Pre-budget meeting with banks, FIs on Jun 10

Amidst concerns over rising bad loans, Finance Minister Arun Jaitley will hold pre-budget consultations with heads of banks and financial institutions on June 10 to deal with the situation.

Meeting with CMDs and CEOs of banking and financial institutions is scheduled for Tuesday, a day after the Finance Minister pre-budget consultation with state finance ministers, sources said.

To be presented in the first week of July, it will be the maiden Budget of Jaitley. It will also be the first major policy document of the Narendra Modi government and will spell out the direction for the economy.

Banks and insurance companies are likely to seek tax benefit for their products in the budget.

Bankers are likely to pitch for need to support infrastructure funding and make demand for issue of tax free bonds for this sector.

Intermediaries in the financial sector would suggest for rationalisation of transaction charges in the secondary market.

Jaitley kick started pre-budget consultations with different interest groups last week.

He faces several challenges on the economic front, like rising prices, subdued growth and the need to move ahead on the path of fiscal consolidation.

Among other things, he will also have to focus on streamlining subsidies which consume a major potion of government expenditure.

Soon after assuming office, Jaitley had said he was taking over in challenging times. "The challenges are very obvious. We have to restore the pace of growth, contain inflation and obviously concentrate on fiscal consolidation," Jaitley had said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Financial inclusion, if executed to plan, will lift economy

    The government’s proposed big push to financial inclusion, as reported by the Press Trust of India, if executed to plan, would go along way

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Innovation challenges for IT firms

As established technology companies become old and gear for a ...

Kuruvilla Pandikattu SJ

How we can connect ourselves to others

Most of us have difficulty in being true to ourselves ...

Gautam Gupta

What we can learn from the French fashion scene

It was a pleasure and a treat to experience one ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture