New Delhi, Jan 10 (IANS) The strategic interventions by the Department of Financial Services (DFS) has improved the financial health and robustness of banking sector significantly, with gross NPA ratio of scheduled commercial banks (SCBs) declining to 2.22 per cent and that of scheduled commercial banks (PSBs) declining to 2.58 per cent, an official statement said on Saturday.Furthermore, the Provision coverage ratio (PCR) of SCBs increased from 49.31 per cent in March 2015 to a healthy 93.14 pe…
Latest Department of Financial Services News & Updates
New Delhi, Jan 2 (IANS) An Inter-Departmental Committee, headed by the Union Secretary, Financial Services, M. Nagaraju, met here on Friday to consider the proposals of foreign banks wanting to set up branches in India.The meeting was attended by officials of the member ministries, including Home Affairs and External Affairs, as well as the Department of Commerce and the Reserve Bank of India (RBI).The meeting was convened to consider proposals received from the RBI in respect of foreign banks k…
New Delhi, Jan 1 (IANS) Under the Credit Guarantee Scheme for Exporters (CGSE), 1,788 applications amounting to Rs 8,599 crore have been received till December 31, out of which a total of 716 applications have been sanctioned amounting to Rs 3,141 crore, which reflects a strong confidence among exporters and MSMEs, the government said on Thursday.CGSE scheme is open till March 31, 2026 or until guarantees of value upto Rs 20,000 crore are issued. The scheme is being implemented by Department of …
New Delhi, Dec 28 (IANS) The Finance Ministry has directed public sector banks and financial institutions, such as insurance companies, to promptly report vigilance-related matters concerning whole-time Directors on their boards.The directive from the Finance Ministry’s Department of Financial Services (DFS) states that omission of any significant information relevant for decisions relating to appointments, promotions, board-level postings, and placement of whole-time Directors is a matter of …
New Delhi, Dec 24 (IANS) The Central Bureau of Investigation (CBI) on Wednesday said that it has arrested two bank officials involved in opening of mule accounts in conspiracy with organized cyber criminals and these accounts were later used in fund transfer in cyber frauds.The names of the arrested are- Shalini Sinha, Assistant Manager, Canara Bank and Abhishek Kumar, Business Development Associate, Axis Bank.During the course of investigation of a CBI case registered in connection with the mul…
Chennai, Dec 22 (IANS) Issues related to mule accounts used in cyber frauds and means to curb them topped the agenda at a coordination meeting between CBI, officials of the Department of Financial Services (DFS) and Chief Vigilance Officers of Public Sector Banks (PSBs) held here on Monday. During the day-long meeting, all pending matters about ongoing Bank Fraud Investigations and Prosecutions being handled by CBI were discussed, said a statement.The agenda of the conference was to enhance inte…