DEPARTMENT OF FINANCIAL SERVICES

finmin:-a-complete-overhaul-in-next-5-months-

FinMin: A complete overhaul in next 5 months?

If some top sources are to believed all four departments under Union Ministry of Finance are set to get a fresh set of departmental heads in the next five months. The Department of Expenditure, presently under ad-hoc arrangement, became headless after G C Murmu (IAS:1985:GJ) was picked up as J&K Lieutenant Governor. Union Finance Secretary Rajiv Kumar (IAS:1984:JH), Secretary, DFS, is retiring in February next year followed by Economic Affairs Secretary Atanu Chakraborty (IAS:1985:GJ) scheduled to retire April next year. Though Revenue Secretary A B P Pandey (IAS:1985:MH) may remain on turf till February 2021 but with vital figures dipping steadily the power corridors are abuzz that Pandey may be shifted to some other key departments. If that be the case the Finance Ministry may see a fresh set of faces to steer the economy which would be key to take NaMo 2.0 to its 3.0 version.

25 Nov 2019
four-officers-laterally-shifted-to-mha,-niti-&-dfs

Four officers laterally shifted to MHA, NITI & DFS

The NaMo administration on Friday laterally shifted as many four officers, including two IAS, to various departments and organisations as follows:

  1. Alok Tiwari (IAS:2007:UP) laterally shifted from Cabinet Secretariat to the Department of Financial Service as Deputy Secretary for a period ending 21.08.2020.
  2. Ms Jyoti Yadav (IAS:2009:UK) laterally shifted from MHA to the Department of Commerce at Deputy Secretary level for a period ending 13.06.2023. Presently, she is Director Census Operations, Madhya Pradesh.
  3. Mudita Mishra (IOFS:2001), Director in the Department of Financial Service was on Friday laterally shifted to the Office of Development Commissioner (Handicraft) as Additional Development Commissioner (Director level) under the Ministry of Textiles.
  4. Alok Mishra (IIS:1998), presently Deputy Secretary, LBSNAA, was on Friday laterally shifted to NITI Aayog as Director for a period ending 06.11.2020.

26 Oct 2019
finmin:-a-complete-overhaul-in-next-5-months-

FinMin: A complete overhaul in next 5 months?

By IndianMandarins 25 Nov 2019

If some top sources are to believed all four departments under Union Ministry of Finance are set to get a fresh set of departmental heads in the next five months. The Department of Expenditure, presently under ad-hoc arrangement, became headless after G C Murmu (IAS:1985:GJ) was picked up as J&K Lieutenant Governor. Union Finance Secretary Rajiv Kumar (IAS:1984:JH), Secretary, DFS, is retiring in February next year followed by Economic Affairs Secretary Atanu Chakraborty (IAS:1985:GJ) scheduled to retire April next year. Though Revenue Secretary A B P Pandey (IAS:1985:MH) may remain on turf till February 2021 but with vital figures dipping steadily the power corridors are abuzz that Pandey may be shifted to some other key departments. If that be the case the Finance Ministry may see a fresh set of faces to steer the economy which would be key to take NaMo 2.0 to its 3.0 version.

four-officers-laterally-shifted-to-mha,-niti-&-dfs

Four officers laterally shifted to MHA, NITI & DFS

By IndianMandarins 26 Oct 2019

The NaMo administration on Friday laterally shifted as many four officers, including two IAS, to various departments and organisations as follows:

  1. Alok Tiwari (IAS:2007:UP) laterally shifted from Cabinet Secretariat to the Department of Financial Service as Deputy Secretary for a period ending 21.08.2020.
  2. Ms Jyoti Yadav (IAS:2009:UK) laterally shifted from MHA to the Department of Commerce at Deputy Secretary level for a period ending 13.06.2023. Presently, she is Director Census Operations, Madhya Pradesh.
  3. Mudita Mishra (IOFS:2001), Director in the Department of Financial Service was on Friday laterally shifted to the Office of Development Commissioner (Handicraft) as Additional Development Commissioner (Director level) under the Ministry of Textiles.
  4. Alok Mishra (IIS:1998), presently Deputy Secretary, LBSNAA, was on Friday laterally shifted to NITI Aayog as Director for a period ending 06.11.2020.

rajiv-kumar-is-finance-secretary

Rajiv Kumar is Finance Secretary

By IndianMandarins 30 Jul 2019

Being the senior most among other secretaries serving under the Ministry of Finance Rajiv Kumar (lAS:1984:JH) was on Tuesday designated as Finance Secretary vice Subhash Chandra Garg (IAS:1983:RJ) who was recently appointed (laterally) as Secretary, Ministry of Power.  Presently, Rajiv Kumar is Secretary, Department of Financial Services.

interviews-for-appointment-of-heads-of-nhb-and-iifcl-today

Interviews for appointment of heads of NHB and IIFCL today

By IndianMandarins 25 Mar 2019

Interviews for the appointment of heads of India Infrastructure Finance Company (IIFCL) and National Housing Bank (NHB) are scheduled to be held on Monday - that is today. Both have been headless for a long time.

 

The Department of Financial Services (DFS) is learned to have shortlisted five candidates for IIFCL and 12 candidates for the post of managing director of NHB. The interview panel comprises the Financial Services Secretary, Department of Personnel and Training Secretary and some external members.

 

According to the public notice issued by the DFS, the candidate should have at least 25 years of experience as on the date of the vacancy in different verticals in commercial banks or financial institution. Of this, two years of experience should be either at the board level or GM in nationalized banks or CGM in IFCI, SIDBI, IIFCL, Exim Bank, SBI or RBI.

 

According to the notice, even officers serving as joint secretary or above in the Government of India or at an equivalent in the state government with 2 years long experience in the field of commercial or industrial finance are eligible.

 

The appointment will be initially for 3 years and may be extended by up to 2 years based on performance.

 

It may be recalled that candidates were interviewed in 2017 for the post of managing director (MD) IIFCL but none was selected.

 

So, the Department of Financial Services (DFS) invited fresh applications in August last year. In total, the infrastructure lender has been without a regular MD for the past 20 months.

 

The housing finance regulator NHB became headless in August last year following the resignation of Sriram Kalyanaraman amid allegations of irregularities and misconduct against him.

dfs:-manish-gupta-gets-extension

DFS: Manish Gupta gets extension

By IndianMandarins 12 Feb 2019

Central deputation tenure of Manish Gupta (IRSEE:1995) was, on Monday, extended for a period of one year beginning 20 February 2019. Presently, he is Director in the Department of Financial Services (DFS).

psbs-advised-diluting-stakes-to-52%-in-first-phase

PSBs advised diluting stakes to 52% in first phase

By IndianMandarins 15 Jan 2019

Financial Services Secretary Rajiv Kumar has advised the PSBs to gradually bring down the government’s equity to 52 percent in the first phase. He added they have been given all the permission required for this purpose. It is for them to choose the right market timing for dilution of stakes, he said.


The State Bank of India (SBI) has already initiated step for Rs 20,000 crore share sale through qualified institutional placement (QIP). Post QIP, the government stake will be diluted from the existing 58.53 percent. Last month, shareholders of the bank approved the sale of shares to fund the business growth.


Many other banks are also planning to raise capital through some means or other, depending on the market condition. Some of the lenders like Syndicate Bank, Union Bank of India, Punjab National Bank, and Oriental Bank of Commerce among others have already issued or in process of issuing Employee Share Purchase Scheme (ESPS).


Kumar further said the government has also initiated the process for consolidation of Regional Rural Banks (RRBs) to better serve the needs of rural India. Recently, the Centre has amalgamated three RRBs -- Punjab Gramin Bank, Malwa Gramin Bank, and Sutlej Gramin Bank -- into a single RRB with effect from January 1.

psbs-make-record-recovery-of-stressed-loans

PSBs make record recovery of stressed loans

By IndianMandarins 20 Dec 2018

Public sector banks recovered Rs 60,730 crore ($8.69 billion) of outstanding bad loans in the April-September period.

 

Describing this as a 'record' haul, Financial Services Secretary Rajeev Kumar (IAS:1984:JH) said the government would give funds to four-five banks under a prompt corrective action plan after considering their financial results.

 

He also said banks have raised Rs 24,440 crore from the market this fiscal year.

garg-is-also-secretary,-dfs

Garg is also Secretary, DFS

By IndianMandarins 29 Nov 2018

Subhash Chandra Garg (lAS:1983:RJ), Secretary, Dept of Economic Affairs, has been given the additional charge of the post of Secretary, Department of Financial Services during (29 November to 16 December 2018)  the absence on leave of Rajiv Kumar (IAS:1984:JH). 

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.