The Ministry of Finance, through its financial inclusion led interventions, is committed to provide financial inclusiveness and support to the marginalised and hitherto socio-economically neglected classes. Through Financial Inclusion (FI) we can achieve equitable and inclusive growth of the nation. Financial Inclusion stands for delivery of appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low-income groups and weaker sections who lack access to even the most basic banking services. It is important as it provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit…
Author: Aruna Sharma
(PTI) India’s diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed. Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) showed. Similarly, petrol exports fell to 1.1 million tonnes from 1.16 million tonnes in June. India first imposed windfall profit taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies. Export duties…
(PTI) Prime Minister Narendra Modi urged people to make efforts to remove malnutrition while stressing that social awareness was a crucial aspect of this fight. In his monthly Mann Ki Baat radio broadcast, Modi said the ‘Amrit Dhara’ of ‘Amrit Mahotsav’ marking 75 years of India’s independence was flowing in all corners of the country in this month. “On the special occasion of Amrit Mahotsav and Independence Day, we have seen the collective might of the country,” he said. Modi urged the people to join the campaign to fight malnutrition in the coming month. “Besides festivals, September is also dedicated to a big…
(PTI) Capital markets regulator Sebi came out with the disclosure framework for asset management companies, mandating a scheme-wise disclosure of investments in securities of entities that are excluded from the definition of “associate”. This came after Sebi, earlier this month, amended mutual fund rules to remove the applicability of the definition of “associate” to sponsors that invest in various companies on behalf of the beneficiaries of insurance policies or such other schemes. Under the rules, associate includes a person who directly or indirectly, by himself, or in combination with relatives, exercises control over the AMC or the trustee, among others.…
(PTI) Adani group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim’s two Indian listed entities ACC Ltd and Ambuja Cements. In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd’s businesses in India for USD 10.5 billion. Markets regulator Sebi granted approval for the open offer last week. The open offer is estimated at over Rs 31,000 crore if fully subscribed. In two separate regulatory filings, Ambuja Cements and ACC have submitted their letter of offers…
(ET) State-owned GAIL India and Russia’s Gazprom are negotiating over the import of gas to India as the evolving payment mechanism between the two countries facilitate easier trade, said people familiar with the matter. While talks are in the early stages, the cost of these imports could be lower than international prices since Russia has surpluses as its exports to Europe have dwindled. Saint Petersburg-based Gazprom, the state-owned multinational energy company, has likely proposed to the Indian public sector company that it purchase the fuel from Gazprom Singapore and settle payments in euros in future trades. The Singapore unit is…
(MC) Indian Oil Corporation the country’s biggest refiner, said it plans to spend 2 trillion rupees ($25 billion) to achieve carbon neutrality by 2046. The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said on Thursday. It plans to achieve 60% of the goal through mitigation and the rest via offsets, including buying carbon credits, Vaidya said. Overall emissions at its refineries and petrochemical units will start falling after 2030, Vaidya told reporters in New Delhi after he had announced the goal to shareholders. Indian state-run energy…
NHAI organised a day-long stakeholder consultation workshop on Global Navigation Satellite System (GNSS) based tolling in India. The objective of the workshop was to seek input and suggestion from various industry experts and stakeholders on different aspects of the GNSS-based tolling system. The workshop will help strategise and design the future roadmap for free-flow tolling system in India based on GNSS technology. Various stakeholders including relevant government departments, ISRO, NIC, and industry players such as Vehicle Manufacturers, AIS-140 On-Board Unit (OBU) manufacturers, Global GNSS service providers, Banks, Payment Aggregators/Gateway Service providers were invited for deliberations on GNSS based tolling system.…
(PTI) Union Home Minister Amit Shah on Thursday reviewed the situation prevailing in Jammu and Kashmir, including the security arrangements along the border with Pakistan, officials said. National Security Adviser (NSA) Ajit Doval, Jammu and Kashmir Lieutenant Governor Manoj Sinha, Union Home Secretary Ajay Bhalla and senior officials of the Centre and the Union Territory administration attended the meeting chaired by Shah. The meeting discussed the security situation in Jammu and Kashmir, an official said. The security review comes following attacks on security personnel, infiltration bids and killings in the Union Territory. Three infiltrators were killed by security personnel along the Line…
The persistent endeavour of the Yogi Adityanath government in Uttar Pradesh (UP) is spreading banking services down to the village level. With the officials like Shiv Singh Yadav the plan for digitising the services in UP is also in full swing. The dream of the Chief Minister of the state, Yogi Adityanath, that every citizen of the state should have a banking facility and UP should be at the forefront in realizing the dream of Digital India is being led by competent people. Taking forward this dream of the CM, Shiv Singh Yadav, Director General, Institutional Finance, Insurance and Banking…