Bhagwat Karad News

₹2.86 trillion into public sector banks, as per data presented in the Parliament by junior finance minister Bhagwat Karad in March 2023. The cleanup of legacy bad loans and stronger underwriting decisions have played a role in the improvement of their health. Asked about the trends in private capex, the minister said the private sector is investing significantly in areas offering new opportunities.

illegal loan apps from PlayStore in a span of two years ending Aug 2023? The latest data was revealed by Dr Bhagwat Karad, Minister of State (MoS) in the ministry of finance in a reply in Rajya Sabha. Google has reviewed nearly 3,500 to 4,000 loans apps and suspended or removed over 2,500 loan apps from its PlayStore during April 2021-July 2022, reveals the data shared by Similarly, during Sept 2022- Aug 2023, over 2,200 loan apps were removed from the PlayStore. Further, Google has updated its policy regarding enforcement of loan apps on the Play Store and only those apps are allowed on the PlayStore which are published by regulated entities or those working in partnership with regulated entities.

fiscal deficit target of 5.9% of gross domestic product (GDP) in the financial year 2023-24, junior finance minister Bhagwat Karad said on Monday. India's fiscal deficit in the first seven months of the financial year ending on March 31, 2024 was Rs 8.04 lakh crore ($96.86 billion), or 45% of the estimate for the whole year, according to data released by the government last month. However, the government has collected only Rs 10,050 crore from selling stakes in government-run firms as of Dec.

Nirmala Sitharaman on Monday said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing Rs 2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas. Under the scheme, the number of bank accounts grew 3.4-fold from 14.72 crore in March 2015, to 50.09 crore as on August 16, 2023. Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023. The average deposits in Jan Dhan accounts have increased 3.8 times from Rs 1,065 as of March 2015, to Rs 4,063 in August 2023.

Axis Bank on Wednesday said it will raise its stake in insurer Max Life to 16.2% from 9.99% by infusing 16.12 billion rupees ($194.6 million) through a preferential allotment of shares.Axis Bank along with its entities acquired a 12.99% stake in Max Life in 2021, and through this new investment, they will own 19.02% in the insurer.Max Financial Services, the holding company of Max Life, will hold about 80.98% in the insurer.The proposed infusion by Axis Bank in Max Life will help it to support its future growth ambitions, Max Financial Services said in a statement.The investment is subject to regulatory approvals and will strengthen the lender's position in the life insurance business, Axis Bank said, adding that Axis Entities would have the right to appoint the chairman. (Reuters)The Finance Ministry has conveyed to the Rajya Sabha that a cumulative sum of over ₹35,000 crore has been amassed by public sector banks and five prominent private banks in India since 2018.

₹35,000 crore in charges since 2018, Finance Ministry told Rajya Sabha in a written reply. The banks collected the money on account of non-maintenance of minimum balance, additional ATM transactions and SMS Services Minister of State, Dr Bhagwat Karad, stated that non-maintenance of minimum balance contributed ₹21,000 crore, while excess ATM transactions generated ₹8,000 crore, and SMS services added ₹6,000 crore.

The likes of Mehul Choksi - a fugitive and a defau... moreThe likes of Mehul Choksi - a fugitive and a defaulter have cost banks a ton of money.

₹87,295 crore to banks and financial institutions, according to the Union Finance Ministry. Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing ₹8,738 crore to banks, followed by Era Infra Engineering Limited owing ₹5,750 crore, REI Agro Limited ₹5,148 crore, ABG Shipyard Limited ₹4,774 crore, and Concast Steel and Power Limited ₹3,911 crore. Other wilful defaults are Rotomac Global Private Limited ₹2,894 crore, Winsome Diamonds and Jewellery Limited ₹2,846 crore, Frost International Limited ₹2,518 crore, Shri Lakshmi Cotsyn Limited ₹2,180 crore, and Zoom Developers Private Limited ₹2,066 crore.

Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe Rs 87,295 crore to banks and financial institutions. Of this, top 10 wilful defaulters owe Rs 40,825 crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.

Parliament was informed on Monday. Sharing data, Minister of State for Finance Bhagwat Karad said bank frauds have declined from Rs 77,544 crore in 2013-14 to Rs 1,650 crore in 2022-23.

₹10 trillion of bad debt, the finance ministry informed Parliament, quoting provisional data for FY2022-23. Minister of state for finance Bhagwat Karad said in a reply in the lower house that various legislative and institutional mechanisms have played a key role in cleansing banks' balance sheets.

Government has said that cryptocurrency is not legal in India as of now