Financial Services Secretary

REC Chairman Sanjay Malhotra appointed as Financial Services Secretary

The appointment of Malhotra, a 1990-batch IAS officer of Rajasthan cadre, comes eight days after the tenure of incumbent Financial Services Secretary Debasis Panda concluded.

Govt may impose fine for delay in settling crop insurance claim

The government in January launched a crop damage insurance plan to give a shield to millions of farmers who suffer when their crops fail.

Jayant Sinha to meet state Fin Secretaries tomorrow

The Centre has also moved to improve doing business in the country by easing foreign direct investment rules.

India needs to remain vigilant, watch world situation: FSDC

The meeting of the Financial Stability and Development Council (FSDC) sub-panel, headed by RBI Governor Raghuram Rajan, reviewed domestic and international developments and their impact on the financial stability of the country.

Govt issues norms for selection of CEOs of smaller PSBs

As per the guidelines, the selection to the top job in the PSBs would be from the existing pool of executive directors (EDs) or deputy managing directors (DMDs) in state-owned banks with a remaining service period of 2 years.

CEOs in remaining PSBs from public sector talent pool: Govt

"For five large banks we had different procedure. For remaining banks we are going to hire from the pool of executive directors of the public sector banks itself," Financial Services Secretary Hasmukh Adhia told PTI.

Govt expects PSBs to raise $12.3 bn to boost balance sheets

Hasmukh Adhia also announced the appointment of new heads of five banks, including two from the private sector, as part of fresh measures to improve the performance of the state banks, which are struggling with rising bad loans.

Banks Board Bureau to be set up soon: Fin Services Secy

The Bureau is likely to be a six-member board comprising former CMDs of banks and financial services sector experts. There are 22 state-owned banks in India including SBI, IDBI Bank and Bhartiya Mahila Bank.

IDFC appoints former CAG Vinod Rai as independent director

Vinod Rai also worked as Financial Services Secretary. He was director on several boards including the State Bank of India, ICICI Bank, IDBI Bank and Life Insurance Corporation of India.

FinMin readying plan to deal with menace of bad loans

"ARCs would play an important role in cleaning up NPA (non-performing assets) mess...ARCs need to be strengthened to deal with the rising NPA in the system," Financial Services Secretary Hasmukh Adhia said here.

FinMin discusses 85 large projects, NPAs with RBI, banks

A total of 85 such projects, from the power, steel, roads and ports sectors, with an outstanding bank credit of Rs 3.51 lakh crore were discussed in the special meeting.

MUDRA to provide loans up to Rs 10 lkhs to small businesses

MUDRA scheme is aimed at funding the unfunded," Modi said. The Pradhan Mantri MUDRA Yojana, which has a corpus of Rs 20,000 crore, can lend between Rs 50,000-Rs 10 lakh to small entrepreneurs.

Help meet funding needs for innovations: Prez to banks

Speaking at the Round-table on Financing of Innovations, he said that the high growth which India has envisaged is possible only with productivity improvements across all sectors of the economy.

Banks can raise funds from mkt to meet cap needs: Fin Min

In Budget, Finance Minister Arun Jaitley had proposed infusing Rs 7,940 crore funds next fiscal in the public sector banks to enable them maintain adequate capital. "We don't have fiscal space and banks are adequately capitalised for the moment. There is no immediate need to raise funds from the market," Adhia said.