To foster a well regulated and orderly growth of banking and insurance sector to serve all sections of society
The Department of Financial Services was created on 28th June, 2007 by merging the erstwhile Banking and Insurance Divisions. Broadly, the functions of the Department are split into those relating to banking, insurance and pension reforms.
We fulfil the vision through:-
- Policy support to the Public Sector Banks (PSBs), Public Sector Insurance Companies and Development Financial Institutions (DFIs) i.e. NABARD, SIDBI, IIFCL, EXIM Bank, IDFC, NHB and IWRFC, IIBI through policy guidelines, legislative and other administrative changes.
- Monitoring the performance of the PSBs, Public Sector Insurance Companies and DFIs
- Policy formulation in respect of Non-Banking Financial Companies, private banks and foreign banks
- Support to regulatory authorities i.e. RBI, IRDA, PFRDA, NHB and NABARD