DFS GST

The country needs to relook at the Rs 15,000 a month salary ceiling for mandatory pension enrolment to provide the social security net for people, a top FinMin official said on Tuesday. It is "very bad" that some people, especially those in the private sector, who earn more than Rs 15,000 a month, do not have any pension cover and become dependent on children as they age, Department of Financial Services Secretary M Nagaraju said here. "People who are earning less than Rs 15,000 a month, it is mandatory to enrol in the EPF (Employees Provident Fund) system, but for those earning more than Rs 15,000, it is not mandatory," Nagaraju explained. "We need to look at it...how do we secure the future of those who earn a little more also, but have a secure future and not depend on the children in the time of old age," the official added. In remarks at the CII Financing Summit here, Nagaraju termed this as an "inconsistency", which is different from the government's focus to ensure that maxi

Financial Services Secretary M Nagaraju on Saturday cautioned banks to bolster their defences against the growing menace of cyber threats. Speaking at a prize distribution ceremony of the 'Code Against Malware' hackathon at PNB headquarters here, Nagaruaju highlighted the growing importance of cybersecurity in the banking sector. Such initiatives align with the national goal of building resilience against emerging digital threats, he said. Launched in December 2024, the 'Code Against Malware' hackathon invited student teams from IIT Kanpur and other premier institutions to develop endpoint security solutions to detect ransomware, using behavioural analysis, artificial intelligence, and heuristic techniques. The hackathon was conducted in collaboration with the IIT Kanpur, under the guidance of the Department of Financial Services (DFS) and the Indian Banks' Association (IBA), with the objective of fostering innovation in cybersecurity and engaging India's young technical talent. P

At a review meet, DFS Secretary M Nagaraju calls on private banks to deepen their role in financial inclusion and ready for the saturation campaign starting 1 July

ULI, seen as the UPI of credit, gets a push from the DFS and RBI, which have asked ministries and states to onboard datasets for seamless and inclusive credit delivery

The Department of Financial Services has urged public sector banks to reduce procedural delays in insolvency filings and improve resolution timelines under the IBC

Financial Services Secretary M Nagaraju on Thursday expressed hope that the Unified Pension Scheme (UPS), which promises an assured pension of 50 per cent of the average basic pay drawn over the last 12 months, may be replicated for other stakeholders under the New Pension System (NPS). Observing that NPS has emerged as a robust retirement savings mechanism in the country, he said, its growing assets under management and subscriber base is reflective of people's trust in the scheme. The government has recently introduced the UPS under NPS for central government employees. The scheme is effective from April 1. UPS is a unique contributory but defined benefit scheme that provides an assured payout of 50 per cent of the average basic pay for the last 12 months upon superannuation along with the benefit of inflation indexation through dearness relief, Nagaraju said, while speaking at the 1st International Research Conference on Pension, organised by PFRDA and IIM Ahmedabad here. "I tru

Large banks also play a crucial role in the stability & growth of the global economy, with the resources & expertise to absorb shocks & manage risks better, ensuring stability in the financial system

Viability package for agents in NE states on cards

Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly in the North East

Says co-lending should be restricted to priority sector lending and not extended to other areas

The FM also met top officials of regional rural banks in a separate meeting, where banks were asked to expedite one state-one RRB initiative

Joshi explained the intention behind the Budget proposals for the financial sector

The workshop was attended by Vivek Joshi, secretary, DFS, senior officials of public sector banks, DFS, and the National Payments Corporation of India (NPCI)

The amendments aim to enhance the security of policyholders, promote their interests, and improve returns

The banks' lobby group has been asked to assist with the preparation of the viability plan for RRBs

The department of financial services (DFS) is planning to write to the department of revenue opposing the move to tax banks for some of the free services provided to its customers."We will write to the revenue department on the issue of imposition of tax - service tax and goods and services tax (GST) on banks for some free services they offer to customers," DFS secretary Rajiv Kumar told reporters.He said that the services, offered free of cost, were entitlement of customers and taxing such facilities is not legally tenable."To our mind, it's not a service. The banks are already earning some income by offering certain services to customers who maintain a minimum balance in their accounts," the secretary said.Kumar said the issue would be sorted out once the two departments sit together and discuss the matter in detail.Revenue department officials argue that banks are not offering 'free services' but actually charging customers by asking them to maintain a minimum account balance."In ..