In August, the government had announced a plan to merge 10 public sector banks (PSBs) into four, so that fewer and stronger global-sized lenders would be created. This would result in robust balance sheets that could be used to boost credit and spur growth.

Minister of State for Finance and Corporate affairs Anurag Thakur, who piloted the bill said that chit funds are used by the poor, both as a source of finance and an avenue for savings, since there were deficiencies in the banking sector.

The Bill approved the raising of the maximum chit amount from Rs 1 lakh to Rs 3 lakh for those managed by individuals or less than four partners, and from Rs 6 lakh to Rs 18 lakh for firms with four or more partners.

Minister of State for Finance and Corporate Affairs Anurag Thakur informed the Lok Sabha that ‘in principle’ the Cabinet Committee on Economic Affairs (CCEA), had approved the strategic disinvestment of certain central public sector enterprises (CPSEs).

Union Minister of State for Finance and Corporate Affairs, Anurag Thakur inaugurated the Sub Junior National and Inter State Table Tennis Championship competition arranged by Himachal Pradesh Table Association in Dharamshala.

Finance Minister Nirmala Sitharaman speaking at the 6th World Congress on Rural & Agriculture Finance said, “We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land.”