Latest news with #DepartmentofFinancialServices
Time of India
19 hours ago
- Business
- Time of India
ET Graphics: NPAs in MSME with PSBs
Department of Financial Services ( DFS ) has advised banks to examine the issue of rationalisation of penal charges for nonmaintenance of Minimum Average Balance (MAB), with emphasis on providing relief to customers in semi-urban and rural areas, said MoS for finance Pankaj Chaudhary Department of Financial Services (DFS) has advised banks to examine the issue of rationalisation of penal charges for nonmaintenance of Minimum Average Balance (MAB), with emphasis on providing relief to customers in semi-urban and rural areas, said MoS for finance Pankaj Chaudhary. Explore courses from Top Institutes in Please select course: Select a Course Category Others Data Science Technology Operations Management Data Science Project Management others Public Policy Leadership MCA Finance MBA CXO Degree Cybersecurity Product Management Artificial Intelligence PGDM Management Data Analytics healthcare Healthcare Digital Marketing Design Thinking Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details
New Indian Express
a day ago
- Business
- New Indian Express
Financial inclusion drive targets 12,708 panchayats
HYDERABAD: A massive three-month Financial Inclusion campaign is currently underway across Telangana, targeting all 12,708 gram panchayats in the state. Launched on July 1 and running until September 30, the campaign aims to saturate enrolments under key social security and banking schemes at the grassroots level. The initiative is being carried out under the directives of the Centre's Department of Financial Services. As of July 27, special camps have been held in 4,400 gram panchayats. A total of 67,541 applications have been received for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), of which 42,027 beneficiaries have already been covered. Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 53,460 applications were received, and 30,803 individuals have been enrolled. For the Atal Pension Yojana (APY), 9,244 applications have been submitted, and 5,535 enrolments have been completed. Re-KYC procedures have been carried out for 9,313 PMJDY accounts and 9,138 non-PMJDY accounts. Additionally, 15,932 account nominations have been updated. This statewide campaign is being spearheaded by the State Level Bankers' Committee (SLBC), in collaboration with the Press Information Bureau (PIB), Telangana. Banks across the state, under the supervision of lead district managers and respective district collectors, are conducting camps to ensure the financial inclusion schemes reach every eligible citizen. The campaign focuses on opening new bank accounts, especially for unbanked adults, completing Re-KYC formalities for inactive accounts, and enrolling citizens in PMJJBY, PMSBY, and APY. It also aims to promote awareness about digital fraud prevention and the process for claiming unclaimed deposits, along with updating nominations in deposit accounts. Each gram panchayat is hosting at least one special camp, with banks assigned to areas based on their local presence. Citizens are strongly encouraged to attend these camps, complete necessary formalities, and update nominations to avoid future inconveniences, as accounts without Re-KYC may be frozen.
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Business Standard
5 days ago
- Business
- Business Standard
DFS Secy Nagaraju seeks insurance brokers' help to boost coverage in India
The Department of Financial Services Secretary, M Nagaraju, on Friday urged insurance brokers to participate actively in state-level and sub-level insurance programs to raise awareness and increase insurance penetration in the country. Speaking at the 25th Foundation Day of the Insurance Brokers Association of India (IBAI), Nagaraju said, 'We need your active participation in state-level and sub-level insurance programs. There is vast uncapped potential in tier-2 and tier-3 cities, agricultural and rural zones, in unorganised sectors, and among small businesses." He stated that insurance brokers can help increase awareness about the importance of insurance among remote and low-income populations. They can also play a crucial role in building trust between insurers and the insured by acting as transparent advisors, simplifying product dissemination, and supporting the capacity building of local intermediaries. 'In addition, the intermediaries support government-led insurance schemes, whether in agriculture, health, or credit, with better design, training, and implementation support,' Nagaraju said. He also noted that the insurance brokerage sector is a significant generator of employment, both directly and indirectly, with thousands of professional support staff, underwriters, claim handlers, IT specialists, and marketing personnel employed or supported by the broker ecosystem. 'When brokers thrive, it creates employment across the service economy, including legal, technical, and financial advisory services. This employment impact must be nurtured and expanded through skill development, certification, and digital inclusion.' While commending the thought-provoking activities of insurance brokers, Nagaraju said that going forward, he would encourage brokers to use these channels to focus on emerging issues such as cybersecurity, cyber risk, ESG compliance, and disaster resilience in order to develop proactive pre-loss strategies for national resilience.
CBS News
23-07-2025
- Business
- CBS News
Florida's DOGE kicks off with audit of Broward County spending, Gov. DeSantis says
Cities, counties and law enforcement agencies across Florida will now undergo state audits, with Broward County being up first, Gov. Ron DeSantis announced Tuesday morning in Fort Lauderdale alongside the state's newly sworn-in Chief Financial Officer Blaise Ingoglia. DeSantis said reviews by his Office of Policy and Budget and Ingoglia's Department of Financial Services will focus on governments that have "refused" to comply with state "Department of Government Efficiency" efforts, which were announced in February. The reviews also are tied to DeSantis' effort to get the Legislature to put a proposed constitutional amendment on the 2026 ballot to lower property taxes. State auditors will be in Broward County and Gainesville starting July 31, DeSantis said. The two local governments were advised Monday night about the announcement. According to the Florida governor, Broward local government spending just doesn't add up. "Their county government has increased property tax burdens by the tune of $450 million, in addition to ad valorem collections, that's an increase of close to 50% just since 2020, but yet the population of Broward has barely grown at all, less than 5%," he said. The governor said the county is spending as if the money belongs to someone else. "I think it was, was it $800,000 for the Rose Bowl? They did a float in the Rose Bowl. The county administrator here makes almost half a million dollars a year. So there's a lot of things that really deserve scrutiny," he said. DeSantis said Broward is among communities that have drawn complaints since the state announced its DOGE efforts, with others being in places such as Hillsborough County, Manatee County, Northeast Florida and South Florida. "In particular, there's a couple sheriff's departments across the state that people find concerns about," DeSantis said. "I find it interesting that the two counties he chosen to audit first are two bright blue counties, but I'm sure that's merely a coincidence," said Geller. He said the state's numbers are off and explained that a large amount of money goes toward the airport, seaport and public safety. Geller also said recently passed legislation is also causing Broward to spend more. "They passed a law saying if there's homeless people, you have to remove them, but they didn't give us any money to do that; the county's having to do that. So, the legislature keeps passing laws that are costing us money and then complaining that we have to spend money!" "We've given them everything they've asked for. They said, 'Well, you didn't pass a resolution telling us you support DOGE.' I don't support it. I'm not grateful they're planning on giving the county a colonoscopy, but we will follow the law." Ingoglia, who was sworn-in as CFO on Monday, said they're going to begin auditing municipalities and agencies with a team on the ground and using artificial intelligence. If the municipalities and agencies don't comply, DeSantis said not only will the state withhold funding, there will also be fines. "For example, if we send a letter to a city and say, you know, provide us information on these 100 things, and they don't do it, then each individual item would be a daily fine of $1,000, so that'd be $100,000 a day," he said. The governor said they are starting with areas where they've gotten a lot of complaints and little compliance. So where does Miami-Dade County stand? "I don't think they fully got on board, but we do have some of the commissioners that are helping on that. So I would say that they've been better than some, but not good enough. So, I think it's very possible that you'll see an announcement on Miami-Dade within the next couple weeks," DeSantis said. DeSantis said Ingoglia, a former state congressman who was sworn in as CFO on Monday, will make his top priority auditing local government spending. In addition to local government audits, Ingoglia said he will focus on ensuring insurance companies follow requirements. "If they're slowing stuff, we're going to have conversations with them," Ingoglia said. "I'm not going to sit back. I'm not going to allow anyone to game the system, whether it is on one side or the other side, whether it is trial attorneys gaming the system or insurance companies gaming the system." Critics have accused some property insurers of not properly paying claims and have raised questions about carriers sending money to shareholders and affiliated companies while seeking rate increases. In his remarks during Monday's ceremony, Ingoglia called the appointment to the Cabinet post an "honor that has been bestowed upon me." This report includes information from the News Service of Florida.
Time of India
19-07-2025
- Business
- Time of India
Banks need to build resilience against cyber threat: DFS Secretary
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, Nagaraju 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. PNB MD and CEO Ashok Chandra, in his remarks, underscored the institution's commitment to driving innovation, strengthening cyber defences, and promoting collaboration between industry and academia. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
