Department of Financial Services (India)
| वित्तीय सेवाएं विभाग | |
| Department overview | |
|---|---|
| Formed | 2007 |
| Jurisdiction | India |
| Headquarters | New Delhi, India |
| Department executive |
|
| Parent Department | Ministry of Finance |
| Website | financialservices |
The Department of Financial Services (DFS) is an Indian governmental department under the Ministry of Finance, Government of India, responsible for overseeing the financial sector.[1] It formulates policies and administers laws for banking, insurance, and pension sectors.[2]
History
The DFS was established to foster the growth of India’s financial system. Initially part of the Ministry of Finance, it became a separate department in 2007 to manage the growing complexity of the Indian financial system.[3]
Functions
The DFS is led by the Secretary of Financial Services and collaborates with regulators like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and Insurance Regulatory and Development Authority of India (IRDAI). Its key functions include:[4]
- Policy formulation and implementation.
- Oversight of public sector banks and financial institutions.
- Regulation of insurance companies and pension schemes with IRDAI and PFRDA.
- Promoting Financial inclusion and Digital banking.
- Managing Public debt and fiscal policies.
- Driving financial sector reforms like privatization and modernization.
- Overseeing schemes such as Pradhan Mantri Jan Dhan Yojana (PMJDY).
Initiatives
The organization has taken numerous initiatives in the recent days. These includes -
- Pradhan Mantri Mudra Yojana (PMMY) – Micro-financing for small businesses.
- Atal Pension Yojana (APY) – Pension scheme for unorganized workers.
- Banking Correspondents Model – Expanding rural financial access.
- Sovereign Gold Bonds (SGB) – Promoting financial investments over physical gold.
Challenges
The DFS faces challenges like:
- Rising Non-performing assets in public sector banks.
- Low Financial literacy in rural areas.
- Mixed reactions to privatization and consolidation of state-owned banks.[5]
See Also
References
- ^ "Welcome to Department Of Financial Services". financialservices.gov.in. Retrieved 6 January 2025.
- ^ "About Us". mofapp.nic.in. Retrieved 6 January 2025.
- ^ "Our History". Department of Financial Services. Retrieved 6 January 2025.
- ^ "Overview | Department of Financial Services | Ministry of Finance | Government of India". financialservices.gov.in. Retrieved 8 January 2025.
- ^ Narayan, Subhash (3 January 2025). "BAANKNET, a revamped e-auction portal for properties with public sector banks launched by DFS secretary M Nagaraju | Mint". mint. Archived from the original on 5 January 2025. Retrieved 6 January 2025.