Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Govt to soon announce high-level panel on 'Banking for Viksit Bharat'
    Union Minister of Finance and Corporate Affairs interacts with interns from PM Internship Scheme in New Delhi
    DRI uncovers large-scale illegal use of SAFTA agreement in areca imports
    Rupee falls 17 paise to 95.59 against US dollar in early trade
    Colombian president asks Trump to suspend tariffs to help earthquake recovery
    Mission Samudra to be launched alongside Vizhinjam’s EXIM operations
    Europe emerges top destination for India's electric car shipments in Q1
    Govt sets LPG production targets for refiners; Reliance gets largest quota
    PM urges MSMEs to tap opportunities from FTAs
    PM urges farmers to adopt 'chemical-free farming' to tap rising global demand for such food items
    Govt rolls out foreign asset disclosure scheme for small taxpayers
    Need one or two Indian pharma firms to be among global top 5: PM Modi
    Small taxpayers with€™ foreign assets to face 30 pc tax plus penalty; disclosure scheme opens till Dec 31
    PM urges MSMEs to tap opportunities from FTAs
    Govt cuts windfall gains tax on petrol, diesel, ATF exports
    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
    Current account deficit widens to USD 6.2 bn in Jun: RBI data
    Concessional swap facility attracts USD 56.85 bn forex inflows: RBI
    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    Forex kitty jumps USD 14.14 bn to USD 707 bn in one of the biggest weekly expansions
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 17, 2026
Show AI Summary
Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
August 17, 2026
Show AI Summary
Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
August 17, 2026
Show AI Summary
SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
August 17, 2026
Show AI Summary
FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
August 16, 2026
Show AI Summary
Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
August 16, 2026
Show AI Summary
Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
August 16, 2026
Show AI Summary
Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
August 16, 2026
Show AI Summary
LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
August 16, 2026
Show AI Summary
Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
August 15, 2026
Show AI Summary
Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
August 15, 2026
Show AI Summary
Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
August 15, 2026
Show AI Summary
Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
August 15, 2026
Show AI Summary
Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
August 15, 2026
Show AI Summary
Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
August 15, 2026
Show AI Summary
Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
August 15, 2026
Show AI Summary
Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
August 14, 2026
Show AI Summary
Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
August 14, 2026
Show AI Summary
Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
August 14, 2026
Show AI Summary
Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
August 14, 2026
Show AI Summary
Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

Marching ahead with Responsibility and Growth - Keynote Address[Contributions by RBI colleague Shri Mohammed Majidullah, General Manager] delivered by Shri Shirish Chandra Murmu, Deputy Governor, at the 7th NBFC and HFC Summit in Mumbai on September 03, 2026

September 3, 2026

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Distinguished guests, leaders from the financial industry, esteemed colleagues from the regulatory fraternity, ladies and gentlemen, very good morning.

2. It is my privilege to address the 7th Edition of the NBFC & HFC Summit. I thank the organisers for inviting me to speak on “NBFCs, HFCs and the New Phase of Growth.” Fewer subjects matter as much to India’s growth over the next decades as this one. India is moving steadily towards Viksit Bharat — a developed India that is economically strong, socially inclusive, and technologically advanced. I believe that a strong and diverse credit system is essential to this goal. Our financial sector is changing fast, driven by technology, new customer expectations, and a national push for inclusive growth. NBFCs and HFCs are no longer on the sidelines of this story. They extend credit to the last mile, reach the underserved, and bring innovation to lending across the country.

3. What will this New Phase of Growth look like? Consider MSME credit. According to various estimates, substantial credit needs of MSME are still not met by the formal lenders today. That gap alone shows the scale of opportunity. There are credit gaps in other segments as well. Technology can close these gaps. Some see this only as a shift from collateral-based lending to data-driven lending, including cash-flow based lending. I believe it is more than that. It is changing how financial services are delivered, and how risk is assessed and managed, across the entire lending chain.

A. The Evolution of the Credit Landscape

4. India’s credit system has, for decades, been centred around banks. Banks mobilised deposits and extended loans. They played a key role in building the nation after Independence. This bank-led model has delivered scale, stability, and strong regulatory oversight. But it had also left some gaps — particularly in remote areas, in underserved segments, and in niche markets where standard, collateral-based lending did not work so perfectly.

5. NBFCs and HFCs have been filling these gaps as alternative lenders. They have moved from niche lenders to sophisticated, technology-driven institutions that now complement the banking system. They assess creditworthiness using more than traditional metrics. They reach customers in remote areas and serve segments that banks often find hard to serve. Their flexibility, faster decisions, and local knowledge have helped advance financial inclusion.

6. The numbers substantiate this claim. NBFC credit today is about 16.7 per cent of nominal GDP, up from 15.9 per cent a year earlier. It is about 27 per cent of the credit extended by Scheduled Commercial Banks, up from 26 per cent.

B. From Alternative Lenders to Recognised Partners

7. The role of NBFCs is changing again — from alternative lenders to specialised financial partners. Their diversity is their biggest strength. In this New Phase of Growth, NBFCs can lead in three areas.

Financial Inclusion and Last-Mile Reach

8. India has built strong digital public infrastructure — PMJDY, UPI, Aadhaar, Account Aggregator framework, and more recently Unified Lending Interface (ULI). NBFCs are well placed to use this infrastructure. It can lower the cost of credit and speed up loan disbursal. Account aggregators and consent-based data sharing will help NBFCs make better lending decisions. This reduces reliance on physical collateral and extends formal credit to MSMEs and microfinance borrowers.

Sector-Specific Expertise

9. Many NBFCs and HFCs have deep expertise in specific sectors — supply chain finance, infrastructure debt, affordable housing, vehicle financing, and gold and silver-backed lending, among others. This specialisation supports sharper risk assessment and better products. Our economy needs lenders who understand specific industries and can structure credit around their borrowers’ cash flows. Co-lending arrangements with banks can extend this impact further.

Innovation in Product Design and Delivery

10. NBFCs have led fintech adoption — from paperless onboarding to algorithmic credit scoring. Cash-flow based lending is emerging as an alternative to conventional balance-sheet lending. New data points, such as a food service provider’s order values or footfall, are being used to assess growth prospects. This endeavour should continue for efficient credit delivery and pricing.

C. The Sector’s Journey and Regulatory Response

11. While the sector has been growing steadily, this growth has not been without setbacks. The non-banking sector has faced real challenges in the recent past. Liquidity shocks exposed weak asset-liability management, heavy reliance on short-term wholesale funding, and deep links with the wider financial system. These episodes also showed the need for stronger governance.

Regulatory Philosophy

12. Before I discuss our regulatory approach, let me attempt an analogy.

Construction of a well-known building in the Middle East began in January 2004. It reached its 100th floor in just 36 months. Today, at 2,717 feet, it remains the tallest building in the world.

What is less known is that it took 14 months just to prepare the foundation — to make it strong enough to withstand desert winds and extreme weather. The builders did not compromise on the foundation, even though they were working on a tight schedule.

Our role is similar: to make sure the foundation is strong enough to support tall structures that last.

13. Over the past five to six years, we introduced a series of changes to support recovery and strengthen the sector’s foundations.

Let me highlight a few of these.

  • In November 2019, comprehensive Liquidity Risk Management framework was introduced for NBFCs, and Boards were made responsible for liquidity-risk management, with formal roles for the Risk Management Committee, ALCO, etc. Also, phased LCR requirements were introduced for NBFCs since December 2020.

  • In October 2021, RBI introduced Scale Based Regulation for NBFCs — a four-layer structure with rules proportionate to size, activity, and risk. This was a major shift in our approach. We consolidated this framework further in October 2023.

  • We also addressed specific risks. We extended risk, compliance, and internal audit requirements to NBFCs. We issued directions on fraud risk management and simplified and harmonised supervisory reporting.

14. Regulation is not only about managing risk. It is also about enabling sustainable growth. The 2022 microfinance guidelines removed interest-rate caps and created a level playing field with banks. The 2024 Digital Lending guidelines gave serious players clear rules to grow within. Industry participants, including fintechs, have told me these guidelines brought much-needed clarity.

15. Our regulation-making has also become more transparent and consultative. In November 2025, we completed a major exercise to bring all entity-wise regulations into one place. This will reduce compliance costs and make it easier to do business. We have also taken specific steps to support growth: lower risk weights for infrastructure lending by NBFCs, more flexibility for boards on related-party lending, inclusion of quarterly profit for computing net owned funds and capital, and removal of prior approval for branch expansion by larger NBFCs (those with more than 1,000 branches). More recently, we exempted small NBFCs — those without public funds or customer interface, and with assets below ₹1,000 crore — from registration requirements. Together, these steps should further support the sector’s growth.

16. As digital finance grows, we have chosen not to build a separate regulatory framework for it. Instead, we apply the principle of “substance over form” — adapting existing rules to new, digital contexts. Our focus stays on proportionate regulation and financial stability, while making sure digital innovation is never held back.

D. Regulatory Expectations

17. Looking ahead, the sector will face new challenges alongside new opportunities. Let me set out five areas that matter most for sustainable growth.

Governance and Culture

18. Good governance is the foundation of every strong institution. Boards and senior management must build a culture of sustained compliance and ethics across the organisation. As the sector scales, that strength must scale with it.

Liquidity Management

19. Past liquidity events have shown how exposed NBFCs and HFCs can be to shifts in market sentiment and funding concentration. Strong liquidity risk management is not optional. Recent episodes in some advanced economies are reminder of this. Entities must diversify their funding sources. A deep, liquid corporate bond market will help, and we will keep working with market participants to build one. Securitisation should also grow beyond a liquidity tool — into a genuine way to transfer risk and free up capital, with proper skin-in-the-game and transparency rules.

Asset Quality and Credit Risk

20. As credit growth speeds up, so does the risk to asset quality. Lenders need rigorous stress testing, early-warning systems, and dynamic provisioning. AI and machine learning tools should be used more to detect early signs of borrower stress. Let me be clear: growth must never come at the cost of underwriting standards.

Customer Protection and Fair Conduct

21. Customer trust is fundamental to sustainable business. The pace of innovation must never outpace the protection, especially of vulnerable customers. Conduct regulation, grievance redressal, and responsible lending remain top priorities for us. Our recent guidelines on conduct of recovery agent reflect this priority. In an age where feedback travels instantly, there is no substitute for public trust.

Digital Transformation and Cyber Resilience

22. Technology adoption must keep deepening — from blockchain in supply chain finance to AI in fraud detection. But digitalisation brings cyber risk. Cyber resilience must stay a top priority. Entities must invest in strong cyber-security to protect customer data and maintain trust. Innovation must serve both efficiency and fairness. It should not exclude vulnerable segments or add new risks. Above all, innovation must be responsible.

E. Conclusion

23. Let me conclude. The opportunities ahead for NBFCs and HFCs are real and large. India’s growing economy, demographic dividend, rapid urbanisation, and digital growth, all offer room to grow. This growth will be shaped by technology and by trust. Your adaptability, your innovation and above all, your focus on customers, will decide how far this vision goes.

The Reserve Bank will keep supporting responsible growth. We will keep encouraging innovation. We will keep managing risk with prudence. And we will keep working with all concerned to ensure that the financial system facilitates India’s development. Through continued collaboration between regulators, regulated entities, other stakeholders and government, we can build a credit system that is strong, inclusive, and fair.

Thank you. Jai Hind.

Topics

Acts Income Tax