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Hindustan Times
11-07-2025
- Business
- Hindustan Times
Sitharaman invokes Khasi philosophy to promote ethical governance, sustainable growth
Shillong, Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Friday invoked the timeless wisdom of indigenous Khasi philosophy to highlight the need for ethical business practices, sustainable development, and human-centric governance. Sitharaman invokes Khasi philosophy to promote ethical governance, sustainable growth She was addressing a gathering at the foundation stone laying ceremony of key development projects at Umsawli in the New Shillong Township near here. Calling the occasion a "remarkable and deeply personal moment," the FM expressed admiration for the region's deeply rooted value system, stating that traditional Khasi principles could offer a moral and sustainable framework for modern governance and enterprise. In her speech, she spotlighted five key Khasi teachings that align with responsible governance and economic ethics. She spoke of 'Ka Tip Briew Tip Blei , describing it as a human-centric ethos that mirrors the government's approach. "This idea of seeing divinity in humanity is profound and mirrors our government's approach. By anchoring our work in this value, every initiative becomes endearing and meaningful," she said. On 'Kamai ia ka Hok' , she emphasised the importance of ethical livelihood and integrity in business, stating, "Good business must be grounded in righteousness. Corporate governance must be rooted in integrity." She then referred to 'Ka Tip Kur Tip Kha' , describing it as a call for social responsibility in commerce. "Global capitalism must now be tempered with local values and humanism. This is not about rejecting globalisation but making it inclusive and sustainable," she remarked. The minister also highlighted 'Ka Bhalang Ka Imlang' , identifying it as a guiding principle for shared prosperity that aligns with India's global development vision like 'One Earth, One Family' and 'Vasudhaiva Kutumbakam.' She noted, "No business can truly succeed in a society that fails. What benefits one must not harm another." Finally, on 'Mei-Ramew Ki Ryngkew Ki Basa' , Sitharaman stressed the importance of environmental stewardship. She shared her personal reflection from the drive from Guwahati to Shillong, saying, "The clean air, the green surroundings, this reverence for nature is deeply moving. Business and development must respect this ethos." Sitharaman concluded by stating that these traditional Khasi teachings are not only culturally significant, but also profoundly relevant to modern economic and policy thinking, offering timeless guidance in navigating contemporary challenges. This article was generated from an automated news agency feed without modifications to text.
India Gazette
18-06-2025
- Business
- India Gazette
Nearly 700 entities join account aggregator system; 15 crore accounts linked: Sitharaman
New Delhi [India], June 18 (ANI): Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Wednesday said that in just 3 years, nearly 700 entities as of Financial Year (FY) 2025 across banking, insurance, securities, and pensions have joined the Account Aggregator (AA) platform, up from only 24 in FY22. Addressing a gathering at the Digital Payments Awards 2025 in New Delhi, Sitharaman noted the surge in adoption of the AA platform--a consent-based data-sharing framework aimed at improving access to financial services. The number of accounts linked through AA has soared to over 15 crore, compared to just 1.5 lakh in FY22. Highlighted the rapid digital transformation in India's financial ecosystem, Sitharaman said that the expansion of AAs platforms has facilitated loans worth over Rs 88,700 crore and empowered nearly 1 crore users to manage their personal finances more efficiently while significantly lowering onboarding costs for financial intermediaries. 'The number of accounts linked through AA has soared to over 15 crores, compared to a mere 1.5 lakh in FY22 - driving loans worth over Rs 88,700 crore and empowering nearly 1 crore personal finance management users, while lowering onboarding costs for intermediaries,' Sitharaman said. The Finance Minister also highlighted the success of Direct Benefit Transfer (DBT) in transforming welfare delivery. Since its inception in 2014, nearly Rs 44 lakh crore has been transferred through DBT, ensuring full transparency in government transfers and schemes. The government has saved Rs 3.48 lakh crore by eliminating leakages due to the integration of digital infrastructure and real-time Aadhaar-enabled systems, she added. Finance Minister further added, 'Every fintech firm should view rural India as a fertile ground - not just as a social responsibility but as an opportunity to create new markets.' Concluding her address, Sitharaman encouraged fintech firms to look beyond urban markets. 'Rural India is not just a social responsibility. It is a fertile ground for innovation, inclusion, and opportunity. The next big wave of growth lies in Bharat beyond the metros.' During the Fintech Payments Award 2025, the major fintechs PhonePe, PayTm, and Google Pay got the first, second and third places as the leaders in the offline digital payments acceptance infrastructure category. Punjab National Bank, Bank of Baroda and Uco Bank received the first, second and third positions under the public bank category, while HDFC Bank, City Bank and IDFC Bank were winners of the private bank category. Equitas Small Finance Bank and India Post Payments Bank were recognised as the players redefining financial access and inclusion at the grassroots level. Under the fraud prevention and grievance redressal category, Canara Bank and Yes Bank were awarded as a special mention while WhatsApp Meta, Navi, and Mobikwik jointly shared the first spot, and Jupiter Money and FamApp received the award under the third-party App Providers (TPAPs) category.
Time of India
18-06-2025
- Business
- Time of India
Nearly 700 entities join account aggregator system; 15 crore accounts linked: Union minister Sitharaman
Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Wednesday said that in just 3 years, nearly 700 entities as of Financial Year (FY) 2025 across banking, insurance, securities, and pensions have joined the Account Aggregator (AA) platform, up from only 24 in FY22. Addressing a gathering at the Digital Payments Awards 2025 in New Delhi, Sitharaman noted the surge in adoption of the AA platform--a consent-based data-sharing framework aimed at improving access to financial services. The number of accounts linked through AA has soared to over 15 crore, compared to just 1.5 lakh in FY22. Highlighted the rapid digital transformation in India's financial ecosystem, Sitharaman said that the expansion of AAs platforms has facilitated loans worth over Rs 88,700 crore and empowered nearly 1 crore users to manage their personal finances more efficiently while significantly lowering onboarding costs for financial intermediaries. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tanger: Repossessed Houses For Sale At Prices That May Surprise You Foreclosed Homes | Search ads Search Now Undo "The number of accounts linked through AA has soared to over 15 crores, compared to a mere 1.5 lakh in FY22 - driving loans worth over Rs 88,700 crore and empowering nearly 1 crore personal finance management users, while lowering onboarding costs for intermediaries," Sitharaman said. The Finance Minister also highlighted the success of Direct Benefit Transfer (DBT) in transforming welfare delivery. Since its inception in 2014, nearly Rs 44 lakh crore has been transferred through DBT, ensuring full transparency in government transfers and schemes. Live Events The government has saved Rs 3.48 lakh crore by eliminating leakages due to the integration of digital infrastructure and real-time Aadhaar-enabled systems, she added. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Finance Minister further added, "Every fintech firm should view rural India as a fertile ground - not just as a social responsibility but as an opportunity to create new markets." Concluding her address, Sitharaman encouraged fintech firms to look beyond urban markets. "Rural India is not just a social responsibility. It is a fertile ground for innovation, inclusion, and opportunity. The next big wave of growth lies in Bharat beyond the metros." During the Fintech Payments Award 2025, the major fintechs PhonePe , PayTm , and Google Pay got the first, second and third places as the leaders in the offline digital payments acceptance infrastructure category. Punjab National Bank , Bank of Baroda and Uco Bank received the first, second and third positions under the public bank category, while HDFC Bank , City Bank and IDFC Bank were winners of the private bank category. Equitas Small Finance Bank and India Post Payments Bank were recognised as the players redefining financial access and inclusion at the grassroots level. Under the fraud prevention and grievance redressal category, Canara Bank and Yes Bank were awarded as a special mention while WhatsApp Meta, Navi, and Mobikwik jointly shared the first spot, and Jupiter Money and FamApp received the award under the third-party App Providers (TPAPs) category.
Hans India
15-06-2025
- Business
- Hans India
FM hands over loan sanction letters worth Rs 5.13 crore to beneficiaries in Leh
Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday handed over loan sanction letters worth Rs 5.13 crore to beneficiaries in Ladakh's Leh, under various Central government financial inclusion schemes. The move is part of the Centre's continued efforts to empower local communities through targeted economic support and strengthen entrepreneurship in remote regions like Ladakh. The Finance Minister distributed the sanction letters during the Credit Outreach Programme organised in Leh, where beneficiaries of schemes such as the Pradhan Mantri Mudra Yojana (PMMY), the PM Vishwakarma Yojana, the Prime Minister's Employment Generation Programme (PMEGP), the PM Formalisation of Micro Food Processing Enterprises (PM-FME) Scheme, and Joint Liability Group (JLG) loans received official support from participating banks. FM Sitharaman, who is on a four-day visit to Ladakh, also interacted with beneficiaries and bank officials during the programme. Her visit comes at a time when the government is increasing its focus on financial inclusion in aspirational and border regions. Through these initiatives, the government aims to promote local entrepreneurship, generate employment, and ensure equitable access to formal credit systems. Earlier in the day, the Finance Minister visited an exhibition in Leh featuring local handicrafts, handloom products, and sustainable innovations developed by women-led self-help groups (SHGs) and small entrepreneurs. She praised their creativity and the role they play in preserving Ladakh's cultural heritage, while also contributing to rural economic development. The Centre's flagship schemes, like the PM Mudra Yojana and DAY-NRLM, have played a key role in driving financial inclusion across India. Under the PMMY alone, over 52 crore loans worth Rs 32.61 lakh crore have been sanctioned since its launch, with nearly 70 per cent of the beneficiaries being women entrepreneurs. The scheme's emphasis on collateral-free credit has enabled small business owners, particularly in rural and semi-urban areas, to become financially independent. The Finance Minister was also scheduled to meet with officials from the Ladakh Autonomous Hill Development Council (LAHDC) and the Union Territory administration, and inaugurate various developmental projects during her visit.
India Gazette
03-06-2025
- Business
- India Gazette
Finance Minister Nirmala Sitharaman inaugurates new building of DRI in Delhi
New Delhi [India], June 3 (ANI): Union Finance and Corporate Affairs Minister Nirmala Sitharaman, on Tuesday, inaugurated the new building of the Directorate of Revenue Intelligence in Delhi. Minister of State for Finance Pankaj Chaudhary, Revenue Secretary Arvind Srivastava, Central Board of Indirect Taxes and Customs Chairman Sanjay Agarwal and other members of the board were also present during the inauguration. In a post on social media X, Sitharaman's office wrote that officers in the country must embrace three imperatives to be effective. The imperatives were not including enforcement and facilitation as opposing ends of the spectrum, investigating holistically, and rooting enforcement operations not just in Data but also in Dharma. 'In order to be effective, all enforcement agencies, all officers must embrace three key imperatives: Do not view enforcement and facilitation as opposing ends of the spectrum. Investigate holistically, keeping the big picture in focus, not merely chasing isolated infractions. Enforcement operations should be rooted not only in Data but also in Dharma,' the post read. In an earlier post, Sitharaman also stated that the Prime Minister's words of 'Reform, Perform and Transform' need to be remembered to keep moving forward. Earlier on May 31, the Union Minister stated that the priority of the government was to 'make sure' that the currency in circulation would be in 'lower denominations' and spreading more awareness for doing 'digital transfers.' Answering a question on the future of Rs 500 currency, Sitharaman said, 'We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks.' 'We need to have more digital awareness built so that people see a benefit in doing digital transfers,' the Union Finance Minister said at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the national capital. In recent years, India has witnessed an unparalleled rise in digital transactions, marking a significant milestone in its journey towards becoming a cashless society. At the forefront of India's digital payment revolution is UPI, with a record hit of 16.73 billion transactions in December 2024. (ANI)
