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10-JUL-2014

Union Budget 2014-15: Banking andInsurance Sector

Suggested Readings: July 2014 Current Affairs, 2014 Current Affairs, Economy

Who: Union Finance Minister, Arun Jaitely

What: Union Budget 2014-15: Banking and Insurance Sector

When: 10 July 2014

Union Finance Minister, Arun Jaitley on 10 July 2014 presented Union

Budget 2014-15. The Union Budget introduced many new initiatives like

Financial Inclusion Mission, Debt Recovery Tribunals to improve the

economic system in India and also introduced National Savings Certificate,

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a new insurance cover to provide additional benefits for the small saver.

Banking

Time bound programme as Financial Inclusion Mission to be

launched on 15 August 2014 with focus on the weaker sections of the

society.

Banks to be encouraged to extend long term loans to infrastructure

sector with flexible structuring.

Banks to be permitted to raise long term funds for lending to

infrastructure sector with minimum regulatory pre-emption such as CRR,

SLR and Priority Sector Lending (PSL).

RBI to create a framework for licensing small banks and other

differentiated banks.

Differentiated banks serving niche interests, local area banks, payment

banks etc. are contemplated to meet credit and remittance needs of small

businesses, unorganized sector, low income households, farmers and

migrant work force.

Six new Debt Recovery Tribunals to be set up.

For venture capital in the MSME sector, a 10000 crore rupees fund to act

as a catalyst to attract private Capital by way of providing equity , quasi

equity, soft loans and other risk capital for start-up companies with suitable

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tax incentives to participating private funds to be established.

Insurance Sector

The pending insurance laws (amendment) Bill to be immediately brought

for consideration of the Parliament.

The regulatory gap under the Prize Chits and Money Circulation Scheme

(Banking) Act, 1978 will be bridged.

Small Savings

Kissan Vikas Patra (KVP) to be reintroduced.

A special small savings instrument to cater to the requirements of

educating and marriage of the Girl Child to be introduced.

A National Savings Certificate with insurance cover to provide additional

benefits for the small saver.

In the Public Provident Fund (PPF) Scheme, annual ceiling will be

enhanced to 1.5 lakh rupees per annum from1 lakh rupees at present.

If you have any Question/Point on the above information, please

ask/discuss it in the Current Affairs Group

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