The mandate of the Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies and the National Pension System. The Department is headed by the Secretary, (Financial Services) who is assisted by an Additional Secretary, four Joint Secretaries and two Economic Advisers.
The Joint Secretaries/Economic Advisers are handling subjects as given below:-
i. Joint Secretary(Pension Reforms and Insurance)
Life and non-life segments of insurance industry, Insurance Regulatory and Development Authority (IRDA), Pension Reforms, National Pension System, Pension Fund Regulatory and Development Authority (PFRDA) and appointments of Chief Executives and Government nominee Directors/Non official directors on the boards of public sector insurance companies, Coordination and Establishment matters of the Department.
ii. Joint Secretary(Institutional Finance)
Priority sector lending, export credit, lending to MSMEs and housing, financing of infrastructure, Microfinance, Regional Rural Banks and matters relating to National Housing Bank (NHB), SIDBI,NABARD,IFCI,IIFCL and EXIM Bank including appointments of Chief Executives and Government nominee Directors/Non official directors on the boards of these financial institutions .
iii. Joint Secretary(Financial Inclusion) and Chief Vigilance Officer
Agriculture credit, Network expansion of banking services, Business Correspondents / Business Facilitators, Mobile Banking, Lead Bank Scheme and Service Area Approach, District and State Level Bankers' Committee(SLBC), Direct Benefit Transfer of subsidy to the beneficiaries through their bank accounts including convergence of UIDAI Aadhaar Number, vigilance matters and appointment of Chief Vigilance Officers(CVOs) in the public sector banks, insurance companies, financial institutions and financial regulators viz. RBI, IRDA and PFRDA.
iv. Joint Secretary (Banking Administration)
Banking operations, setting of annual targets , pattern of accounting and final accounts in Public Sector Banks(PSBs), appointments of Chief Executives and Government nominee Directors/non official directors on the boards of public sector banks, dividend payable to Central Government by PSBs; scrutiny and follow up action of the annual financial reviews of PSBs conducted by RBI under Section 35 of the Banking Regulation Act, 1949,capital restructuring of PSBs and HR issues related to public sector banks. Issues related to recovery of bank dues, Issues relating to establishment of Debts Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs)
v. Economic Adviser –I
Customer service and grievances in PSBs, Insurance cos. etc., analysis of monetary policy of RBI, coordinating material for Economic Survey etc. , coordinating matters relating to Union Budget and follow up on Budget Announcements, follow up on outstanding Audit Paras; overseeing the implementation of reservation policy of the Government of India in the Public Sector Banks/Financial Institutions(FIs), and Insurances Companies and RBI, inspection of reservation rosters for SC/ST/OBC, physically Handicapped and ex-servicemen in PSBs etc., implementation of the Official Language Policy in the Department and institutions administered by it , Parliamentary matters related to the Department, General Administration, housekeeping etc. of the Department.
vi. Economic Adviser II
All Policy matters related to banking operation, such as Licensing, amalgamation, reconstruction and acquisition of banks; overseas branches of Indian banks; operation of foreign banks in India, banking sector reforms, Deposit Insurance and Credit Guarantee Corporation. Legislative proposals relating to banks, non-banking financial companies, chit fund companies and payment and settlement systems. Policy matters related to Local Area Banks,-Know Your Customer (KYC), Anti Money Laundering(AML) and Combating Financing Terrorism (CFT). Policy issues in International relations in the areas of Banking, Insurance and Pension Reforms; Financial Action Task Force. Opening of currency chests. Receipt and Payment work of Government.