New Delhi, May 29 (IANS) Over Rs 6,800 crore hitherto stuck in unclaimed bank deposits has been restituted to nearly 29 lakh claimants across the country during the past six months as part of the stepped-up drive to help citizens recover their money, the Finance Ministry announced on Friday.Secretary, Department of Financial Services (DFS), M. Nagaraju, chaired a review meeting of public sector banks (PSBs) to assess their performance and progress across key operational, financial and strategic …
Latest Department of Financial Services News & Updates
New Delhi, May 27 (IANS) Seven northeastern regional rural banks (RRBs) have reported a provisional consolidated net profit of Rs 560 crore during FY 2025–26, registering an impressive year-on-year growth of 34 per cent, according to the government.Further, the Gross Non-Performing Assets (GNPA) ratio has declined to 4.9 per cent, the lowest level recorded in the last decade, reflecting improved financial health and stronger asset quality, according to finance ministry.A regional review meetin…
Agartala, May 26 (IANS) Amid growing global economic uncertainty triggered by geopolitical tensions, including the ongoing conflict involving Iran and the United States, the Indian banking sector remains strong, stable, and poised for sustained growth, Secretary of the Department of Financial Services (DFS) under the Union Finance Ministry, M. Nagaraju, said here on Tuesday. Addressing the media on the sidelines of a Credit Outreach Programme organised by the State Level Bankers Committee at Rab…
New Delhi, May 23 (IANS) Prime Minister Narendra Modi distributed more than 51,000 appointment letters to newly-appointed youth in various government departments and organisations at the 19th Rozgar Mela on Saturday and said that the world is very excited about India’s youth and technological progress.Addressing the gathering virtually, PM Modi said, “Today, more than 51,000 youth have received appointment letters for government jobs and all of you are becoming key partners in the ‘Vikas Yatra’ …
New Delhi, May 23 (IANS) Prime Minister Narendra Modi will distribute more than 51,000 appointment letters to newly-appointed youth in various government departments and organisations at the 19th Rozgar Mela on Saturday.The letters will be distributed via video-conferencing, and PM Modi will also address the gathering on the occasion.In keeping with the Prime Minister’s commitment to prioritising employment generation, the Rozgar Mela is a major initiative aimed at translating this vision into…
New Delhi, May 22 (IANS) Prime Minister Narendra Modi will distribute more than 51,000 appointment letters to newly-appointed youth in various government departments and organisations at the 19th Rozgar Mela on Saturday, said an official.The letters will be distributed via video-conferencing, and PM Modi will also address the gathering on the occasion.In keeping with the Prime Minister’s commitment to prioritising employment generation, the Rozgar Mela is a major initiative aimed at translatin…
New Delhi, May 18 (IANS) India’s financial system has become stronger and more stable due to the growing role of asset reconstruction companies (ARCs), M Nagaraju, Secretary, Department of Financial Services, said on Monday.Addressing an industry gathering during ASREC logo launch event in the national capital, he said ARCs have emerged as a key pillar of the country’s financial ecosystem by helping banks and financial institutions resolve stressed assets efficiently.“ARCs play a major rol…
New Delhi, May 12 (IANS) In a move aimed at safeguarding India’s maritime trade and shipping operations amid escalating tensions in the Middle East, the Department of Financial Services (DFS), Ministry of Finance, on Tuesday launched the ‘Bharat Maritime Insurance Pool’ (BMIP) with a total underwriting capacity of $1.5 billion and a sovereign guarantee support of $1.4 billion (around Rs 12,980 crore).The initiative is designed to ensure uninterrupted maritime insurance coverage for Indian-…
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…
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…