Finance Ministry

September 11, 2026 6:37 PM

Bankers’ Books Evidence Act, 2026 to come into force from October 1

The Bankers’ Books Evidence Act, 2026 will come into force from October 1, 2026, replacing the 1891 law and providing a modern legal framework for the use of banking records as evidence in legal proceedings. The new legislation received the assent of President Droupadi Murmu on August 13, 2026. The Central Government, through a notification issued on September 10, appointed October 1 as the date for commencement of the Act. The Act seeks to modernise the legal framework governing banking rec...

August 26, 2026 3:16 PM

SIDBI holds RRB conclave to expand co-lending for MSMEs in rural and semi-urban areas

The Small Industries Development Bank of India (SIDBI) organised a conclave of the heads of Regional Rural Banks (RRBs) in New Delhi on Tuesday to discuss expanding the SIDBI-RRB MSME Co-Lending arrangement and strengthening credit access for micro, small and medium enterprises in rural and semi-urban areas. The conclave was chaired by Sanjay Lohiya, Secretary, Department of Financial Services (DFS), and was attended by Manoj Mittal, CMD, SIDBI, senior officials from DFS, SIDBI and NABARD, and ...

August 19, 2026 12:11 AM

PSB Confluence 2026 ends with seven-point action plan, FM Sitharaman calls for month-long youth banking campaign from Oct 2

The two-day PSB Confluence 2026 concluded on Tuesday with Public Sector Banks (PSBs) and Public Financial Institutions (PFIs) identifying actionable strategies across seven key themes to strengthen the banking and financial sector and support India's growth towards Viksit Bharat 2047. The conclave, organised by the Department of Financial Services (DFS), Ministry of Finance, brought together senior leadership of PSBs and PFIs, government officials and domain experts for discussions on emerging ...

August 18, 2026 7:27 PM

Regional Rural Banks’ gross loans rise 10.3% to Rs 5.78 lakh crore in FY26, priority sector lending remains strong

Regional Rural Banks (RRBs) recorded strong growth in credit delivery during 2025-26, with their gross loans outstanding rising 10.3 per cent to ₹5.78 lakh crore, up from ₹5.24 lakh crore in the previous financial year, according to data released by the Ministry of Finance on Tuesday. The performance highlights the continued role of RRBs in expanding institutional credit in rural areas, supporting agriculture, micro-enterprises and other underserved sections of the economy. RRBs also maint...

August 12, 2026 6:45 PM

BRICS nations need stronger frameworks to mobilise private capital at scale: FM Sitharaman

BRICS economies, despite being major engines of global growth, face common structural challenges in mobilising private capital at scale, Union Finance Minister Nirmala Sitharaman said on Wednesday, calling for stronger, stable and predictable frameworks to encourage sustained private investment. FM Sitharaman made the remarks while delivering the keynote address at a seminar on “The Role of the New Development Bank in Mobilising Private Capital in Member Countries”, held on the sidelines of...

August 5, 2026 3:55 PM

RBI targets circulation of polymer currency notes by next FY

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said the central bank is targeting the circulation of polymer currency notes by the beginning of the next financial year. “The polymer currency notes have enhanced durability and life. The polymer currency is relevant for high-velocity lower-denomination notes. These notes have been in circulation for more than 30 years in various countries," said Malhotra while addressing the press at the post-Monetary Policy Committee (MPC) o...

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...