Latest news with #nsitharaman
Economic Times
5 days ago
- Business
- Economic Times
Muthoot Finance shares surge 6% as FinMin bats for exemption of sub-Rs 2 lakh gold loans from RBI rules
Draft Directions on Lending Against Gold Collateral issued by the @RBI have been examined by @DFS_India under guidance of Union Minister for Finance and Corporate Affairs Smt. @nsitharaman. @DFS_India has given suggestions to the @RBI to ensure that the requirements of the… — Ministry of Finance (@FinMinIndia) May 30, 2025 Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Muthoot Finance surged 6.15% to hit the day's high of Rs 2,193 on the BSE on Thursday after the Finance Ministry suggested that borrowers availing gold loans below Rs 2 lakh should be exempted from the Reserve Bank of India's (RBI) proposed draft guidelines.'@DFS_India has suggested that small ticket borrowers below Rs 2 lakh may be excluded from the requirements of these proposed directions to ensure timely and speedy disbursement of loans for such small ticket borrowers,' the finance ministry said in its tweet on the social media platform Finance Ministry said that the draft guidelines issued by the Reserve Bank of India (RBI) on lending against gold collateral may be deferred and softened for small an official post on the social media platform X, the ministry said it has reviewed the RBI's proposed draft directions under the guidance of Union Finance Minister Nirmala Sitharaman and has given suggestions to the central recommendation was made to safeguard the interests of small-ticket borrowers and ease operational constraints for lenders, particularly non-banking financial companies (NBFCs) such as Muthoot Finance.'Draft Directions on Lending Against Gold Collateral issued by the @RBI have been examined by @DFS_India under guidance of Union Minister for Finance and Corporate Affairs Smt. @nsitharaman,' the post Department of Financial Services (DFS), operating under the Finance Ministry, has stated that such guidelines may require more time for implementation at the field level and therefore could be made effective from January 1, Finance Ministry's recommendation provides significant relief to gold financing companies, particularly NBFCs like Muthoot Finance, whose core business revolves around small-ticket gold draft norms, if implemented without relaxation, could have increased operational burdens and slowed disbursements, especially in rural and semi-urban markets where small loans suggesting a delayed implementation timeline and calling for exemptions for loans under Rs 2 lakh, the ministry has signalled regulatory flexibility, which helps preserve business volumes, maintain customer access, and reduce compliance risks for lenders heavily dependent on gold-backed lending : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
5 days ago
- Business
- Time of India
Muthoot Finance shares surge 6% as FinMin bats for exemption of sub-Rs 2 lakh gold loans from RBI rules
The Finance Ministry said that the draft guidelines issued by the RBI on lending against gold collateral may be deferred and softened for small borrowers. The Finance Ministry recommended exempting sub-Rs 2 lakh gold loans from the RBI's draft rules. The move aims to protect small borrowers and ease compliance for NBFCs. The ministry also proposed deferring implementation to January 2026, offering relief to lenders reliant on gold-backed loans, especially in rural and semi-urban markets. Tired of too many ads? Remove Ads Draft Directions on Lending Against Gold Collateral issued by the @RBI have been examined by @DFS_India under guidance of Union Minister for Finance and Corporate Affairs Smt. @nsitharaman. @DFS_India has given suggestions to the @RBI to ensure that the requirements of the… undefined Ministry of Finance (@FinMinIndia) May 30, 2025 Tired of too many ads? Remove Ads Shares of Muthoot Finance surged 6.15% to hit the day's high of Rs 2,193 on the BSE on Thursday after the Finance Ministry suggested that borrowers availing gold loans below Rs 2 lakh should be exempted from the Reserve Bank of India's (RBI) proposed draft guidelines.'@DFS_India has suggested that small ticket borrowers below Rs 2 lakh may be excluded from the requirements of these proposed directions to ensure timely and speedy disbursement of loans for such small ticket borrowers,' the finance ministry said in its tweet on the social media platform Finance Ministry said that the draft guidelines issued by the Reserve Bank of India (RBI) on lending against gold collateral may be deferred and softened for small an official post on the social media platform X, the ministry said it has reviewed the RBI's proposed draft directions under the guidance of Union Finance Minister Nirmala Sitharaman and has given suggestions to the central recommendation was made to safeguard the interests of small-ticket borrowers and ease operational constraints for lenders, particularly non-banking financial companies (NBFCs) such as Muthoot Finance.'Draft Directions on Lending Against Gold Collateral issued by the @RBI have been examined by @DFS_India under guidance of Union Minister for Finance and Corporate Affairs Smt. @nsitharaman,' the post Department of Financial Services (DFS), operating under the Finance Ministry, has stated that such guidelines may require more time for implementation at the field level and therefore could be made effective from January 1, Finance Ministry's recommendation provides significant relief to gold financing companies, particularly NBFCs like Muthoot Finance, whose core business revolves around small-ticket gold draft norms, if implemented without relaxation, could have increased operational burdens and slowed disbursements, especially in rural and semi-urban markets where small loans suggesting a delayed implementation timeline and calling for exemptions for loans under Rs 2 lakh, the ministry has signalled regulatory flexibility, which helps preserve business volumes, maintain customer access, and reduce compliance risks for lenders heavily dependent on gold-backed lending : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mint
27-05-2025
- Business
- Mint
Finance minister Sitharaman calls for fintech innovation; highlights its role in MSME growth
Finance minister Nirmala Sitharaman highlighted the role of fintech innovation in the growth of digital public infrastructure in the country and the easing of access to financial services for small businesses during a visit to Pine Labs, a fintech firm based in Noida. Underscoring the growing role of fintech in the digital transformation of the economy, the minister reviewed innovations in prepaid instruments and digital tools supporting the delivery of welfare schemes, according to a series of posts on the social media platform 'X' by the minister's office. "We want every State to speed up on digitisation. We are also helping them in expediting it. While giving the 50-year interest-free loans to States for capital expenditure, we underline that we will incentivise States who get on to digitise their records at the earliest. So, we want digitisation to happen sooner and in every sector," a tweet from the minister's office quoted her as saying. During the visit, the minister also witnessed demonstrations by Pine Labs on innovative fintech solutions being developed around the account aggregator (AA) framework, a system that allows people to share their financial data across institutions. The minister's visit to the fintech enterprise comes in the context of the massive adoption of digital payments across the economy, including among small businesses and retailers, giving a strong boost to the formalisation of the economy. "Smt @nsitharaman visits the office of Pine Labs (@PineLabs), a digital Fintech company, in Noida. The Hon'ble FM interacted with the employees and staff there, acknowledging India's Fintech firms' contribution to expanding country's Digital Public Infrastructure (DPI) and in enabling seamless, secure and inclusive financial services for merchants and MSMEs," said another tweet. MSMEs refers to micro, small, and medium enterprises. Sitharaman witnessed demonstrations of the fintech firm's innovative solutions for prepaid instruments, the account aggregator framework, and digital services used in the Public Distribution System (PDS) and other government schemes and services. The government has been key in focusing on the digitisation of payments and financial services, and India has emerged as a hub of fintech solutions and innovations in the past few years, with several startups emerging in this space. In a February report, EY noted that India has positioned itself as a competitive fintech hub globally with the highest fintech adoption rate. "When compared to its peers and other FinTech hubs like UK, US, China, and Singapore, India scores high in regulatory and government support, funding, technological preparedness and entrepreneurial spirit," it said. The report noted that the Indian fintech ecosystem continues to evolve and that there are challenges to address, including regulatory concerns, data security, and low financial literacy among users. The EY report noted that the Indian fintech market is expected to expand by 30% to reach $180-200 billion by 2029, fuelled by rising income, awareness and digital infrastructure. "By transforming challenges into opportunities through innovation, India can leverage its FinTech potential to achieve its Viksit Bharat 2047 vision of becoming a developed nation," it said.
Hans India
21-05-2025
- Business
- Hans India
Resolute to be enabler and contributor to FM Sitharaman's vision and mission: NSE CEO
New Delhi: Ashish Kumar Chauhan, MD and CEO of the National Stock Exchange (NSE), on Wednesday met Union Finance Minister Nirmala Sitharaman, saying that the exchange is resolute to be an enabler and contributor to her vision and mission. In a post on social media platform X, Chauhan lauded FM Sitharaman's steadfast leadership, resolve and commitment towards the goal of 'Viksit Bharat'. "Thank you for your time, Hon'ble FM @nsitharaman. Your steadfast leadership, resolve and commitment unto Viksit Bharat 2047 under PM @narendramodi inspires us all," he posted. He further stated that "We @NSEIndia are resolute to be an enabler and contributor to your vision and mission". The NSE CEO was reacting to an X post by Nirmala Sitharaman Office, which said: 'Ashish Kumar Chauhan, MD and CEO @NSEIndia, calls on Smt @nsitharaman'. Last week, the NSE became the largest unlisted company in India with over 100,000 shareholders. This makes the NSE one of the few entities in the country to have such a vast number of investors as not many listed companies in India have managed to achieve the same level of shareholder base. The impressive growth in the number of shareholders reflects strong investor interest in the exchange, which continues to play a key role in the country's financial ecosystem. The NSE has consistently attracted attention due to its pivotal position in India's securities market, being a major platform for trading in equities, derivatives, and other financial products. For the financial year ending March 31 (FY25), the NSE reported a 17 per cent year-on-year (YoY) increase in consolidated total income, reaching Rs 19,177 crore. Net profit for the fiscal rose by an impressive 47 per cent to Rs 12,188 crore, according to its filing. Notably, the exchange contributed Rs 59,798 crore to the Indian exchequer in FY25 through various levies, including Securities Transaction Tax (STT), stamp duty, SEBI fees, income tax, and GST.
Business Upturn
23-04-2025
- Business
- Business Upturn
J&K terror attack: FM Nirmala Sitharaman ends US-Peru trip early amid J&K terror attack, rushing back to India
By News Desk Published on April 23, 2025, 07:05 IST Union Finance Minister Nirmala Sitharaman is cutting short her official visit to the United States and Peru in light of the tragic terrorist attack in Jammu and Kashmir's Pahalgam. The Ministry of Finance confirmed the development via a post on X (formerly Twitter), stating that the minister is taking the earliest available flight back to India. 'Union Minister for Finance and Corporate Affairs Smt. @nsitharaman is cutting short her official visit to the USA-Peru. She is taking the earliest available flight back to India to be with our people in this difficult and tragic time,' the ministry wrote. 🔴 #BREAKING | J&K Terror Attack | Finance Minister Nirmala Sitharaman Cuts Short US-Peru Visit, To Return To India — NDTV (@ndtv) April 23, 2025 Her return follows that of Prime Minister Narendra Modi, who also cut short his visit to Saudi Arabia to address the aftermath of the terror attack. News desk at
