Tag: Niti Aayog

Niti Aayog submits names of PSU banks to be privatised, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The names of two state-run banks and one general insurance company that can be privatised have been submitted by NITI Aayog to the Core Group of Secretaries on Disinvestment as was announced in the Union Budget for 2021-22.

Finance minister Nirmala Sitharaman has assured that the “interests of workers of banks which are likely to be privatised will absolutely be protected whether their salaries or scale or pension all will be taken care of”.

Along with these two state-run banks and one general insurer, the government wants to conclude the privatisation process for Air India, BPCL and Shipping Corporation in this fiscal.

The government has budgeted Rs 1.75 lakh crore from disinvestment during the current financial year.

As the second wave of the coronavirus threatens to disrupt the projected economic growth in the current fiscal, the government is banking on meeting its non-tax revenue targets.

The government is aiming at creation of bigger banks.

“We brought together banks with completely different capacities and we wanted to have the synergies of both so that the bank which has extensive network in a particular area comes in also, but that bank which is sitting over mounds of deposits but doesn’t have that many branches (is) also able to benefit,” the FM had said in an interview to this paper.

Niti Aayog has been entrusted with the task of selection of names of two public sector banks and one general insurance company for the privatisation as announced in the Budget 2021-22.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

HDFC Bank commits ₹100 cr under Parivarthan for fighting the pandemic

Banking & Finance

[ad_1]

Read More/Less


HDFC Bank and Piramal Foundation on Friday announced measures for Covid relief.

HDFC Bank, under Parivartan, announced measures to set up and enhance medical infrastructure across the country to assist the fight against the pandemic.

“The measures comprise setting up permanent medical infrastructure such as oxygen plants, medical equipment, and ICU facilities, in addition to providing medical supplies to hospitals across India,” it said in a statement.

The bank has committed an initial ₹100 crore under Parivartan in 2021-22 for Covid-19 relief initiatives. In 2020-21, it had contributed ₹120 crore towards Covid-19 relief.

Piramal Foundation’s initiative

Meanwhile, in a separate announcement, Piramal Foundation, which is the philanthropic arm of Piramal Enterprises Limited (PEL), said it will invest ₹100 crore towards Covid Relief in aspirational districts in partnership with Niti Aayog.

“To address the current emergency due to the second wave of Covid-19, the Foundation, will set up 100 Covid Care Centres in rural and tribal blocks across 25 of the worst affected Aspirational districts, and Home Care Support to the tribal and rural population with poor access to health services in 112 aspirational districts across India in partnership with Niti Aayog,” it said in a statement.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

NITI Chairman, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI, Niti Aayog Vice-Chairman Rajiv Kumar said on Monday. While releasing a report — Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat — prepared jointly by Niti Aayog and Mastercard , Kumar said this report looks at some key sectors and areas that need digital disruptions to bring financial services to everyone.

“Technology has been transformational, providing greater and easier access to financial services. India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI,” he said.

The report recommended that there is a need to strengthen the payment infrastructure to promote a level-playing field for NBFCs and banks.

It also pitched for digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs.

According to the report, there is a need to build information sharing systems, including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.

It also pitched for enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes.

“Digitizing land records will also provide a major boost to the sector,” the report said, adding that to make city transit seamlessly accessible to all with minimal crowding and queues, there is need to leverage existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system .

Also speaking at the event, Mastercard. Asia Pacific Co-President Ari Sarker said the Covid-19 pandemic has alerted us all to the fragility of cash and the resilience of digital technologies, including digital payments.

“India has changed its operating landscape in making digital more accessible and friction free. It is one of the most advanced digital payments environment in the world. Now is the time to take our learnings and digital transformation-at-scale with speed and agility,” he said.

Niti Aayog CEO Amitabh Kant said in the post-COVID-19 era, building resilient systems and encouraging business models that could be change-makers of the future are crucial.

Kant further said India is emerging as the hub of digital financial services globally, with solutions like UPI growing tremendously and being hailed as instrumental in bringing affordable digital payment solutions to the last mile.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

NITI Aayog to finalise names of 2 public sector banks for privatisation soon, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Government think-tank NITI Aayog, in consultation with the Finance Ministry, has started deliberations to finalise the names of two public sector banks that will be privatised in the current fiscal as part of the disinvestment process. NITI Aayog has been entrusted with the task of selection of names of two public sector banks and one general insurance company for the privatisation as announced in the Budget 2021-22.

The work in this respect is going on, sources said, adding, a couple of meetings have been convened by the NITI Aayog on the subject.

There are various aspects that have to be looked into including regulatory issues, HR management, financial health etc before reaching a conclusion, sources added.

Once NITI Aayog makes its recommendations, it will be vetted by the Core Group of Secretaries on Disinvestment headed by Cabinet Secretary.

The other members of the high-level panel are Economic Affairs Secretary, Revenue Secretary, Expenditure Secretary, Corporate Affairs Secretary, Secretary Legal Affairs, Secretary Department of Public Enterprises, Secretary Department of Investment and Public Asset Management (DIPAM) and the Secretary of administrative department.

Following clearance from the Core Group of Secretaries, the finalised names will go to Alternative Mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for the final nod.

Changes on the regulatory side to facilitate privatisation would start after the Cabinet approval.

Last month, Finance Minister Nirmala Sitharaman had said “interests of workers of banks which are likely to be privatised will absolutely be protected whether their salaries or scale or pension all will be taken care of.”

Explaining the rationale behind the privatisation, Sitharaman had said that banks in the country needed to be bigger, just like the State Bank of India (SBI).

“We need banks which are going to be able to scale up… We want banks that are going to be able to meet the aspirational needs of this country,” Sitharaman had said, adding that a lot of thought had gone behind the intention to privatise some public sector banks.

Meanwhile, banking sector regulator RBI also said it is in discussion with the government over the privatisation of public sector banks.

The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one insurance company, during the current financial year. The amount is lower than the record budgeted Rs 2.10 lakh crore to be raised from CPSE disinvestment in the last fiscal.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,
1 2