Finance Minister Nirmala Sitharaman on Wednesday said that reforms in the financial sector and innovative use of technology have led to financial inclusion at scale, better and faster service delivery, ease of access to credit and participation in financial markets.
While listing out seven priorities, Sitharaman said that priorities complement each other and act as the 'saptarishi'.
Financial Sector Components
Credit Guarantee for MSMEs: The revamped credit guarantee scheme will take effect from 1st April 2023 through infusion of 9,000 crore in the corpus. This will enable additional collateral-free guaranteed credit of 2 lakh crore.
'Saptarishi' in Union Budget 2023-24: 'Green Growth' - Know components of this Priority No 5
National Financial Information Registry: National financial information registry will be set up to serve as the central repository of financial and ancillary information.
Financial Sector Regulations: To meet the needs of Amrit Kaal and to facilitate optimum regulation in the financial sector, public consultation, as necessary and feasible, will be brought to the process of regulation-making and issuing subsidiary directions.
GIFT IFSC: To enhance business activities in GIFT IFSC, several measures will be taken up. These include:
Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.
Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI, Permitting acquisition financing by IFSC Banking Units of foreign banks.
Establishing a subsidiary of EXIM Bank for trade re-financing, Amending IFSCA Act for statutory provisions for arbitration, ancillary services, and avoiding dual regulation under SEZ Act.
Improving Governance and Investor Protection in Banking Sector: Certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act proposed.
Central Data Processing Centre: A Central Processing Centre will be setup for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.
Reclaiming of shares and dividends: For investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal will be established.
Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra: One-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.
This will offer deposit facility upto 2 lakh in the name of women or girls for a tenure of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.
Senior Citizens: The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.
The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.