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Revised RBI’s priority sector lending norms to further boost economy: SBI report

Revised RBI’s priority sector lending norms to further boost economy: SBI reportIANS

The recent amendments in priority sector lending (PSL) guidelines by the Reserve Bank of India (RBI) should further help the economy grow faster and fine tune the building blocks of the factors of productions, mainly the MSMEs, agri and allied sectors, housing and exports, etc, a report by SBI Research said on Wednesday.

The RBI this week issued revised guidelines on PSL to facilitate better targeting of bank credit to the priority sectors of the economy. The new guidelines will come into effect from April 1.

According to the report, the revised PSL guidelines cater to enhancement of several loan limits, including housing loans, for enhanced PSL coverage and broadening of the purposes based on which loans may be classified under ‘Renewable Energy’.

There is also a revision of the overall PSL target for urban cooperative banks (UCBs) to 60 per cent of Adjusted Net Bank Credit (ANBC) or Credit Equivalent of Off-Balance Sheet Exposures (CEOBSE), whichever is higher.

“The higher limits set in housing segment should give a fillip to low cost/affordable housing across various population cohort, in particular tier-IV/V/VI cities wherein the banks, along with non-bank players, can find their next gold mine given the surge in demand for own/individual housing post pandemic,” the report noted.

Explicit recognition and prioritisation of renewable energy within the PSL framework has alleviated credit constraints, thereby escalation in the share of non-conventional energy credit to the overall energy credit, encouraging credit flows to the NCE sector that witnessed significant policy interventions too, the SBI report mentioned.

Revised RBI’s priority sector lending norms to further boost economy: SBI reportIANS

“As big banks continue facing problems in achieving PSL targets, it would be a prudent move to include all infrastructure loans given to Road projects, Port, Railways, Airports, Energy Sector Highways, etc. either as priority sector status or be exempt from calculation of ANBC for PSL achievement in line with infra bonds raised towards funding of infrastructure and affordable housing,” according to the report.

The RBI has also increased the loan limit for the repairs of damaged dwelling units in the revised circular.

This opens new opportunities for credit disbursement for FIs in one of the most secured niche areas, also lessening the burden on home-owners in search of liquidity to carry over the necessary repairs of their dwelling units in need and thus opens up a substantial market for credit off take, the report said.

With its 500 GW non-fossil fuel installed capacity target for 2030 and Net Zero target for 2070, India has embarked on one of the most extensive renewable energy expansions in the world.

On July 1, 2015, RBI had expanded the ambit of PSL norms to include loans up to Rs 15 crore to borrowers for purposes like solar-based power generators, biomass-based power generators, continue, micro-hydel plants and for non-conventional energy (NCE) based public utilities.

The limit was subsequently raised to Rs 30 crore per borrower on September 4, 2020.

In the recent guidelines, the limit was raised to Rs 35 crore per borrower. For individual households, the loan limit will continue to be Rs 10 lakh per borrower.

“Though the increase of Rs 5 crore appears to be small as compared to the revision made in last 2020 (five-year period), the small policy interventions definitely will go long way, for the NCE sector, to achieve dual objective of clean energy and PSL by boosting lending to the sector,” said the SBI report.

(With inputs from IANS)

March 26, 2025
Sensex, Nifty continue upward trend, gain over 1 pc after US Fed’s move

IANS

Indian stock markets extended their winning streak on Thursday, with both Sensex and Nifty closing higher by over 1 per cent, led by buying across various sectors.

Both the exchanges reacted to global trends after the US Federal Reserve kept interest rates unchanged. The US Fed maintained its policy rate in the 4.25 per cent to 4.50 per cent range but signalled a potential half-percentage-point cut by the end of the year.

The Sensex ended the day at 76,348.06, gaining 899 points or 1.19 per cent. During the intra-day session, it moved between 76,456.25 and 75,684.58.

The Nifty also surged by 283 points or 1.24 per cent, closing at 23,190.65. The index touched an intra-day high of 23,216.70 and a low of 22,973.95.

Market sentiment remained bullish, with 44 out of 50 Nifty stocks closing in the green.

IANS

The biggest gainers included Bharti Airtel, Titan, Britannia, Eicher Motors, and Bajaj Auto, which saw gains of up to 4.08 per cent.

However, a few stocks, including IndusInd Bank, Trent, Shriram Finance, and Bajaj Finance, ended lower. UltraTech Cement and Axis Bank remained flat.

Broader market indices also performed well. The Nifty Midcap100 index gained 0.64 per cent, while the Nifty Smallcap100 index rose by 0.70 per cent.

All sectoral indices on the NSE ended with gains. Sectors such as IT, Auto, FMCG, Metal, Media, Realty, Oil & Gas, Consumer Durables, and Healthcare rose by over 1 per cent each.

While all sectors closed in the green, these stood out with notable strength. The US indices also gained, further boosting sentiment.

According to experts, the primary catalyst for today’s rally was the Federal Reserve’s decision to keep interest rates steady while signalling two potential rate cuts later this year, which fueled optimism across global markets.

The Indian rupee also saw an improvement, closing at 86.36 per dollar compared to the previous day’s closing of 86.44.

According to Sundar Kewat from Ashika Institutional Equity, sectoral performance was broadly positive, with Oil and Gas, Consumption, IT, Automobiles, and Consumer Goods leading the gains.

In the broader Indian markets, Nifty Midcap 100 and Nifty Smallcap indices witnessed strong gains, reflecting broad-based buying interest, he added.

(With inputs from IANS)

March 20, 2025
Extending affordable financial protection to every insurable individual: LIC CEO

IANS

Siddhartha Mohanty, CEO and MD of Life Insurance Corporation of India (LIC), said on Thursday that the nation’s largest insurer has consistently focused on reaching rural areas and economically and socially disadvantaged sections.

A day after a delegation of LIC agents met the Leader of Opposition in the Lok Sabha, Rahul Gandhi, and raised issues regarding recent changes in rules which make insurance less affordable for the poorest, the LIC CEO denied such concerns, saying, “We aim to extend financial protection to every insurable individual at an affordable cost.”

“We want to clarify that LIC has introduced products that align with the New Product Regulations set by IRDA, effective from October 1, 2024, keeping policyholders’ interests at the forefront,” Mohanty said in a statement.

Stressing that LIC is committed to broadening life insurance coverage, Mohanty said that with a diverse portfolio catering to various customer segments and different strata of society, LIC fully complies with all regulatory requirements.

IANS

“As an example, our ‘Micro Bachat’ plan offers a minimum sum assured of Rs 1 lakh and is exempt from GST, ensuring accessibility. Post changes in product regulations, the commission has not been reduced for agents, it has been given in a staggered manner,” he informed.

Mohanty added that LIC remains dedicated to providing financial security to its policyholders while supporting its agency force’s well-being.

In his meeting with LIC agents, Rahul Gandhi said that the LIC was formed in 1956 to provide affordable insurance to all Indians. The Congress leader assured that he would raise this issue in Parliament.

Meanwhile, LIC recorded a 28.29 per cent surge in group yearly renewable premiums and a 7.9 per cent rise in individual premiums during the first 11 months of FY25, according to the latest industry data.

As of February 2025, LIC’s total premium collection stood at Rs 1.90 lakh crore, reflecting a 1.90 per cent increase from the Rs 1.86 lakh crore collected in the corresponding period of FY24.

(With inputs from IANS)

March 20, 2025
Sensex, Nifty end lower as investors stay cautious

IANS

Indian stock markets ended on a weak note on Thursday as investors refrained from making fresh moves ahead of the long Holi weekend.

Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on Friday due to the festival.

The global market sentiment remained uncertain, especially with concerns around US President Donald Trump’s tariff policies.

This uncertainty led investors to adopt a cautious approach, resulting in a lacklustre trading session.

At the closing bell, the Sensex had a strong start, reaching a high of 74,401 in early trade. However, selling pressure in auto, IT, and banking stocks led the index to reverse gains.

IANS

It touched an intraday low of 73,771 before settling 201 points lower at 73,829. Over the week, the Sensex lost 504 points.

The Nifty also followed a similar pattern. It climbed to 22,558 but later fell to 22,377 before closing at 22,397, down 73 points. The index ended the holiday-shortened week with a loss of 156 points.

Among major stocks, Tata Motors and IndusInd Bank were the worst performers, both losing nearly 2 per cent.

Other laggards included Zomato, Maruti Suzuki, Asian Paints, and Bajaj Finance. On the other hand, gains were minimal, with SBI, ICICI Bank, and NTPC rising slightly, though none gained more than 1 per cent.

The broader market also ended in the negative territory. The BSE MidCap index declined by 0.8 per cent, while the SmallCap index fell by 0.6 per cent.

Market breadth remained negative, with nearly 60 per cent of stocks on the BSE ending in losses. Out of 4,105 stocks traded, 2,449 declined.

Among sectors, real estate stocks faced the biggest losses. The BSE Realty index dropped 1.8 per cent, with companies like Godrej Properties, Oberoi Realty, Lodha, Brigade Enterprises, and Phoenix slipping over 2 per cent.

“Domestic economic data played a key role in shaping market sentiment today,” Sundar Kewat of Ashika Institutional Equity said.

He added that the retail inflation eased more than expected, falling below the RBI’s target range for the first time in six months, fueling optimism about potential interest rate cuts.

(With inputs from IANS)

March 20, 2025
Sensex, Nifty extend gains for 3rd straight session, midcap stocks outperform

IANS

Indian stock markets on Wednesday continued their upward trend for the third consecutive session, with both the Sensex and Nifty closing higher.

The 30-share Sensex touched an intra-day high of 75,568.38 before settling at 75,449.05, gaining 147.79 points or 0.20 per cent from its previous close.

Similarly, the Nifty ended the day at 22,907.60, up 73.30 points or 0.32 per cent. The index moved within a range of 22,940.70 to 22,807.95 during the intra-day session.

“Market sentiment remained upbeat, supported by mixed global cues and renewed optimism surrounding a potential Russia-Ukraine truce,” said Vikram Kasat of PL Capital.

He added that the key global events are in focus, including the US Federal Reserve’s policy announcement, Putin-Trump talks, and a surge in gold prices.

Among the Nifty stocks, 33 out of 50 ended in positive territory. The top gainers included Shriram Finance, HDFC Life, Apollo Hospitals, Tata Steel, and Power Grid Corporation, which saw gains of up to 3.91 per cent.

IANS

On the other hand, Tech Mahindra, Britannia, TCS, Infosys, and Sun Pharma were among the 17 stocks that declined, with losses of up to 2.32 per cent.

Broader market indices performed better than the benchmark indices. The Nifty Midcap100 and Nifty Smallcap100 surged over 2 per cent each, showing strong momentum in mid- and small-cap stocks.

Sectoral indices on the NSE mostly ended in the green, except for Nifty FMCG and IT, which closed lower.

This followed by a flat opening with a slight positive trend on Wednesday, even as global markets remained weak.

At the start of trading, the Sensex rose by 80.04 points or 0.11 per cent to reach 75,381.30, while the Nifty edged up by 15.25 points or 0.07 per cent to 22,849.55.

The Indian rupee strengthened by 12 paise on Wednesday, closing at 86.44 per dollar compared to 86.56 in the previous session.

(With inputs from IANS)

March 19, 2025
Nag Jaiswal’s Journey with High-Profile Endorsements and Bi-Partisan Support

CHICAGO, IL: The Illinois Committee for Honest Government rendered a powerful ringing endorsement for the candidacy of Nag Jaiswal in his bid for Naperville’s City Councilman. This high-profile ringing endorsement from Democratic lawmakers, augmented by an equally forceful endorsement from the Republican leadership represents a validation of Nag Jaiswal’s fierce devotion to the ideals of honest governance.

These significant endorsements from Democrats and Republicans for Nag Jaiswal as an advocate for Honest Government could potentially be a positive ‘Game Changer’ for Nag Jaiswal in his bid to cross the finish line victoriously as the Councilman for the City of Naperville. This collective bi-partisan endorsement will likely propel his candidacy to motivate and provoke extensive grassroots support from both sides of the political spectrum.

Nag Jaiswal in a statement said, “I am deeply honored to have received this high-profile endorsement from the Illinois Committee for Honest Government” and robust bi-partisan support. The endorsement from the Illinois Committee for Honest Government organization encompasses several lawmakers in the organization which includes Congressman Hon. Danny Davis, U.S. Congressman Hon. Raja Krishnamoorthi, and Attorney Frank Avila. This powerful endorsement Nag Jaiswal stated is a gracious outcome of my unwavering devotion to the ideals of honest governance that is transparent and accountable to the citizens of Naperville, Illinois.”

The Republican National Hispanic Committee under the leadership of Chairman Charlie Ferral gave an enthusiastic endorsement to the candidacy of Nag Jaiswal and said Jaiswal ushers in a new era of honest governance and he will be a bold voice for the citizens of Naperville on all issues confronting the electorate. Republican Party of the Will County Chief Julie Berkowicz also joined in endorsing Nag Jaiswal for City Councilman.

Nag Jaiswal – a frontline community/business leader of eminence – is placing his distinguished record of public service before the constituents in his bid to be the City Councilman for the City of Naperville. Equipped with a game-changing vision, Nag Jaiswal is fiercely committed to ushering sweeping reforms and far-reaching transformational change with his bold roadmap for Naperville by ushering profound fundamental changes to the city and by instituting measures that seek to make the City of Naperville safer for the families, bring fiscal responsibility, reduced tax burden, governmental transparency, incorporating technology to bring about radical efficiencies by identifying and remove redundancies, opening floodgates of business opportunities and fostering extensive community development to make the City of Naperville a world-class city in the Midwest.

Several prominent community leaders forcefully delivered compelling endorsements including Ajeet Singh, President of the Indian American Business Council, Sunil Shah, Chairman of Federation of Indian Associations, Murugesh Kasilingam of Tamil Citizens group, Hitesh Gandhi, Past President of Gandhi Samaj and Keerthi Kumar Ravoori, Honorary Chair of the Indian American Business Council.

Naperville stands at a turning point, and Nag Jaiswal is ready to lead it forward. His vision for a smarter, more prosperous city aligns with the aspirations of its residents. Early Voting Start March 16, 2025, to March 31 2025, Election Day is April 01, 2025; Nag Jaiswal for Naperville City Council – Vote Ballot # 8

Photographs and Press release by: Asian Media USA

March 19, 2025
Looking forward to seeing you in India: Narendra Modi tells Sunita Williams as she heads home

Sunita Williams is heading home after staying in ISS for nine months. Photo Courtesy: NASA X page

Indian-origin astronaut Sunita Williams commenced her return journey to Earth after spending nine months at the International Space Station (ISS), where she remained stuck with colleague Butch Wilmore.

Meanwhile, Indian PM Narendra Modi wrote a letter to Williams where he said he is waiting to see the Indian American visiting India in future after returning home.

As the whole world waits, with abated breath, for the safe return of Sunita Williams, this is how PM Sh @narendramodi expressed his concern for this daughter of India.
“Even though you are thousands of miles away, you remain close to our hearts,” says PM Sh Narendra Modi’s… pic.twitter.com/MpsEyxAOU9

— Dr Jitendra Singh (@DrJitendraSingh) March 18, 2025

Modi wrote in the letter: “1.4 billion Indians have always taken great pride in your achievements. Recent developments have yet again showcased your inspirational fortitude and perseverance.”

“Even though you are thousands of miles away, you continue to remain close to our hearts,” he wrote in his emotional letter addressed to the Indian-origin astronaut.

He said people in India are praying for her health and the success of the mission.

“After your return, we are looking forward to seeing you in India. It will be a pleasure for India to host one of its most illustrious daughters,” he said.

The letter was shared on X by Union Minister Jitendra Singh.

Sharing the letter, Singh wrote: “As the whole world waits, with abated breath, for the safe return of Sunita Williams, this is how PM Sh @narendramodi expressed his concern for this daughter of India.”

Williams departs from ISS

Sharing details of the departure journey of the astronauts, NASA posted on X: “They’re on their way! #Crew9 undocked from the @Space_Station at 1:05am ET (0505 UTC). Reentry and splashdown coverage begins on X, YouTube, and NASA+ at 4:45pm ET (2145 UTC) this evening.”

They are returning in a Space X Dragon aircraft.

The two astronauts commenced their journey to Earth at 10:35 am IST.
The trip is expected to be completed in 17 hours.
Williams and Wilmore have been stuck in the Space Station since June last year after the Boeing Starliner spacecraft they were testing on its maiden crewed voyage suffered propulsion issues.

It was deemed unfit for flying them back to Earth.

March 19, 2025
Agile Transformation in Financial Services: A Strategic Shift or a Passing Trend?
The Evolution of Financial Services in the Digital Era
The financial services industry is evolving, driven by changing customer expectations, regulatory requirements, and the need for real-time data insights. Traditional systems, built on rigid infrastructure, often struggle to meet these demands, leading to increased costs and operational inefficiencies. Manual commission processing, complex broker-dealer platform management, and data integrity issues remain persistent challenges.

To address these issues, financial institutions are adopting agile frameworks and automation. Agile methodologies enhance flexibility, enabling institutions to respond quickly to market changes and streamline workflows. Automation reduces processing time, strengthens compliance, and increases scalability essential for remaining competitive. However, the question remains: Is this shift a long-term strategic transformation or a short-term solution?

Pioneering Research in Financial Services Transformation
Sarita Gahlot’s recent research offers valuable insights into how agile, and automation are improving financial services.

In her paper “Transforming Commission Processing in the Financial Services Industry: Challenges, Strategies, and Best Practices” (co-authored with Abdul Samad Mohammed and Prabhu Muthusamy), published in the American Journal of Autonomous Systems and Robotics Engineering, Sarita examines the limitations of traditional commission processing. The study outlines how automation and centralized management reduce processing time, improve compliance, and enhance scalability.

Another notable work by Sarita is “Agile Project Management in Large-Scale Financial Technology Conversions: Lessons from a Broker-Dealer Platform Migration” (co-authored with Lakshmi Durga Panguluri and Prabhu Muthusamy), published in the Essex Journal of AI Ethics and Responsible Innovation. The research explores how agile methodologies improve data integrity and regulatory compliance during broker-dealer platform migrations.

Key Insights from the Research
Sarita’s research identifies several strategic takeaways:
- Centralized Commission Processing: Automation reduces manual errors and improves processing speed.
- Agile Frameworks for Flexibility: Agile approaches enable quick adaptation to market changes and regulations.
- Operational Efficiency: Automation reduces backlogs and improves service delivery.
- Cross-Functional Collaboration: Agile enhances alignment between business and technology teams.
- Data Integrity and Real-Time Insights: Real-time insights enable faster and more accurate decision-making.
By identifying inefficiencies, Sarita’s research provides a strategic roadmap for improving financial services operations.

Sarita Gahlot: A Thought Leader in Financial Services Transformation
Sarita Gahlot is an experienced advisor with over 15 years of expertise in financial services, specializing in strategic project management and digital transformation. Currently a Manager at major professional services firm in the United States, Sarita leads projects in insurance, wealth management, and capital markets, focusing on improving operational efficiency and driving strategic growth.

Among her key achievements are leading a multi-million-dollar commission transformation and broker-dealer platform migration for a major independent broker-dealer in the U.S., reducing processing time and improving scalability. She also managed the integration of client servicing, account management, and onboarding into a single platform using low-code technology improving customer satisfaction and reducing operational costs.

Sarita’s expertise in agile frameworks has been instrumental in her success. She has directed cross-functional teams of over 20 members, delivering Minimum Viable Products (MVPs) on or ahead of schedule. Her leadership in process automation has consistently achieved 90%+ customer satisfaction scores and high resource utilization rates.

Sarita holds a variety of industry-recognized certifications, including PMP®, Certified Scrum Master®, SAP Activate Certified, Six Sigma Green Belt (IIT Delhi), MDRT Financial Professional (USA), and Unqork Certified Configurator. She also mentors emerging professionals and contributes to industry thought leadership through white papers and panel discussions. Her ability to align business strategy with technical execution has established her as a respected figure in financial services transformation.

Sarita also mentors young professionals and contributes to industry thought leadership through white papers and panel discussions. Her ability to align business strategy with technical execution makes her a respected voice in financial services transformation.

Agile and Automation: A Sustainable Model or Temporary Fix?
The financial services industry stands at a pivotal moment. Sarita’s research demonstrates that agile frameworks and automation offer effective tools for improving operational efficiency and regulatory alignment. However, the long-term success of these strategies will depend on how well institutions sustain this momentum through continuous improvement and strategic alignment.
While agile methodologies enhance speed and flexibility, financial institutions must also build a strong foundation for future growth. Real-time data insights, enhanced scalability, and improved client experience are essential for staying competitive in an evolving market. Financial institutions that fail to adopt a strategic approach to agile and automation risk falling behind in a rapidly changing environment.

Sarita’s work provides a clear blueprint for financial institutions seeking to drive sustainable growth through agile and automation. Agile is not just a short-term solution it represents a strategic shift in how financial institutions operate and compete. Institutions that embrace these changes thoughtfully and strategically will define the future of financial services.
March 18, 2025
Income Tax Notice: Income Tax Department is sending notices to taxpayers, know why?

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