Finance Minister

Nirmala Sitharaman ask fintechs to find solutions to prevent cyberfrauds

Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds. Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country. Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don't take away their money. Another major threat, she pointed out, is 'deep fake', which is causing a lot of damage to the public in large. "Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising," Sitharaman said. She also called upon the fin

A K Bhattacharya's third book on India's FMs captures the post-reform era

Typically, by the third sequel, authors tend to lose energy, but not A K Bhattacharya. He enjoys reporting the joys and pains of India's finance ministers too much

Govt plans to amend refund provision in new Income Tax Bill, 2025

Section 433 of the new IT Bill, 2025, states that a refund must be claimed by filing a return - regardless of whether it is belated

FM to meet GST and income tax officers to resolve field-level issues

The meetings aim to review ground-level implementation of tax policies, resolve bottlenecks in taxpayer services, and improve ease of doing business

Ex-AAP MLA's wife files defamation suit against FM Sitharaman in Delhi

A Delhi court on Thursday fixed on June 26 the criminal defamation complaint filed by Lipika Mitra, wife of former AAP MLA Somnath Bharti, against Union Finance Minister Nirmala Sitharaman for allegedly making statements over their marital discord. Additional Chief Judicial Magistrate Paras Dalal deferred the hearing on the request of Sitharaman's counsel. The judge also directed Mitra's counsel to provide a copy of the complaint to the opposite party. "Time sought by the proposed accused side to file vakalatnama (document regarding hiring of the lawyer). "Although the summons have been received back duly served. The proposed accused side has sought a copy of complaint. The complainant side agrees to supply the soft copy of the same along with the link of the purported defamatory material/interview. Matter be fixed for consideration/arguments on June 26, 2025," the judge said. Sitharaman has been accused of making "defamatory, false, and malicious statements" at a press conference

FM asks regulators to expedite refund on unclaimed deposits, streamline KYC

Finance Minister Nirmala Sitharaman on Tuesday asked regulators and departments to expedite the refund of unclaimed deposits to rightful owners and streamline the KYC process. Chairing the 29th meeting of the Financial Stability and Development Council (FSDC) here, she emphasised that interest of common citizens to be kept in mind and expeditiously refund the claims of the rightful claimants. She exhorted the Council to take proactive steps to ensure that citizens should have a seamless experience with respect to KYC processes across the financial sector, the finance ministry said in a statement. There is a need for common KYC norms, simplification and digitalisation of the KYC process including digital onboarding for Non-Resident Indians (NRIs) including PIOs and OCIs, in the Indian securities market. The minister urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level camps. This drive is to

SBI pays Rs 8,076.84 cr dividend to govt, cheque presented to FM Sitharaman

The country's biggest lender State Bank of India (SBI) on Monday paid a dividend of Rs 8,076.84 crore to the government for the financial year 2024-25. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman C S Setty in the presence of Financial Services Secretary M Nagaraju and Finance Secretary Ajay Seth. "Smt @nsitharaman receives a dividend cheque of Rs 8076.84 crore for FY 2024-25 from Shri C S Setty, Chairman-@TheOfficialSBI," the finance minister's office said in a post on X. SBI declared a dividend of Rs 15.90 per share for the financial year 2024-25, higher than Rs 13.70 per equity share distributed for the previous year. SBI had paid a dividend of Rs 6,959.29 crore to the government last year. During 2024-25, the bank earned a record net profit of Rs 70,901 crore, as against Rs 61,077 crore in the preceding year, registering a 16 per cent increase.

Finance ministry meets Moody's execs, makes case for ratings upgrade

Moody's said that Pakistan-India tensions, including the flare-up earlier in May, would weigh on Pakistan's growth more than on India's

FM flags drug menace as major national threat, seeks stronger DRI action

Nirmala Sitharaman says drug trafficking is the biggest threat to the nation, urging DRI to target criminal masterminds and coordinate with state police more effectively

Profits earned through ethical means create wealth for nation: FM

Finance Minister Nirmala Sitharaman on Saturday said the government led by Narendra Modi refers entrepreneurs as wealth creators as the profit earned by them through ethical ways help drive development goals. "Wealth creation in India has never been a taboo in India. We promoted wealth creation. We would want wealth creation. That is why entrepreneurs in India, under Prime Minister Modi, we refer them as wealth creators. They are not thieves," she said while addressing the National Commemorative Seminar on 60 years of Pandit Deendayal Upadhyaya Integral Humanism Lectures. Pandit Upadhyaya was one of the founding members of Jan Sangh from which the Bharatiya Janata Party (BJP) emerged in April 1980. "We would like to have profit created by genuine ethical practices, and that is what is going to create wealth for the nation. And once you have wealth, you give dignity of labor, you provide for education, you provide for skilling, and you lift the tempo and the spirit of the nation," sh

FinMin suggests RBI to give relief for borrowers under ₹2 lakh gold loan

In April, the RBI released draft norms mandating, among other requirements, that borrowers furnish proof of ownership for the gold used as collateral

Finance ministry seeks relaxation in RBI's new gold loan proposals

In April this year, the RBI had proposed tighter rules for monitoring and disbursement of gold loans, often used by low-income borrowers

Tech integration in Op Sindoor a global case study: FM Nirmala Sitharaman

The finance minister said on Thursday that tech-led coordination during Operation Sindoor marks a turning point in India's defence strategy

FM meets ADB President; seeks support for integrated rural prosperity

Finance Minister Nirmala Sitharaman on Thursday met Asian Development Bank (ADB) President Masato Kanda and sought enhanced support for integrated rural prosperity initiatives, including job creation. The discussions focused on shaping the partnership in line with Prime Minister Narendra Modi's vision for Viksit Bharat by 2047. The Indian delegation emphasised the 'Budget Plus' and 'Finance Plus' approach for driving systemic change and fostering innovation to align with India's 'reform, perform and transform' approach, while urging for agility in responding to emerging national priorities, the finance ministry said in a post on X. Stressing that the 'Antyodaya' principle which aims at ensuring development reaches the last person in society she asked ADB to support integrated rural prosperity measures. "She urged deeper ADB support for integrated rural prosperity measures, including creation of jobs and local entrepreneurship, and fostering innovation in agriculture, to transform

FM Nirmala Sitharaman signals policy aid to fintechs in Pine Labs visit

Sitharaman may visit more fintech companies and global capability centres across major cities

Finance Ministry calls for joint effort to cut backlog at debt tribunals

The Finance Ministry on Saturday urged all stakeholders to collaborate in reducing pendency of cases at debt recovery tribunals (DRTs) by establishing an effective recovery ecosystem. This would facilitate the redeployment of capital locked in cases pending before DRTs for productive use in the economy, the finance ministry said in a statement. During a colloquium of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) organised by the Department of Financial Services (DFS), the Ministry of Finance also discussed effective implementation of DRT Regulations, 2024 and prioritisation of high value cases in DRTs for optimal recovery. Justice S V N Bhatti, Judge of the Supreme Court of India, graced the meeting which was also attended by senior officers of the DFS, representatives of various public and private sector banks and Indian Banks' Association. DFS Secretary M Nagaraju highlighted various key initiatives taken by the

Expedite M&As that pose no competition threat: FM Sitharaman to CCI

Antitrust regulator must balance 'regulatory vigilance with a pro-growth mindset', says Nirmala Sitharaman

FM Nirmala Sitharaman to meet PSB chiefs on Thursday for annual review

Finance Minister to meet PSB chiefs to assess FY25 performance, inclusion scheme rollout, credit and deposit growth, and digital banking progress

AI regulation needs global cooperation, not isolated moves: Sitharaman

Speaking in Milan, Finance Minister Nirmala Sitharaman said a single-country approach to AI regulation risks failure as technology transcends national boundaries

Operation Sindoor: India shall never tolerate terrorism, says Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said 'Operation Sindoor' is a strong response by India's armed forces, showing the country shall never tolerate terrorism. Indian armed forces on early Wednesday carried out missile strikes on nine terror targets in Pakistan and Pakistan-Occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base in Muridke. The military strikes were conducted under 'Operation Sindoor' two weeks after the Pahalgam attack that killed 26 civilians. In a post on X, Sitharaman said under the leadership of Prime Minister Narendra Modi, India will ensure that every perpetrator of terror is pursued. "#OperationSindoor is a strong response by @adgpi, hitting at the terror hubs in Pakistan. India shall never tolerate terrorism," Sitharaman posted on X. The Minister is currently in Milan, Italy, to attend the annual meeting of the Asian Development Bank.