Ministry of Finance

April 30, 2026 6:42 PM

NARCL recovers Rs 4,364 crore in FY26, drives nearly 70% of total recoveries

National Asset Reconstruction Company Limited (NARCL) has significantly accelerated its recovery efforts in FY 2025-26, recovering ₹4,364 crore during the year - accounting for nearly 70% of its total recoveries to date and reinforcing its role in India’s stressed asset resolution framework. According to the Finance Ministry, cumulative recoveries by NARCL have reached ₹6,345 crore, reflecting steady progress in resolving large non-performing assets and improving outcomes for lenders. Th...

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...

February 16, 2026 3:44 PM

UPI preferred mode of transaction at 57%, surpassing cash at 38%: Survey

Unified Payments Interface (UPI) has emerged as the most preferred mode of transaction, accounting for 57 per cent, surpassing cash transactions at 38 per cent, primarily due to ease of use and instant fund transfer capability, according to a survey. The Department of Financial Services (DFS), Ministry of Finance, released a report titled 'Socio-Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI (Person-to-Merchant) transactions' during t...

January 11, 2026 12:53 PM

Year Ender 2025: How DFS shaped banking, inclusion and digital finance in 2025

The Ministry of Finance’s Department of Financial Services (DFS) closed 2025 with an expanded set of reforms that strengthened public sector banks, deepened financial inclusion and accelerated India’s transition to a digital payments economy. According to the year-ender report, DFS built on measures such as the Banking Laws (Amendment) Act 2025, the Your Money, Your Right campaign, EASE reforms, credit innovations and digital payment initiatives under the DigiDhan Mission. A major storyline...

July 8, 2025 4:56 PM

No directions issued to close inactive Jan Dhan accounts, says Finance Ministry

The Department of Financial Services (DFS) under the Ministry of Finance on Tuesday clarified that no instructions have been issued to banks for closing inactive accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The statement came amid reports in sections of the media claiming that the government had asked banks to shut down dormant Jan Dhan accounts. Terming such reports incorrect, the DFS reiterated that no such directive has been given. In an official note, the department stated th...

May 6, 2025 10:44 AM

India’s first mortgage-backed PTCs listed on NSE

M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, on Tuesday rang the ceremonial bell to mark the listing of the country’s first mortgage-backed Pass Through Certificates (PTCs) on the National Stock Exchange (NSE). The certificates were structured by RMBS Development Company Limited. The listing ceremony, held in Mumbai, was attended by senior officials from banks, housing finance companies, and key financial institutions. The PTCs, fully subscribed at ₹1,000 c...

April 9, 2025 9:40 AM

India offers a compelling growth opportunity for foreign banks: FM Sitharaman

Union Finance Minister Nirmala Sitharaman has highlighted India as a compelling destination for foreign banks and financial institutions, underlining the government’s active encouragement of foreign investment in the country’s rapidly expanding banking and financial sector. Speaking on Tuesday at the India-UK Investor Roundtable in London, which brought together around 60 representatives from pension funds, insurance firms, banks, and other financial institutions, the Minister outlined the ...

March 26, 2025 3:36 PM

IMF reaches staff-level agreement with Pakistan for $1.3 billion climate loan package

The International Monetary Fund (IMF) has finalized a staff-level agreement with Pakistan for a $1.3 billion loan package over 28 months to support the country’s climate change mitigation and adaptation efforts. This agreement also includes the first review of the ongoing $7 billion bailout program, with the IMF commending Pakistan’s progress in restoring macroeconomic stability despite global challenges. Government sources from Pakistan’s finance department report steady inflation progre...

March 25, 2025 10:33 PM

Centre discontinues Gold Monetisation Scheme; short-term deposits to continue

The government on Tuesday announced the discontinuation of the Medium-Term and Long-Term Government Deposit (MLTGD) components of the Gold Monetisation Scheme (GMS), effective from March 26, 2025. The Ministry of Finance said in a statement that banks may continue offering Short-Term Gold Deposits (1-3 years) under the scheme. About 31,164 kilograms of gold have been mobilised under the GMS as of November 2024. “Based on the examination of the performance of the Gold Monetisation Scheme (GM...

February 21, 2025 5:19 PM

DRI busts seven fake currency modules across four states; nine arrested

In a major crackdown on Fake Indian Currency Notes (FICN) operations, the Directorate of Revenue Intelligence (DRI) dismantled seven modules across Maharashtra, Haryana, Bihar, and Andhra Pradesh, resulting in the arrest of nine individuals. The operation, conducted on Thursday, involved simultaneous searches at 11 locations, targeting facilities engaged in printing FICN using imported security paper, according to the Ministry of Finance. The raids in Maharashtra uncovered sophisticated setups ...