TDP on Thursday pulled out of the Modi government but kept a window open for rapprochement by deciding to remain part of the NDA.

The two ministers drove to Prime Minister Narendra Modi's residence and handed over their resignations in accordance with the party's decision to resign over the TDP's charge that the Centre was not granting special status to Andhra Pradesh.

As per the numbers in the Gujarat Assembly, only two members from the BJP can be sent to the Rajya Sabha. So, the party opted to nominate Jaitley from Uttar Pradesh.

"At that time, special category state concept did exist. But, according to 14th Finance Commission there is no special category status now to be given," the finance minister added.

Noting that the effective use of technology is helping the accounting system by making tasks easier, Jaitley exhorted Indian Civil Accounts Service personnel to maintain the highest standards of efficiency and accuracy.

A single rate of GST in India “can’t work at the moment” due to vast disparities in the country’s society, Jaitley said while replying to queries from the audience at the India-Korea Summit here.

The official said Jammu and Kashmir Governor N N Vohra, the chancellor of the university, and Chief Minister Mehbooba Mufti will also attend the convocation.

In light of the PNB scam, the industry chambers Ficci, Assocham and CII have urged the government to surrender its majority control of banks and allow them to function like private sector lenders.

Speaking on the scam for the second time this week, he said employees conniving with fraudsters is worrisome. Also worrisome is that no red flag was raised. Regulators should have a "third eye" open to detect and check such frauds.

Breaking his silence over the fraud at country’s second-biggest bank, Jaitley on Tuesday said that the state was duty-bound to ensure those cheating the system are brought to justice.

Expressing his anger at the functioning of the banks, the finance minister said that the functioning of banks depends on trust, the relationship of borrower and the lender.

Jaitley, along with his counterpart minister from Saudi Arabia, will open the "Saudi-Indian Business Council" on Sunday. He will also visit the "India Pavillion" at the Saudi National Heritage and Cultural Festival Janadriyah.

PNB has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

On July 1 last year, the government had issued an order saying the assistance under the scheme cannot exceed Rs 10,000 per month, triggering widespread discontent among all the three services.

Alleging that the country's economy was limping under the NDA rule, he said the government would contribute a new word to the Oxford English dictionary -- "jumla" (gimmick).

The government's plans to spend Rs 2.11 lakh crore to recapitalise PSBs in a major step to restore the banking system's health.

Jaitley also said that the last decision of the Monetary Policy Committee, chaired by RBI Governor Urjit Patel that decided to keep rates unchanged, was a “balanced decision”.

Indian economy under the BJP rule since 2014 has covered the journey from policy paralysis to structural reforms which have taken out the economy from being in fragile five to being a bright spot, Jaitley said.

Justice Manmohan declared the Joint Registrar's order as infructuous and transferred the case to another bench of a single judge, who will hear the matter on February 12.