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    A Vision for Responsible AI, Resilient Banking - Keynote Address [Contributions by RBI colleagues Ms. Chandni Trehan Saluja and Ms. Kavita Gangwal, De...
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August 20, 2026
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Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access.
Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
August 20, 2026
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Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations.
Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
August 20, 2026
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Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market.
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August 20, 2026
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August 20, 2026
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Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing.
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Elephant ivory trade prohibition supports enforcement against wildlife trafficking, seizure of carved ivory articles, and further investigation.
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August 19, 2026
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Forged health-scheme cards allegedly enabled ineligible treatment and misuse of public healthcare funds through false beneficiary details.
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Inflation persistence and expectations guide continued rate hold amid supply shocks and uncertainty over broader price pressures.
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Money laundering investigation examines alleged diversion of government contract funds and their use in creating trust and university assets.
Money-laundering investigation under the Prevention of Money Laundering Act led to searches of premises associated with the Maulana Mohammad Ali Jauhar Trust, its university, linked companies, promoters and a chartered accountant. The inquiry concerns alleged diversion of government contract funds through private contractors and their alleged subsequent use, including for creating assets of the Trust and university. Separate planning-law issues concern allegations that most university buildings were constructed without approved plans.

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Direct Tax Coleections Account for More than 56 Percent of the Total Revenue Collections ; Direct Tax Collections Rs 4,46,000 Crore in 2010-11;

July 15, 2011

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Press Information Bureau

Government of India

Ministry of Finance

15-July-2011 18:29 IST

Direct Tax Coleections Account for More than 56 Percent of the Total Revenue Collections ; Direct Tax Collections Rs 4,46,000 Crore in 2010-11;

Government’s Thrust on Upgrading and Induction of New Technology in the Services Rendered by it Department: FM

The Union Finance Minister Shri Pranab Mukherjee said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government, making the tax system more progressive than it ever was in the history of independent India. The Finance Minister Shri Mukherjee said that direct tax collections have increased and have reached nearly Rupees four lakhs forty six thousand crores (Rs.4,46,000 crore) in 2010-11. He said that the Income Tax Department has matured into an organisation that has consistently mobilised the resources needed for financing the development of the country. Shri Mukherjee was addressing the senior officials of the Income Tax Department here today on the occasion of the Concluding Ceremony of the Celebrations on Completion of 150 years of the Income Tax Department The Hon’ble President of India Smt Pratibha Devisingh Patil was the Chief Guest on the occasion.The function was also attended by Shri S.S.Palanimanickam, Minister of State for Revenue, Shri Namo Narian Meena, MOS (Financial Services), Shri M.M Joshi, Chairman, Public Accounts Committee(PAC), Shri R.S.Gujral, Revenue Secretary, Shri Prakash Chandra ,Chairman, CBDT along with senior officials of the CBDT and the Ministry of Finance among others

The Union Finance Minister Shri Pranab Mukherjee said that there has been considerable improvement in the efforts of the IT Department to provide better services to the taxpayers. The Finance Minister Shri Mukherjee said that the Central Government’s thrust has been on upgrading and induction of new technology in the services rendered by the IT Department. Shri Mukherjee said that the Department has focused on e-governance initiatives to meet the challenges of the rapidly changing economic environment and the expectations of the growing numbers of taxpayers.

The Union Finance Minister Shri Pranab Mukherjee said that our ancient history and culture give us in India our unique identity. Shri Mukherjee said that ancient lawgivers and philosophers, like Manu and Chanakya, wrote extensively on the duties of a sovereign and their relationship with the subjects. The Finance Minister said that they had laid foundations of mighty empires and enabled the spread of India’s unique culture and civilization across many countries. He said when Mr. James Wilson introduced Income Tax in India in its modern form, he was only following in the footsteps of this illustrious tradition. The Finance Minister said that the ancient dictum, ‘Kosh Mul Danda’ continues to be as relevant today as it was thousands of years back.

The Union Finance Minister Shri Pranab Mukherjee said that during the course of the yearlong celebrations by the department, one of our officers was able to locate Mr. James Wilson’s grave in Kolkata.

The Union Finance Minister Shri Pranab Mukherjee said that he must add that contrary to general understanding, the worlds of finance and culture are not as divorced as they are sometimes made out. He said that the portrait of Surendranath Tagore, nephew of Gurudev Rabindranath Tagore, as a Tax collector, painted by Gagendranath Tagore, another nephew of Gurudev, which has been reproduced in the book released today, is a case in point. He said that it was in this spirit that an Art Workshop was organized in July 2010 in Kolkata. The enthusiastic response of the people and the artist community of Bengal encouraged the officers of the department to hold workshops and exhibitions in 18 other cities across India, the Minister added. The response everywhere was similar. The Finance Minister Shri Mukherjee said that the wealth of art, ranging from tribal and folk, classical to modern cubism that emerged in these workshops reinforces the classic dictum that there is unity in India’s diversity. Shri Mukherjee said that it showed that our society is live and our culture is rich. More importantly it reflected that our people are not wary of the Government when it takes such initiatives, Shri Mukherjee added. The Union Finance Minister Shri Pranab Mukherjee complimented the Income Tax Department, and the organisers of these art workshop, on this unique initiative of bringing the department closer to the people of our country and hope that this approach finds other suitable expressions in the years to come.

In his concluding remarks, the Union Finance Minister Shri Pranab Mukherjee said that at one level, tax collection is a painful and a difficult task, as it requires people to part with their hard-earned incomes. The Finance Minister Shri Mukherjee said that this task could become more acceptable and participatory if the tax payer knows that his contributions are being constructively used in the task of nation building. Shri Mukherjee said through the film and the artworks, we have tried to remind people that their tax contributions go a long way in bringing a smile on the faces of many people, who otherwise would languish in poverty. At the same time, it helps in creating the opportunities for them to grow and improve their well-being, the Minister added.

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