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
- Public Sector insurance Companies
- Development Financial Institutions
- Non-banking Financial Companies
- Regional Rural Banks
- Appointment of Chief Executives and Government nominee Directors / non-Directors on the Boards of Public Sector banks (PSBs), Public Sector Insurance companies and DFIs; Chief Vigilance Officers (CVOs) in PSBs and Insurance Companies; Chairpersons and Members of BIFR and AAIFR, and Workmen employee directors in PSBs,
- Administration of the Regional Rural Banks Act, 1976 and all Acts on Banks, DFls and Insurance Companies.
- Framing rules and regulations in respect of service conditions of employees of Public Sector insurance companies and Chairperson and Members of IRDA
- Wage settlement in banking and insurance industry.
- Framing rules under IRDA Act 1999 and appointment of Chairperson and Members of IRDA
- Formulation of Legislative proposals concerning the Interim PFDRA.
- Coordination between industry, banks and financial institutions
Grievances Redressal Mechanism:
- In order to further strengthen the grievance redressal mechanism in Public Sector Banks and Insurance Companies, this Department has been using extensively the CPGRAMS portal (Centralised Public Grievances Redressal and Monitoring System) developed by Department of Administrative Reforms and Public Grievances.
- The system facilitates the citizens to lodge their grievances on-line directly on the website.
- The grievances received from individuals, DARPG, DOPT are transmitted online to the Banks, Public Sector Insurance Companies concerned, IRDA, Banking Ombudsman offices etc. and responses to the grievances can also be submitted by agencies online.
- The system helps the complainant to monitor the status of the complaints online and also generate action taken reports.
- In LIC, Customers Relations Executives in Branch offices and Customers Relations Managers in Divisional offices deal with complaints from policy holders, agents and other officers/agencies.
- The aggrieved can meet the Grievances Redressal Officers for settlement of their grievances without prior appointment.
Right to Information Act 2005:
- In Department of Financial Services, CPIOs and Appellate Authorities have been nominated to deal with applications received under RTI Act. Information is provided to the applicants within the prescribed time limit. The applicants, who are not satisfied with the information provided, or not getting the information in time, can prefer appeal before the Appellate Authorities within the prescribed time schedule. The names and other requisite details regarding the CPIOs and Appellate Authorities are posted on the website of the Department and updated as and when changes are made.
Department of Financial Services
III Floor, Jeevandeep Building
New Delhi – 110001
Fax No. - 23742207, 23747018, 23360250 (Banking Division)
23344605 (Insurance Division)
- RBI – Reserve Bank of India
- NABARD – National Bank for Agriculture and Rural Development
- SIDBI – Small Industries Development Bank of India
- IIFCL – India Infrastructure Finance Company Limited
- EXIM Bank – Export and Import Bank of India
- IDFC – Industrial Development Finance Corporation
- NHB – National Housing Bank
- IWRFC – Irrigation and Water Resources Finance Corporation
- IRDA – Insurance Regulatory and Development Authority
- PFRDA – Pension Fund Regulatory and Development Authority
- BIFR – Bureau of Industrial and Finance Reconstruction
- AAIFR – Appellate Authority for Industrial and Financial Reconstruction
- PSBs – Public Sector Banks
- DFIs – Development Financial Institutions
- LIC – Life Insurance Corporation of India
- DARPG – Department of Administrative Reforms and Public Grievances
- DOPT – Department of Personnel and Training
- CPIOs – Central Public Information Officers