Under the amendments, the RBI gain powers to supersede the board of a cooperative bank under stress, with government approval.
February 7, 2020Finance Minister Nirmala Sitharaman announced in her Budget Speech that deposit insurance would be increased to 500,000 rupees per depositor.
February 5, 2020India’s finance ministry plans to increase the deposit guarantee limit to protect consumers against bank failures.
November 20, 2019The panel has also proposed the development of a marketplace model for P2P lending, and the introduction of virtual banking in India.
September 4, 2019“In place of fragmented lending capacity with 27 public sector banks in 2017, now there will be only 12 state-run banks post consolidation,” said India’s finance minister Nirmala Sitharaman.
September 3, 2019The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.
August 26, 2019Existing tax incentives have been extended to 10 years from 5 years. New exemptions for dividend distribution tax and alternate investment funds also proposed.
July 8, 2019The government announced a fresh capital infusion for state banks, credit guarantees on NBFC assets, and stronger supervisory powers for the RBI.
July 8, 2019