Finance Ministry

August 3, 2026 6:37 PM

India achieves near-universal banking coverage as 99.92% of inhabited villages gain access to banking services

India has achieved near-universal banking coverage, with 99.92 per cent of the country's inhabited villages now having access to a banking outlet within a five-kilometre radius, according to information shared by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha on Monday. The Minister said that 6,00,868 out of 6,01,328 inhabited villages are now served by a bank branch, Business Correspondent (BC) or India Post Payments Bank (IPPB) outlet, based on data uploade...

August 3, 2026 6:34 PM

Every ₹1 invested under KCC-MISS generates ₹2.30 for agriculture, government cites third-party assessment

Every ₹1 invested under the Kisan Credit Card-Modified Interest Subvention Scheme (KCC-MISS) generates ₹2.30 in net value addition for the agriculture and allied sector, according to a third-party assessment conducted by the Institute for Social and Economic Change (ISEC), Bengaluru. The findings underline the scheme's contribution to improving farm productivity, expanding allied activities and strengthening access to affordable institutional credit. According to the assessment, the KCC-MI...

July 31, 2026 5:58 PM

Favara-UPI cross-border payment corridor goes live, enabling real-time transfers between Maldives and India

India and the Maldives have strengthened their digital financial partnership with the launch of the Favara-UPI cross-border payment corridor, enabling individuals in the Maldives to transfer funds instantly to UPI-enabled bank accounts in India through their mobile banking applications. The Maldives Monetary Authority (MMA) announced the successful operationalisation of the integration between the Maldives Instant Payment System, Favara, and India's Unified Payments Interface (UPI) on July 30, ...

July 1, 2026 2:49 PM

India’s gross GST collections surge 13.9% YoY to Rs 1.94 lakh crore in June 2026

India's gross Goods and Services Tax (GST) collections climbed to Rs 1,94,812 crore in June 2026, marking a 13.9 per cent year-on-year increase from Rs 1,71,105 crore in June 2025. According to provisional data released by the Finance Ministry, the growth is primarily driven by a substantial increase in import revenues, which outpaced domestic collections during the month. The total net GST revenue stood at Rs 1,62,377 crore for the month, translating to an 11.2 per cent growth over the net col...

May 14, 2026 5:28 PM

AI-powered financial inclusion reshaping India’s digital economy

India’s financial inclusion journey is entering a new phase, powered by the convergence of Digital Public Infrastructure (DPI) and Artificial Intelligence (AI), transforming how banking, lending, and financial services are delivered across the country. What began as a mission to provide basic banking access has evolved into a technology-driven ecosystem focused on real-time, intelligent, and inclusive financial services at scale. By leveraging digital footprints, consent-based data sharing, a...

April 22, 2026 5:02 PM

Atal Pension Yojana crosses 9 crore enrolments, records highest annual subscriber addition

The government’s flagship social security initiative, Atal Pension Yojana (APY), has crossed a major milestone, with total gross enrolments surpassing 9 crore subscribers as of April 21, 2026. The scheme also recorded its highest-ever annual addition, with over 1.35 crore new subscribers joining during the financial year 2025-26, reflecting its expanding reach and growing acceptance among citizens, particularly in the unorganised sector. Launched in May 2015, APY is administered by the Pensi...

April 2, 2026 12:01 PM

Centre grants full customs duty exemption on critical petrochemical products

The government has decided to provide full customs duty exemption on critical petrochemical products till June 30, 2026, amid the ongoing conflict in West Asia and the consequent disruptions in global supply chains, Finance Ministry said on Thursday. The measure, said the ministry in a statement, has been taken as a temporary and targeted relief in order to ensure continued availability of critical petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and sa...

April 1, 2026 3:40 PM

Government announces one-time relief for SEZ units to boost domestic sales amid global trade disruptions

The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday introduced a one-time relief measure allowing eligible manufacturing units in Special Economic Zones (SEZs) to sell goods in the Domestic Tariff Area (DTA) at concessional customs duty rates. The move, announced in the Union Budget 2026-27, aims to address challenges faced by SEZ units due to ongoing global trade disruptions. The relief will be effective from April 1, 2026, to March 31, 2027, and is being implemented through a ...

March 24, 2026 4:39 PM

RBI, IRDAI and SEBI step up efforts to help citizens reclaim unclaimed financial assets

India’s top financial regulators - Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and Securities and Exchange Board of India (SEBI) - have intensified efforts to help citizens recover unclaimed deposits and investments through simplified procedures, digital platforms, and regulatory reforms. To boost public awareness and facilitate claims, the Department of Financial Services conducted a nationwide campaign titled “आपकी पँजूी,...

March 6, 2026 10:39 AM

8th Central Pay Commission invites stakeholder representations; online submissions open until April 30

The Eighth Central Pay Commission has invited representations and memorandums from stakeholders, including serving employees, pensioners, associations, unions and organizations, regarding pay structure and related matters. According to the Ministry of Finance, the Commission has provided a structured online format for submitting suggestions and representations through its official website, 8th Central Pay Commission portal (8cpc.gov.in). Stakeholders can also submit their memorandums through t...