Budget for Banking Sector: Budget Impact on Banking Sector, Budget Sectoral Impact on Banking Sector

Govt employee count rises for first time since FY19, spending per head also on the up

The average pay per government employee is, however, expected to drop, ending eight years of annual increases

The budget is a boon for fintech lenders and MSMEs

With substantial investments earmarked for infrastructure development and the creation of industrial parks, the fintech sector is poised for growth.

Did Budget 2024 just add to the woes of PSU banks?

FM Sitharaman’s Budget lacked any major banking sector reforms, except some finetuning of the IBC process. It’s a missed opportunity

Govt proposes amendments to IBC for better outcomes, more NCLT benches to be added

The NCLT is tasked with hearing cases filed under both IBC and companies act, which results in large pendency of cases. Thus, increasing the benches and having exclusive benches for company law cases are expected to reduce the pendency.

Union Budget 2024: Six demands that top home loan borrowers’ wish list

Budget 2024 Expectations: Home loan borrowers are hoping that the Union Budget will increase the tax concession on home loan interest paid. Other demands include a separate tax deduction for home loan principal repayment, reinstatement of credit-linked subsidy scheme, etc.

E-KYC cost down from Rs 1,000 to less than Rs 6: Economic survey 2024

KYC is one of the most vital process for financial institutions and businesses to get information like identity, addresses, phone numbers etc. of customers.

Eco Survey: CEA flags geopolitics, rise of AI as key challenges for 'Viksit Bharat' and urges India Inc to step up

Highlighting the economic shocks, CEA Nageswaran stated that bad debts in the Indian banking system and high corporate indebtedness were one of the challenges, followed by the pandemic.

Annual net SIP flows double to Rs 2 lakh crore in last three years: Economic Survey

Economic Survey highlighted that the mutual fund segment presently has about 8.4 crore systematic investment plan (SIP) accounts through which investors regularly invest in schemes.

Indian GCCs employed over 16 lakh in FY23, shows Economic Survey

Revenue from India's GCCs has increased from $19.4 billion in FY15 to $46 billion in FY23, growing at a CAGR of 11.4%.

PLI scheme expansion will help lower trade deficit

India’s current account deficit reduced to 0.7 percent of the GDP in FY24, from 2 percent in the previous year, the Economic Survey said

Economic Survey 2024: Govt unveils 'Amrit Kaal' growth strategy, here are 6 key focus areas

Here are the six areas that the survey, tabled in Parliament by Finance Minister Nirmala Sitharaman on July 22 a day ahead of the budget, said would need to be worked on for the growth push.

Budget 2024: NBFCs want govt to treat them on par with banks

So whether it is the tax that is levied on their interest income, or the restriction on cash receipts, NBFCs want the government to treat them on par with banks that enjoy various tax benefits.

State Bank of India chairman pitches for tax relief on interest income from the Union Budget

The current taxation laws permit banks to deduct tax on interest income earned on deposits if it is over Rs 40,000 a year.

Interim Budget focuses on growth by putting onus on banks and financial services

By not choosing to go overboard, the Budget has created borrowing space for private sector by slashing projected borrowings by nearly 3 percent. Bond markets have reacted positively which will reduce borrowing costs not only for the Government but for the private corporate sector as well

Budget 2024 turns out to be a non-event for banking industry

The FM asserted the Centre's commitment to pursue the path of fiscal consolidation and bring the fiscal deficit down over the next few years. This is good news for monetary policymakers

Banking Budget: Small finance banks and MFIs pitch for funding support and sector-oriented policies

Banking Budget 2024: Though some small lenders are looking with optimism to lend to SMEs, lending to micro and small industries stood at 17.2 percent of total advances in November 2023 versus 19.3 percent in November 2022, according to recent Reserve Bank of India (RBI) sectoral credit data.