M NAGARAJU DFS
Protect bankers to ensure uninterrupted banking, DFS secretary tells states
Financial Services Secretary M Nagaraju has urged state governments to take strict action against individuals engaging in aggressive behaviour towards bank staff. He emphasised the importance of ensuring uninterrupted banking services for the public, Direct Benefit Transfers, and economic activities.
Sitharaman reviews financial inclusion schemes
Nirmala Sitharaman assessed the advancement of government financial inclusion programs. The meeting included key figures like DFS Secretary M Nagaraju. Sitharaman highlighted broadening the reach of financial inclusion. She also emphasized improving customer experience in banking. The review covered schemes like Jan Dhan Yojana and PM Vishwakarma. Other schemes included Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana.
Government to finalise view on liquidation of Bhushan Power and Steel soon, says DFS Secretary
The government is examining the Supreme Court's decision regarding the liquidation of Bhushan Power and Steel Ltd. M Nagaraju, secretary of the Department of Financial Services, stated that the government is consulting with senior advocates and lenders to determine the appropriate course of action. A final decision on how to proceed is expected soon.
Finalising response to SC's decision on JSW Steel-Bhushan deal: Govt officials
The Indian government is actively addressing the court order that nullified JSW Steel's acquisition of Bhushan Power and Steel. The Department of Financial Services has consulted with lenders and legal experts to analyze the judgment. A government response is being finalized soon, indicating a proactive approach to the situation.
Improve performance of education and housing loan: DFS secretary Nagaraju to banks
Financial Services Secretary M Nagaraju urged bankers to enhance their performance in education and housing loan sectors during a meeting with public sector bank heads in Bhubaneswar. He lauded the Odisha State Level Bankers Committee for its performance in social security schemes and the CSP Plus initiative.
India's 500 GW renewable energy target by 2030 requires Rs 33 lakh crore, says M Nagaraju
M Nagaraju, Secretary, Department of Financial Services (DFS), on Monday, said that India's ambitious target of achieving 500 gigawatts (GW) renewable energy target by 2030 requires Rs 33 lakh crore.
The Budget Builders: Meet the people shaping India's Union Budget this year
Finance Minister Nirmala Sitharaman prepares to present her eighth budget on February 1, aiming to boost growth and balance competing demands. Key officials shaping the budget include Finance Secretary Tuhin Kanta Pandey, Chief Economic Adviser V. Anantha Nageswaran, and Expenditure Secretary Manoj Govil, focusing on fiscal consolidation, subsidy rationalization, and reforms to spur economic growth and stability.
Amid surge in MFI defaults, small borrowers binge on debt
The number of borrowers taking loans from three or more lenders was 11 million, or 13% of the total microfinance borrower base of 85 million, showed the latest data collated by credit bureau CRIF High Mark, and seen by ET. At present, the microfinance sector is reeling under severe asset quality stress. The sectoral gross nonperforming assets ratio rose to an 18-month high of 11.6% at the end of September
Government tells MFIs to reduce rates
Senior executives of microfinance institutions have been urged by the department of financial services to lower lending rates to make loans viable for borrowers at the bottom of the pyramid. The microfinance sector faces high default rates, with gross non-performing assets at an 18-month high.
DFS Secretary launches revamped 'BAANKNET' portal for e-auction of properties as one-stop destination
Financial Services Secretary M Nagaraju launches revamped 'Baanknet' portal for e-auctions. The platform consolidates assets from PSBs, simplifying property discovery for buyers and investors. It features enhanced user experiences, integrated payment systems, and training for effective use, aiding PSB recovery and economic improvement.
NARCL has acquired 22 accounts with an exposure of Rs 95,711 cr
The secretary, department of financial services (DFS), M. Nagaraju, chaired review meetings Thursday with stakeholders, including representatives from Public Sector Banks, the Insolvency and Bankruptcy Board of India (IBBI), the Ministry of Corporate Affairs (MCA), and the National Asset Reconstruction Company Limited (NARCL).
Finmin asks banks to use MuleHunterAI to check digital fraud
The Finance Ministry and RBI are urging banks to adopt AI tools, including the RBI-developed MuleHunterAI, to combat rising financial fraud. Mule accounts, often used by criminals to launder money, are being targeted through these advanced technologies and inter-bank collaboration. This initiative aims to protect citizens' funds and deter fraudsters.
DFS Secretary M Nagaraju cautions against cryptocurrencies
"I am very sceptical of cryptocurrency. Not now, not after becoming the financial secretary. Even as an individual also, I am very doubtful of the entire scheme of cryptocurrency," Nagaraju said.
Financial services Secretary Nagaraju M sceptical about crypto, backs RBI's cautionary stance
Department of Financial Services Secretary Nagaraju M expressed skepticism about cryptocurrencies, echoing the Reserve Bank of India's cautious stance. He highlighted concerns regarding financial stability and emphasized the need for a cautious approach. Nagaraju also urged microfinance companies to practice responsible lending and stressed the importance of climate-proofing infrastructure finance.
Fresh KYC for PM Jan Dhan accounts completing 10 years: How to update KYC details in PMJDY accounts with SBI, PNB, ICICI Bank, Canara Bank
PM Jan Dhan accounts KYC:The PMJDY was launched in 2014, resulting in the opening of approximately 10.5 crore PMJDY accounts in mission mode from August 2014 to December 2014. These PMJDY accounts now require periodic updates or re-KYC after a decade.
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