SBI Chairman pitches for tax relief on interest income in Budget
The Hindu
State Bank of India Chairman Dinesh Kumar Khara has pitched for tax relief on interest income, saying it would help banks to garner savings that could be used for funding long-term infra projects.
State Bank of India Chairman Dinesh Kumar Khara has pitched for tax relief on interest income, saying it would help banks to garner savings that could be used for funding long-term infra projects.
Currently, banks are required to deduct tax when interest income from deposits held in all the bank branches put together is more than ₹40,000 in a year. With regard to savings accounts, interest earned up to ₹10,000 is exempt from tax.
"If at all some relief could be given in the Budget regarding tax on the interest earnings, it will be an incentive to depositors. Eventually, the banking sector uses deposits mobilised for the capital formation in the country," he told PTI in an interview.
The Full Budget for 2024-25 is likely to be presented by Finance Minister Nirmala Sitharaman in Parliament next month.
Given the current economic growth rate, the SBI chairman is expecting 14-15% loan growth during the fiscal year 2024-25.
"Normally the way we look at it is that the GDP growth rate plus inflation and 2% - 3% over that. That gives us the number around 14% or so," he said.
"Hence, 14% - 15% credit growth depends upon the opportunities available for lending, and it meets our risk appetite. We will be happy to grow at this pace," he said.
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