Mumbai, May 7 (IANS) India’s economy is growing well and the banking sector remains stable despite global and domestic challenges, M. Nagaraju, Secretary of the Department of Financial Services (DFS), Ministry of Finance, said on Thursday.Speaking at the Indian Banks’ Association’s (IBA) inaugural Summit on Risk Management held here, Nagaraju said risk management in banks must be treated as a strategic responsibility and embedded across all functions of the banking system.”Despite various challe…
Latest Department of Financial Services News & Updates
New Delhi, May 5 (IANS) The Department of Financial Services (DFS) on Tuesday approved a revised Viability Plan 2.0 for Regional Rural Banks (RRBs) for the period 2025-26 to 2027-28, aiming to strengthen financial sustainability, governance, and long-term competitiveness.The move builds on the earlier three-year viability framework implemented between FY22 and FY25, which played a key role in improving financial performance and institutionalising monitoring mechanisms across RRBs.“The framewor…
New Delhi, May 5 (IANS) The policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share, said M. Nagaraju, Secretary, Department of Financial Services (DFS).He underscored the need to expand insurance coverage to a wider segment of the population, advising that companies should prioritise inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies….
New Delhi, May 3 (IANS) In a bid to reduce pendency and accelerate disposal of cases, the government has urged debt recovery tribunals (DRTs) to emulate best practices.In a meeting here, Finance Ministry held deliberations on boosting disposal of cases in debt recovery tribunals. Tribunals were urged to emulate best practices adopted by high-performing debt recovery tribunals (DRTs), its said in a statement.Key areas of discussion included strengthening oversight and monitoring mechanisms within…
New Delhi, April 30 (IANS) As many as 50,552 candidates have been selected and issued offer letters to work for public sector banks during FY 2025-26, representing a 33 per cent jump over the corresponding figure of 37,860 in FY 2024–25, the Finance Ministry said on Thursday.The sharp rise in recruitment builds on the trend observed in preceding years, with 30,827 new entrants joining public sector banks in FY 2023–24. The figures for the last three years reflect a clear and sustained year-o…
New Delhi, April 30 (IANS) The Secretary, Department of Financial Services (DFS), on Thursday instructed banks to adopt the MuleHunter.AI tool developed by the Reserve Bank of India at the earliest to timely identify and prevent mule accounts involved in financial cyber frauds. The Secretary chaired a meeting with the Commissioner of Police, Hyderabad, and senior officials from the Indian Cyber Crime Coordination Centre, the Central Bureau of Investigation, the Reserve Bank of India, the Indi…
New Delhi, April 15 (IANS) The Finance Ministry’s Department of Financial Services Secretary, M. Nagaraju, on Wednesday launched two next-generation mobile applications of Life Insurance Corporation of India — ‘MyLIC’ for policyholders and ‘Super Sales Saathi’ for sales intermediaries — as part of efforts to accelerate the insurer’s digital transformation.In his remarks on the occasion, Nagaraju described the development as a strategic inflection point in LIC’s digital journey.”LIC…
New Delhi, April 7 (IANS) Bank of Baroda on Tuesday rolled out ‘bob SAMVAD’ — an AI-powered multilingual conversational platform developed by the bank to enhance in-branch customer interactions.The AI platform was formally launched by Department of Financial Services Secretary M. Nagaraju in Mumbai on March 28. Terming it a step towards inclusive banking, Nagaraju said the initiative will strengthen customer service delivery and set a new benchmark in the sector through the use of technolog…
New Delhi, April 2 (IANS) The Centre has rolled out a series of relief measures aimed at shielding Indian industry and consumers from the adverse economic impact of the Iran war, which has disrupted supply chains and hit exports.The Finance Ministry has outlined steps spanning customs duty cuts for key raw materials, export incentives, fuel price controls, and financial support mechanisms, with a focus on ensuring stability across key sectors.The Government has allowed Special Economic Zone (SEZ…
New Delhi, March 31 (IANS) In a major bureaucratic reshuffle, the government has appointed Vir Vikram Yadav as the new Director General of the Directorate General of Civil Aviation (DGCA), replacing Faiz Ahmed Kidwai.Yadav, who is currently serving as Additional Secretary in the Ministry of Environment, Forest and Climate Change, will now head India’s aviation regulator at a time when the sector is expanding rapidly.With rising air traffic, growing airline fleets and increased focus on safety,…