DEPARTMENT OF FINANCIAL SERVICES

dfs-asks-psbs-to-defer-avoidable-expenditure-in-view-of-covid-19

DFS asks PSBs to defer avoidable expenditure in view of COVID-19

The government has asked Public Sector Banks to defer avoidable expenditure including the purchase of staff cars and refurbishment of guest houses for more productive utilization of financial resources amid coronavirus pandemic.

Department of Financial Services (DFS) has issued a detailed advisory to heads of all PSBs saying it was necessary that banks take appropriate actions to ensure productive use of their financial resources for core business activities. The advisory comes against the backdrop of PNB recently purchasing three Audi cars worth over Rs 1.30 crore for travel of its top executives.

Banks are advised to defer avoidable expenditure beyond the current financial year, including the purchase of staff cars, except where unavoidable. DFS has also directed banks to postpone expenditure on decorative, non-functional items for the interiors in non-customer facing premises like administrative offices and back offices and refurbishment of guest houses.

Further, banks have been asked to effect a significant reduction in expenditure on activities other than those pertaining to core business activities. Besides, DFS has directed banks to avoid travel and adopt digital means of communication as well as make effective use of locally available administrative officers.

DFS, which comes under the finance ministry, has asked banks to place the advisory before their respective boards and issue appropriate instructions internally. In addition, DFS has directed banks for revision of entitlements and perquisites such as entitlements to fixed assets like vehicles and furniture and lease/ rent amounts admissible for hired residential accommodations.

18 Jun 2020
dfs:-sharma-re-designated-as-director

DFS: Sharma re-designated as Director

The Deputy Secretary level post, presently held by Anshuman Sharma (IRS lT:2005), has been re-designated as Director in the Department of Financial Services, as a measure personal to him for a period up to 13.03.2021 i.e total tenure of five years under the Central Staffing Scheme.

12 Mar 2020
dfs-asks-psbs-to-defer-avoidable-expenditure-in-view-of-covid-19

DFS asks PSBs to defer avoidable expenditure in view of COVID-19

By IndianMandarins 18 Jun 2020

The government has asked Public Sector Banks to defer avoidable expenditure including the purchase of staff cars and refurbishment of guest houses for more productive utilization of financial resources amid coronavirus pandemic.

Department of Financial Services (DFS) has issued a detailed advisory to heads of all PSBs saying it was necessary that banks take appropriate actions to ensure productive use of their financial resources for core business activities. The advisory comes against the backdrop of PNB recently purchasing three Audi cars worth over Rs 1.30 crore for travel of its top executives.

Banks are advised to defer avoidable expenditure beyond the current financial year, including the purchase of staff cars, except where unavoidable. DFS has also directed banks to postpone expenditure on decorative, non-functional items for the interiors in non-customer facing premises like administrative offices and back offices and refurbishment of guest houses.

Further, banks have been asked to effect a significant reduction in expenditure on activities other than those pertaining to core business activities. Besides, DFS has directed banks to avoid travel and adopt digital means of communication as well as make effective use of locally available administrative officers.

DFS, which comes under the finance ministry, has asked banks to place the advisory before their respective boards and issue appropriate instructions internally. In addition, DFS has directed banks for revision of entitlements and perquisites such as entitlements to fixed assets like vehicles and furniture and lease/ rent amounts admissible for hired residential accommodations.

dfs:-sharma-re-designated-as-director

DFS: Sharma re-designated as Director

By IndianMandarins 12 Mar 2020

The Deputy Secretary level post, presently held by Anshuman Sharma (IRS lT:2005), has been re-designated as Director in the Department of Financial Services, as a measure personal to him for a period up to 13.03.2021 i.e total tenure of five years under the Central Staffing Scheme.

major-secretary-level-appointments-include-banking-secretary-&-air-india-cmd

Major Secretary level appointments include Banking Secretary & Air India CMD

By IndianMandarins 13 Feb 2020

The NaMo administration on Thursday effected a major bureaucratic rejig at the level of Secretary as follows:
  1. Debasish Panda (IAS:1987:UP) appointed as Secretary, Department of Financial Services (Secretary, Banking) vice Rajiv Kumar (IAS:1984:JH) upon his superannuation on 29.02.2020. Presently, he is Special Secretary, Department of Financial Services, Ministry of Finance.
  2. Ms. Usha Sharma (IAS:1985:RJ) appointed as Secretary, Department of Youth Affairs, Ministry of Youth Affairs and Sports. Presently, she is Director General, Archaeological Survey of India, Ministry of Culture.
  3. Rajeev Ranjan (IAS:1985:TN) appointed as Secretary, Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying vice Ms. Rajni Sekhri Sibal (IAS:1986:HY) upon her superannuation on 29.02.2020. Presently, he is Special Secretary, GST Council Secretariat, Department of Revenue, Ministry of Finance.
  4. Tenure of Parameswaran Iyer (Voluntarily Retired IAS:1981:UP) as Secretary, Department of Drinking Water and Sanitation (Ministry of Jal Shakti) was extended  for a further period of one year beyond 30.04.2020 i.e. upto 30.04.2021.
  5. Pawan Kumar Agarwal (IAS:1985:WB) appointed as Secretary, Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution. Presently, he is Chief Executive Officer, Food Safety and Standards Authority of India FSSAI).
  6. Saraswati Prasad (IAS:1985:AM) appointed as Secretary, National Commission for Scheduled Tribes in the rank and pay of Secretary. Presently, he is Special Secretary and Financial Adviser, Ministry of Steel.
  7. Rajiv Bansal (IAS:1988:NL) appointed as Chairman & Managing Director, Air India in the rank and pay of Additional Secretary. Presently, he is Additional Secretary, Ministry of Petroleum and Natural Gas. 

  8. Raj Kumar (IAS:1987:GJ) appointed as as Secretary, Department of Defence Production, Ministry of Defence. Presently, he is working as DG, Employees' State Insurance Corporation (ESIC).

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).

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