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Finance Minister hints at banking reforms, asks public sector banks to get ready

Finance Minister Nirmala Sitharaman.

New Delhi, Aug 17 (NVI) Union Finance Minister Nirmala Sitharaman today hinted that banking reforms could be round the corner and asked Public Sector Banks (PSBs) to get ready for them.

She said PSBs have strengthened balance sheets and those should be used to support the next phase of economic growth.

Addressing a two-day conclave of heads of public sector banks and financial institutions in New Delhi, Sitharaman said the banking sector was entering the next phase from a position of strength, with non-performing assets (NPAs) at their lowest levels.

“Your NPAs are at the lowest ever Indian banking has seen, and therefore there cannot be a better position of strength with which you can take on reforms,” she said.

Her comments come ahead of the expected announcement of a high-powered committee to examine banking for Viksit Bharat.

She said the ideas emerging from the banking leadership could provide substantive inputs to the committee and help the government move rapidly on its recommendations.

“Viksit Bharat 2047 is actually not too far away. We are in 2026, so less than 20 years is what we have before us,” Sitharaman said, underlining the urgency for the banking sector to prepare for the country’s future financing requirements.

Department of Financial Services Secretary Sanjay Lohiya said the asset quality of PSBs had improved sharply, with gross NPAs declining from a peak of 14.6% in March 2018 to a record low of 1.93% in March 2026. Net NPAs fell from 8% to 2.39% during the same period.

The improvement has strengthened PSB balance sheets and enhanced their capacity to support growth, Lohiya said.

However, he said banks would need to sharpen their competitiveness as technology reshapes business models, customer expectations evolve and new areas of economic activity emerge.

“The next imperative is to sustain this momentum and leverage the financial strength achieved for quality business growth,” Lohiya said.

Sitharaman stressed the need for banks to focus particularly on the country’s young population, noting that 29% of Indians are in the 15-29 age group. Banks need to expand access to financial services for young people, including education loans, entrepreneurship finance and investment products, she said.

She also called for the banking sector to generate practical and implementable ideas to meet emerging financing needs, saying the sector should be ready to “press the button or pedal to rev up the Indian economy” once the banking committee gives its recommendations.

Lohiya identified deposit mobilisation as a key priority as household savings preferences change. Banks would need to strengthen their deposit base through better service, convenience, product innovation and sustained customer relationships.

He also highlighted opportunities in financing global capability centres, agriculture and horticulture value chains, and priority-sector lending. Banks should move beyond conventional farm credit to finance storage, cold chains, processing, logistics, packaging and marketing linkages.

On credit cards, Lohiya said PSBs needed to build stronger propositions as customer behaviour, technology and competition changed, while maintaining responsible underwriting and risk controls.

Sitharaman said the banking sector, having emerged from the asset-quality crisis, now had to use its improved financial position to support the next phase of India’s growth and development. (NVI)

MoD signs Rs 1,943 crore contract to lease two MQ-9B Sea Guardians for Navy

New Delhi, Aug 17 (NVI): The Ministry of Defence on Monday signed a contract with General Atomics Aeronautical Systems Inc. (GA-ASI) for leasing two MQ-9B Sea Guardian High-Altitude Long-Endurance (HALE) remotely piloted aircraft systems (RPAS) to the Indian Navy for 30 months.

The contract, valued at approximately Rs 1,943 crore, was signed in the presence of Additional Secretary and Director General (Acquisition), Department of Defence, A Anbarasu, at Kartavya Bhawan-2 here.

The MQ-9B Sea Guardian RPAS, equipped with advanced systems, state-of-the-art sensors and sophisticated payloads, will significantly enhance the Indian Navy’s maritime domain awareness capabilities, the ministry said.

The systems will provide persistent intelligence, surveillance and reconnaissance (ISR) coverage over vast areas of the maritime domain, strengthening India’s ability to monitor and respond to developments across the Indian Ocean Region, it said.

The induction of the leased platforms is expected to bolster the Navy’s capability to maintain continuous surveillance of the country’s maritime interests and enhance situational awareness across the region.—(NVI)

J&K LG Sinha flags off first batch of devotees for Shri Budha Amarnath Yatra

Shivam Bakshi

Jammu, Aug 17 (NVI) : Lieutenant Governor Manoj Sinha on Monday flagged off the first batch of devotees for the annual Shri Budha Amarnath Ji Yatra from Bhagwati Nagar Yatri Niwas here, marking the commencement of the revered pilgrimage.

Extending his greetings and best wishes to the pilgrims, Sinha prayed for their safe, peaceful and spiritually fulfilling journey.

Addressing the gathering, the Lieutenant Governor said the pilgrimage to Baba Budha Amarnath Ji is a deeply enlightening spiritual experience that can bring profound transformation in the lives of devotees.

“I firmly believe this pilgrimage brings profound transformation and reveals life’s deepest truths to every devotee,” Sinha said.

He appreciated the Baba Amarnath and Budha Amarnath Yatri Nyas, VHP, Bajrang Dal, local administration, security agencies, langar organisations and civil society groups for their coordinated efforts to ensure the smooth conduct of the yatra.

Sinha stressed the need to provide all necessary facilities and support to pilgrims throughout their journey.

The flag-off ceremony was attended by religious leaders, public representatives, senior civil and police officers, security officials, prominent citizens and devotees.

The commencement of the yatra marked another significant occasion of faith and devotion, with pilgrims embarking on their journey to the revered Shri Budha Amarnath Ji shrine in Poonch to seek the blessings of Lord Shiva.(NVI)

3 Killed, 3 Injured in Jalandhar Road Accident; 2 Srinagar Residents Among Dead

Jalandhar, Aug 16 (NVI): Three people were killed and three others injured when a speeding car collided with a roadside vendor and then crashed into a tree in Bhogpur area of Jalandhar district, officials said on Sunday.

The accident occurred when the Maruti Fronx hit the roadside vendor before crashing into a tree, they said.

The vendor, a resident of Punjab, died in the accident, while two occupants of the vehicle, both residents of Srinagar, were also killed.

The deceased Srinagar residents were identified as Ikhlas Qadir, son of Ghulam Qadir, and Aneek Amin, son of Mohammad Amin, both residents of Batamaloo in Srinagar, officials said.

Three other occupants of the vehicle, all from Srinagar, sustained injuries and were shifted to a nearby hospital for treatment, they added.(NVI)

J&K: Chief Secretary directs faster implementation of disaster recovery package

Srinagar, Aug 16 (NVI): Jammu and Kashmir Chief Secretary Atal Dulloo on Sunday directed departments to expedite the formulation and execution of projects under the Rs 1,579.09-crore disaster recovery package approved by the Centre, while ensuring that reconstructed assets are made resilient to future disasters.

Dulloo reviewed the implementation of the Recovery and Reconstruction (R&R) Plan-2025 and utilisation of assistance sanctioned under the NDRF/SDRF R&R funding window at a meeting attended by senior officers, including administrative secretaries and divisional commissioners. Deputy commissioners of all 20 districts joined the meeting virtually.

The package includes Rs 1,534.58 crore approved for the Post-Disaster Needs Assessment (PDNA) covering damage caused by floods, cloudbursts, landslides and other disasters, besides Rs 44.52 crore for a dedicated recovery plan for Ramban district following the April 2025 cloudburst and flash floods.

Departments have so far prepared costed action plans worth Rs 1,225.78 crore, leaving Rs 353.31 crore to be operationalised by the Jal Shakti and Agriculture sectors, officials said.

Dulloo stressed that reconstruction should follow the “Build Back Better” approach and not merely restore damaged infrastructure to its pre-disaster condition.

He also directed departments to cross-check beneficiary lists and project proposals against ongoing schemes such as PMAY-G, Jal Jeevan Mission, AMRUT, SASCI, NABARD, PMGSY and Samagra Shiksha to prevent duplication and ensure optimal utilisation of public funds.

The Chief Secretary called for incorporation of disaster-resilient features, including compliance with Seismic Zone IV/V requirements, elevated plinths and slope stabilisation measures wherever applicable.

He further directed that all projects be geo-tagged and uploaded on the BEAMS digital platform to create a unified record for monitoring physical progress and financial utilisation.

According to the review, the social sector has prepared plans worth Rs 262.11 crore against an approved allocation of Rs 289.40 crore.

The housing component has achieved 100 per cent commitment of its Rs 193.19-crore allocation, covering 9,083 households, including 5,227 fully and 3,856 severely damaged houses.

The Roads and Bridges sector has planned utilisation of its entire Rs 461.64-crore allocation for restoration of around 1,230.7 km of roads and 4,494.5 metres of bridges.

The Power sector has planned Rs 70.08 crore against an allocation of Rs 72.97 crore for restoration of more than 21,000 poles, 1,100 circuit kilometres of conductors and 800 transformers, benefiting around 1.45 lakh consumers.

Drinking Water and Sanitation has prepared plans worth Rs 59.02 crore against Rs 139.65 crore, while Irrigation and Flood Control has planned Rs 93.01 crore against Rs 199.79 crore.

In the productive sectors, Agriculture has formulated plans worth Rs 168.36 crore against Rs 223.67 crore, covering 45 packages related to crop inputs, land reclamation and restoration of research infrastructure at SKUAST-Jammu.

Animal Husbandry and Livestock has planned Rs 8.86 crore against Rs 10.28 crore, while Horticulture has fully utilised its Rs 3.87-crore allocation to support 3,493 farmers.

The meeting also reviewed the dedicated Rs 44.52-crore Ramban recovery plan prepared following the April 19-20, 2025 cloudburst and flash floods. The plan includes Rs 23.24 crore for Roads and Bridges, Rs 3.34 crore for Irrigation and Flood Control, Rs 1.78 crore for Education and Rs 1.48 crore for Animal Husbandry and Livestock.

Dulloo directed that household relief under the recovery programme be released strictly according to the 30:40:30 progress-linked direct benefit transfer pattern, keeping payments aligned with the actual progress of reconstruction.

He also asked nodal officers at the block, sub-divisional and district levels to ensure resolution of E-Samadhan and CPGRAMS grievances within 15 days.

The Chief Secretary said the recovery programme should ensure not only timely restoration of damaged infrastructure but also creation of a more resilient and disaster-ready Jammu and Kashmir.(NVI)

J&K: Massive CASO Launched in Udhampur After Suspicious Movement

File Photo

Shivam Bakshi

Udhampur, Aug 16 (NVI): Security forces on Sunday launched a joint cordon and search operation (CASO) in the Jophar area of Ramnagar in Udhampur district following inputs about the suspicious movement, sources said.

The operation was launched after the security forces received information about the suspected movement of the individuals in the area.

Security forces are conducting searches in the suspected area as part of the operation.

Further details are awaited.—(NVI)

Army Chief General Dhiraj Seth to Visit Nepal from August 17 to 19

New Delhi, Aug 16 (NVI): Chief of the Army Staff General Dhiraj Seth will undertake an official visit to Nepal from August 17 to 19 to further strengthen defence cooperation and military-to-military ties between the two neighbouring countries, the Army said on Sunday.

During his visit, General Seth will lay a wreath at the Army Pavilion at Tundikhel and receive a Guard of Honour at the Nepali Army Headquarters on August 17.

He will hold talks with his Nepali counterpart and receive a briefing from the Director General Military Operations of the Nepali Army on issues of mutual interest, the Army said.

General Seth will also attend an investiture ceremony at Rashtrapati Bhawan, where Nepal President Ram Chandra Paudel will confer on him the honorary rank of General of the Nepali Army, in keeping with the longstanding tradition between the two armies.

On August 18, the Army Chief will address student officers of the Army Command and Staff Course at Shivapuri and interact with instructors and foreign student officers. He will also meet senior dignitaries of Nepal to discuss matters of mutual interest.

On the final day of his visit, General Seth will attend an ex-servicemen rally in Pokhara, felicitate Veer Naris and gallantry awardees and interact with Indian Army veterans.

He is scheduled to return to India on August 19.

India and Nepal share close historical, social and cultural ties, besides longstanding military relations. The two countries’ ties are often described as the ‘Roti Beti Ka Rishta’.

The visit is aimed at further deepening the longstanding defence partnership and exploring new avenues of cooperation between the Indian and Nepali armies, the Army said.(NVI)

Six Injured as Eeco Car Falls Into Ditch in J&K’s Rajouri

Shivam Bakshi

Rajouri, Aug 16 (NVI): Six persons were injured after an Eeco car skidded off the road and fell into a ditch in Kandi Mohra area of Rajouri district on Sunday, officials said.

All the injured, residents of Rehan, were shifted to a nearby hospital for treatment, officials said.

Further details are awaited.(NVI)

Security Forces Conduct Search Operation Near Akhara Mandir in J&K’s Poonch

Shivam Bakshi

Poonch, Aug 16 (NVI): Security forces conducted a cordon and search operation near Akhara Mandir in Poonch ahead of the arrival of the first batch of pilgrims for the Shri Buddha Amarnath Ji Yatra, officials said.

The operation was carried out by the Special Operations Group (SOG) Poonch, during which houses in the area were searched and details of tenants were verified, they said.

Residents were also sensitised to remain vigilant and promptly inform the authorities about any suspicious person or activity, officials added.(NVI)

Taxpayers provided one-time chance to disclose foreign assets, income till December-end

New Delhi, Aug 16 (NVI) Taxpayers having foreign income or assets to declare have been given time up to December end to make the disclosure.

The government has notified the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), which comes into effect from today, providing eligible taxpayers a one-time opportunity to disclose certain undisclosed foreign assets and income.

The voluntary scheme will remain open until December 31, 2026, after which no declaration can be filed.

The scheme is available to taxpayers who were residents of India in the relevant previous year. It also covers certain non-residents and resident but not ordinarily resident (RNOR) taxpayers if they were residents of India in the year to which the undisclosed foreign income relates or in the year in which the foreign asset was acquired.

A declaration can be made where a taxpayer failed to file an income-tax return, failed to disclose the foreign asset or income in a return already filed, or where the asset or income has escaped assessment under the applicable provisions.

The scheme permits declarations for any previous year in respect of assets or income covered by the specified provisions, subject to the applicable monetary thresholds and other conditions.

FAST-DS covers two broad categories.

The first relates to an undisclosed asset located outside India or undisclosed foreign income that was not offered to tax. The aggregate value of the undisclosed foreign asset and foreign income under this category must not exceed ₹1 crore.

The second category covers foreign assets that were already offered to tax or were acquired when the taxpayer was a non-resident but were not disclosed in the relevant schedule of the income-tax return. The aggregate value of assets under this category must not exceed ₹5 crore.

How much will taxpayers have to pay?

For the first category, the amount payable is 30% of the value of the undisclosed foreign asset or foreign income, plus an additional amount equal to the tax payable. This effectively takes the total payable to 60% of the declared value or income.

For the second category, taxpayers can make a declaration by paying a flat fee of ₹1 lakh, provided the aggregate value of the foreign assets does not exceed ₹5 crore.

How will foreign assets be valued?

The valuation date under FAST-DS is March 31, 2026. For most assets, fair market value is generally the higher of the acquisition cost and the price the asset would ordinarily fetch in the open market on that date. Where the specified valuation is not carried out, indexed cost of acquisition is deemed to be the fair market value.

Different valuation rules apply to foreign bank accounts, shares, securities, jewellery and overseas immovable property. For foreign bank accounts, the value is generally based on deposits made from the date the account was opened up to March 31, 2026, subject to specified exclusions. Deposits made from withdrawals from the same account are excluded to prevent double counting.

How to file the declaration?

Declarations must be filed electronically in Form 1 to the prescribed income-tax authority. Taxpayers must upload documents supporting the acquisition of the asset or earning of the income and valuation reports where applicable.

After verification, the authority will communicate the amount payable through Form 2. The taxpayer generally gets two months from the end of the month in which the order is received to make the payment. A further period of up to two months is permitted with simple interest of 1% for every month or part of a month of delay.

A valid declaration followed by payment provides immunity from further tax or penalty and prosecution under the Black Money Act in respect of the declared income or asset. (NVI)

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