25,000 from Rs. 15,000.

This first budget of the Modi 3.0 government is anticipated to have a substantial impact on India’s economic landscape, addressing a range of sectors from infrastructure to social welfare programs.

Prime Minister Narendra Modi had indicated that the Finance Minister would present a robust budget and assured that the government’s promises would benefit the common people. On the first day of the Monsoon Session of Parliament, Sitharaman had also tabled the Economic Survey.

Budget 2024: FM Sitharaman Presents The Union Budget | Highlights So Far

July 23, 2024, 12:15 pm

Finance Minister Nirmala Sitharaman has commenced her presentation of the Union Budget 2024-25 today, July 23, marking her seventh consecutive Budget address in Parliament. This achievement makes her the first finance minister to deliver seven consecutive Budget speeches, surpassing the previous record held by former Prime Minister Morarji Desai, who presented six consecutive budgets between 1959 and 1964.

Key Highlights From The Budget

Employment and Skilling:

Launch of five schemes to target 4.1 crore youth over the next five years, with a central allocation of Rs. 2 lakh crore.
A comprehensive internship program aimed at one crore youth in leading companies over five years.
Employment-linked incentives, including wage support for first-time employees.
Specialized skilling programs for women and initiatives to boost their workforce participation.

Support for MSMEs and Manufacturing:

Focus on enhancing support for MSMEs and the manufacturing sector.
Introduction of a credit guarantee scheme and term loans for machinery acquisition.
A technology support package for MSMEs.
Expansion of SIDBI with 24 new branches to cater to MSME clusters.

Financial Initiatives:

Increase in Mudra loan limit from Rs. 10 lakh to Rs. 20 lakh for previous borrowers.
Financial backing for higher education loans up to Rs. 10 lakh in domestic institutions.
Development of an integrated technology system for the Insolvency and Bankruptcy Code (IBC).

Agriculture and Rural Development:

Allocation of Rs. 2.66 lakh crore for rural development.
Focus on transforming agricultural research to enhance productivity and develop climate-resilient crops.
Initiative to introduce one crore farmers to natural farming over two years.

Infrastructure and Regional Development:

Provision of rental housing in PPP mode for industrial workers.
Special financial aid of Rs. 15,000 crore for Andhra Pradesh.
Development of new airports, medical facilities, and sports infrastructure in Bihar.

Economic Outlook:

Inflation trending towards the 4% target.
India’s economic growth described as a “shining exception.”
Emphasis on job creation and boosting consumption, with potential benefits for the consumer goods, real estate, and auto sectors.

Nine Priority Areas:

Agriculture
Employment
Inclusive Development
Manufacturing and Services
Urban Development
Energy
Infrastructure
Innovation and R&D
Next-Generation Reforms

Women-Led Development:

Allocation of over Rs. 3 lakh crore for schemes benefiting women and girls.

Social Welfare:

Extension of the PM Garib Kalyan Anna Yojana (PMGKAY) for an additional five years, benefiting over 80 crore people.

Digital and Technological Advancements:

Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance.

Union Budget 2024: FM Sitharaman Unveils Roadmap With Nine Key Priorities For India’s Growth

July 23, 2024, 11:42 am

The Modi 3.0 government unveiled its first major policy move, the Union Budget 2024 is anticipated to spotlight job creation and consumption boosting. Analysts predict that these measures will positively impact sectors such as consumer goods, real estate, and automotive.

Finance Minister Nirmala Sitharaman is presenting the Budget during the Monsoon Session of Parliament, marking her seventh consecutive presentation. This Budget is seen as a crucial opportunity for the Modi administration to outline its economic priorities, especially after the interim Budget on February 1 offered no major changes or new benefits for the middle class.

The Finance Minister has pointed out a detailed roadmap focusing on nine key areas for India’s growth:

Agriculture – Enhancing support for the agricultural sector.
Employment – Creating job opportunities and improving the labor market.
Inclusive Development – Ensuring equitable growth across all segments of society.
Manufacturing and Services – Boosting these vital sectors for economic expansion.
Urban Development – Focusing on the growth and infrastructure of cities.
Energy – Advancing energy sector reforms and sustainability.
Infrastructure – Investing in crucial infrastructure projects.
Innovation and R&D – Promoting research, development, and technological advancements.
Next-Generation Reforms – Implementing forward-looking reforms to drive future growth.

Stay tuned for real-time updates on income tax changes, key highlights, and in-depth coverage of the Union Budget 2024.

Budget 2024: FM Sitharaman Emphasizes Focus On 4 Castes; ‘Garib, Mahilaye, Yuva And Annadata’

July 23, 2024, 11:34 am

On July 23, Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024-25 in Parliament. This marks the first Budget of Prime Minister Narendra Modi’s third term. The 2024 Budget outlines the government’s plan for achieving ‘Viksit Bharat’ by 2047.

During her address to Parliament, the Finance Minister highlighted that the Budget will prioritize employment, skill development, and support for MSMEs.

The nine key focus areas for the Budget will be productivity and resilience, employment and skilling, manufacturing and services, energy and security, infrastructure, land reforms, urban development, and next-generation reforms.

“As noted in the interim Budget, our focus will be on four key groups: the poor, women, youth, and farmers. For farmers, we have increased Minimum Support Prices for all major crops to ensure at least a 50% margin over production costs. Additionally, the PM Garib Kalyan Anna Yojana has been extended for five years, benefiting over 80 crore people,” she stated.

Nirmala Sitharaman made history as she became the first Finance Minister to present seven consecutive budgets.

Ladakh MP meets FM Sitharaman, raises issues of development

July 12, 2024, 4:26 am

Independent Ladakh MP Mohammad Hanifa Jan met Union Finance Minister Nirmala Sitharaman to discuss several issues related to Ladakh.
Jan told The Daily Gauradian, “I met the Finance Minister and discussed several issues related to Ladakh.”
The meeting of the Ladakh prliamentarian with the Union Finance Minister took place on Wednesday afternoon.
He said that he raised the issue of Sankoo Degree College and Engineering College in Kargil and Medical College in the region with Sitharaman.
He also said that the land for the Engineering and Medical College has been identified and urged the Minister to speed up the process.
He also apprised Sitharaman about the budget financial year of Ladakh to be shifted in November and December instead of September.
He explained that the working season starts very late due to cold weather as a result the expenditure shown in the month of September remains low. This cause confusion in the ministry and our allocated funds gets cut which affects our developmental works and thus he chose to raise the issue with the Finance Minister.
Jan said that during the meeting, the Finance Minister listened to him very briefly and assured him of all the help.
The Ladakh MP thanked the FM for listening to him and assuring all help for Ladakh.

Union Budget To Be Presented On July 23, Here’s What Taxpayers Can Expect In Potential Income Tax Adjustments

July 6, 2024, 4:39 pm

Parliamentary affairs minister Kiren Rijiju announced that the Budget Session 2024 is scheduled from July 22 to August 12. The Union Budget will be presented in the Lok Sabha on July 23.

Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2024-25 later this month. Taxpayers have been anticipating relief and concessions on the tax front since the beginning of the year. However, hopes were dashed in the Interim Budget as the finance minister proposed to keep the tax rates unchanged for both direct and indirect taxes, including import duties. She also decided to maintain the current structure for capital gains without introducing any alterations.

Despite India’s rapid economic growth, the increase in per capita income among the vast middle-income group, largely comprised of salaried individuals, has been sluggish. This disparity has led to a slowdown in private consumption, crucial for economic growth.

Experts suggest that providing tax relief to salaried taxpayers could stimulate higher spending and boost consumption. Sources within the finance ministry indicate that the government is considering tax relief measures, with a decision expected just before the budget presentation. The rising cost of living in India is also a factor prompting the government to consider these tax relief measures.

Here are the expectations on the tax front from taxpayers and experts:

1. Standard Deduction in the New Tax Regime: The Finance Ministry is reportedly exploring increasing the standard deduction threshold for income taxpayers in the new regime, while maintaining the tax exemption-heavy structure of the old regime. Previously, the standard deduction was reinstated at Rs 40,000 annually in Budget 2018, later raised to Rs 50,000 in the interim budget of 2019. There is a suggestion to introduce an indexed standard deduction mechanism to ensure it keeps pace with inflation.

2. Simplification of Income Tax Regime: Ernst & Young suggests that the government might streamline tax slabs and lower rates to provide relief to individual taxpayers. Currently, tax rates under the new regime range from 5% to 30%, depending on income levels.

3. NPS Taxation: There is a push to clarify taxation rules concerning employer contributions exceeding Rs 7.5 lakh to specified funds like NPS, particularly defining ‘accretions’ and their computation methods.

4. Exemption Limits under the New Tax Regime: Deloitte India highlights recent modifications in tax slabs under the new personal tax regime, including raising the basic exemption limit and reducing the surcharge for high-income earners. However, adjustments in the old tax regime slabs are deemed necessary.

5. ESOPs Taxation: Proposals are being considered to extend tax deferral benefits for Employee Stock Option Plans (ESOPs) to all employers, not just eligible startups as currently practiced.

6. Adjustment in HRA Rates: Given the significant rise in rental rates in major Indian cities post-pandemic, there is a need to review House Rent Allowance (HRA) deductions. Cities like Bengaluru, Hyderabad, Pune, and Gurugram have seen over 30% year-on-year rental growth in 2023, necessitating a potential adjustment in HRA rates aligned with current market trends.

The HRA component, typically 20-30% of an employee’s total compensation, plays a crucial role in financial planning. Current exemptions are based on a percentage of basic salary or actual rent paid, with variations across city categories, highlighting the importance of aligning these rates with prevailing rental costs.

Budget 2023: FM Sitharaman revamps credit guarantee scheme with Rs 9,000 crore in corpus for MSMEs

February 1, 2023, 3:16 pm

To help MSME’s in India, finance minister Nirmala Sitharaman announced a revamped credit guarantee scheme for MSMEs that will go into effect on April 1 of this year. This could result in a Rs 9,000 crore infusion into the corpus.

The government proposed a special focus on the Micro, Small, and Medium Enterprises (MSMEs) sector in the Budget Speech 2023, which is expected to provide a significant boost to the sector, which is regarded as a driving force for economic growth for the nation. Ancillary collateral-free credit is expected to assist MSMEs in meeting the difficulties posed by the pandemic as well as allowing them to continue to expand and generate jobs.

Key experts and voices from the MSME platform had also shared their reviews for the MSME sector.

“Assistance to MSMEs continues in line with last year’s expectation for Budget 2023. Budget 2023 is providing wings to India’s growth story with special focus on investment increased expenditure, employment and ease of doing business. Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 Cr in the corpus. This enables additional collateral-free credit of Rs 2 lakh crore to MSMEs and will enable to lower cost of credit by 1% as proposed by FM Nirmala Sitharaman. This comes off as a great news for MSMEs that are still recovering from the impact of pandemic. Budget 2023 has stood up to the expectation of including supportive measures aimed at democratising credit and speeding up financial inclusion” , said Ashish Aggarwal, Director, Acube Ventures

Amit Gupta, MD, SAG Infotech also added that “Existing legislation will be changed to make compliance easier – a single point of contact for SEZ, GSTN, and IFSC registration will be established. Vivad se Vishwaas, MSMEs Relief – In the event of non-performance, the government will reimburse 95% of the contract money to provide relief. PAN will be used as a unique identifier for all digital systems of the government agencies listed.”

According to Delphin Varghese, Co-Founder and Chief Business Officer at Adcounty Media, “The Vivad Se Vishwas scheme, declared by FM Nirmala Sitharaman in the Budget 2023, provides a ray of light to failed MSMEs. MSMEs will receive 95% of the performance security from the government under this scheme in cases of failure to execute contracts. The credit guarantee programme for MSMEs had a rocky start, but by getting banks on board and encouraging them to lend, the scheme has helped reduce stress in the sector. According to the FM, the updated Credit Guarantee Scheme for MSMEs would go into operation on April 1, 2023, with an injection of Rs 9000 crore into the corpus. This will permit an additional Rs 2 lakh crore in collateral-free credit guarantees, lowering the cost of credit by 1%.”

“Calling MSMEs the “growth engines of the economy”, FM extended the benefits of presumptive taxation to micro-enterprises with a turnover of up to 2 crores.”, he added.

Raghunandan Saraf, Founder & CEO, Saraf Furniture ,further added “MSME credit assurance It was proposed last year to revamp the credit guarantee scheme for MSMEs. The revamp scheme, with a corpus infusion of 9000 crores, will go into effect on April 1, 2023. This will enable another two lakh crores of rupees in collateral-free guaranteed credit. Credit costs will also be reduced by about 1%. The infusion of Rs 9,000 crore into the corpus of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) should allow for better and broader scheme implementation, as well as improved claim meeting. This decision is expected to offer a significant benefit to India’s MSME sector, which is regarded as a major economic growth driver. Supplemental collateral-free credit is expected to aid MSMEs in meeting the obstacles posed by the global epidemic and allowing them to continue to grow and create employment. It could be a positive step in safeguarding the well-being and expansion of India’s MSME sector.”