Officials said Govt directs state-run banks and insurers to cut costs by limiting unnecessary spending and improving operational efficiency. Major institutions such as State Bank of India, Bank of Baroda and Life Insurance Corporation of India will follow the new guidelines issued by the Finance Ministry.

Under the directive, most meetings should take place through video conferencing. Physical meetings should be held only when absolutely necessary. Senior officials must also reduce foreign travel and attend international meetings online whenever possible.

The government has also asked institutions to adopt eco-friendly transport. Offices and branches will gradually replace petrol and diesel vehicles with electric vehicles to reduce fuel costs and carbon emissions.

These measures aim to control expenses while promoting environmentally responsible operations across public sector financial institutions.

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A Bench led by Chief Justice B.R. Gavai took up the matter and confirmed that these salary-related pleas will be heard along with the main SEBI-Sahara case. Lawyers representing the employees urged the Bench to address their concerns urgently. The CJI responded positively and ensured a joint hearing.

The Court previously sought responses from the Centre, SEBI, and other stakeholders to SICCL’s request for permission to proceed with the property sale. Solicitor General Tushar Mehta stated that the Union Ministries of Finance and Cooperation should be part of the proceedings. The Court accepted this and directed both ministries to file their replies before November 17.

Senior advocate and amicus curiae Shekhar Naphade received instructions to compile complete details of the 88 properties proposed for sale. The Bench also asked him to study each property’s status, including whether they are encumbered or disputed. The Court noted that it will later decide whether the sale should happen in parts or as a single block.

The Bench also asked the Sahara Group to verify salary claims made by employees. It instructed the amicus to examine the issue of arrears and present findings on the next hearing date. All related applications, including intervention pleas, will come up for final consideration on November 17.

The post SEBI-Sahara Case Supreme Court Hearing on Salary Plea Set appeared first on India Podcast.

During the meeting, the Finance Minister emphasized the government’s focus on innovation, job creation, and ease of doing business within the MSME ecosystem. Industry members highlighted concerns about credit access, delayed payments, and the need for simplified compliance norms.

Sitharaman assured that the government will continue to prioritize MSMEs in its policy framework. She noted that the sector plays a pivotal role in boosting exports, manufacturing, and self-employment opportunities across India.

The consultation also covered topics such as digital transformation, export promotion, skill development, and green initiatives to ensure MSMEs remain globally competitive.

FM meets MSME stakeholders ahead of Union Budget 2025 as part of a broader effort to align fiscal policy with industry needs and promote sustainable economic growth.

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During her visit, Sitharaman will meet King Jigme Khesar Namgyel Wangchuck and Prime Minister Dasho Tshering Tobgay. She will also hold bilateral talks with Finance Minister Lekey Dorji to explore new opportunities for financial and economic collaboration.

Her itinerary includes visits to key Indian-supported sites such as the Kurichhu Hydropower Plant, Sangchen Choekhor Monastery, Gyalsung Academy, and Punakha Dzong. She will attend presentations on Bhutan’s energy initiatives, the 21st Century Economic Roadmap, and the Gelephu Mindfulness City project.

Sitharaman will visit the Cottage and Small Industries (CSI) Market to witness a UPI transaction, showcasing India’s growing digital link with Bhutan. She will also interact with Bhutanese farmers to learn about their agricultural practices and challenges.

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The meeting, chaired by Department of Financial Services Secretary M Nagaraju, aims to examine how external trade pressures are affecting MSMEs and ensure that sufficient credit continues under government schemes such as MUDRA and credit guarantee programs.

MSMEs in the engineering sector recently met RBI Governor Sanjay Malhotra to seek support in reducing borrowing costs and improving access to finance. According to EEPC India Chairman Pankaj Chadha, India’s engineering exports to the US average $20 billion, nearly 45% of total exports exposed to US tariffs, highlighting the sector’s vulnerability.

Chadha added that MSMEs struggle to obtain collateral-free loans, as banks demand high security and apply unfavorable credit ratings. He urged rating agencies to exclude US exposure from credit calculations this year to ease financial stress on exporters.

The post Finance Ministry to Review MSME Impact from US Tariff Hike appeared first on India Podcast.

The FCSS allows entities within the International Financial Services Centre (IFSC) to settle transactions in foreign currency on a real-time or near real-time basis. This upgrade makes GIFT IFSC one of the few global financial hubs, including Hong Kong, Tokyo, and Manila, with this infrastructure.

Earlier, foreign currency transactions took 36-48 hours via correspondent banking. Sitharaman said the FCSS ensures faster, seamless settlements while strengthening operational resilience and compliance. Standard Chartered India will handle US dollar clearance for this system.

India ranks third globally in fintech companies and leads in digital payments, completing over 18,580 crore UPI transactions worth Rs 261 lakh crore in 2024-25. GIFT City in Gandhinagar, Gujarat, is now a strategic hub for international finance and fintech innovation, providing faster and secure transaction infrastructure.

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