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New Delhi, Feb 13 () Senior IAS officer Debasish Panda was on Thursday appointed as the new finance secretary, according to a Personnel Ministry order.Panda, a 1987-batch IAS officer of the Uttar Pradesh cadre, is at present special secretary, department of financial services. The Appointments Committee of the Cabinet has approved his appointment as secretary, department of financial services, in place of Rajiv Kumar, who superannuates this month end, the order said. AKV AKV ANBANB

Debasish Panda appointed finance secretary

(Eds: With more inputs) New Delhi, Feb 13 () Senior IAS officer Debasish Panda was on Thursday appointed as the new finance secretary as part of a top level bureaucratic reshuffle effected by the Centre. Panda, a 1987-batch IAS officer of the Uttar Pradesh cadre, is at present special secretary, department of financial services. The Appointments Committee of the Cabinet (ACC) has approved his appointment as secretary, department of financial services, in place of Rajiv Kumar, who superannuates this month-end, a personnel ministry order said. Besides him, Pawan Kumar Agarwal, chief executive officer, Food Safety and Standards Authority of India (FSSAI), has been appointed secretary, department of consumer affairs. Saraswati Prasad, a 1985-batch IAS officer of Assam-Meghalaya cadre, will be secretary, National Commission for Scheduled Tribes. He is at present special secretary and financial adviser, ministry of steel. Usha Sharma, Director General, Archaeological Survey of India, has been appointed secretary, department of youth affairs. Senior civil servant Raj Kumar will be secretary, department of defence production. Kumar, a 1987-batch IAS officer of Gujarat cadre, is currently Director General, Employees' State Insurance Corporation. Rajeev Ranjan has been appointed as secretary, department of fisheries. Ranjan is currently special secretary, GST council secretariat. He has been appointed as the fisheries secretary in place of Rajni Sekhri Sibal, who retires on February 29. The tenure of Parameswaran Iyer, secretary, department of drinking water and sanitation, has been extended by one more year. The ACC has approved extension for a further period of one year beyond April 30, 2020, i.e. up to April 30, 2021, in Iyer's tenure, the order said. AKV AKV SMNSMN

Bureaucratic reshuffle: Debasish Panda appointed finance secretary

Mumbai,Mar 12 () The Reserve Bank of India (RBI) on Thursday said Department of Financial Services Secretary Debasish Panda has been nominated on its central board. "The Central Government has nominated Shri Debasish Panda, Secretary, Department of Financial Services, Ministry of Finance, Government of India, New Delhi as a Director on the Central Board of Reserve Bank of India vice Shri Rajiv Kumar," the central bank said in a statement. The nomination of Panda is effective from March 11, 2020 and until further orders, it added. BKS MRMR

DFS secretary Debasish Panda  nominated on central board of RBI

New Delhi, Jan 25 () The government has nominated Debasish Panda, special secretary in the finance ministry, on the board of State Bank of India.
Panda has been appointed as director in the central board of the bank with immediate effect, SBI said in a regulatory filing on Saturday.
He replaces Ravi Mittal, who has been elevated as secretary, Ministry of Information and Broadcasting.
A 1987-batch Uttar Pradesh cadre IAS officer, Panda served in various capacities in both state and central government. DP MKJ

Govt nominates Dabasish Panda on SBI board

Mumbai, Mar 12 () The Reserve Bank on Thursday said the central government has nominated Financial Services Secretary Debasish Panda to its board. "The Central Government has nominated Debasish Panda, Secretary, Department of Financial Services, Ministry of Finance, Government of India, New Delhi as a Director on the Central Board of Reserve Bank of India vice Rajiv Kumar," RBI said in a release. The nomination of Panda is effective from March 11, 2020 and until further orders, it added. KPM RVK

Govt nominates Financial Services Secretary Panda to RBI's board

<ul><li>IRDAI chairperson Debasish Panda in a keynote address at FICCI’s Annual <keyword id="5724733" type="General" weightage="20" keywordseo="insurance-conference" source="Orion">Insurance Conference</keyword> – ‘FINCON 2023’ stated that the country could achieve <keyword id="10516382" type="General" weightage="20" keywordseo="insurance-for-all" source="Orion">insurance for all</keyword> before 2047. </li><li>IRDAI chief suggested the industry could work with government groups like ASHA workers, anganwadi workers, self-help groups and non-government organisations to spread awareness about insurance. </li><li>Since 2022, the insurance regulator has awarded licences to three insurance companies – CreditAccess Grameen Life Insurance, Acko Life Insurance and Kshema <keyword id="6366282" type="General" weightage="20" keywordseo="general-insurance" source="Orion">General Insurance</keyword>. </li><li>The regulator has granted a licence for life insurance business after 2011 and general insurance after 2017. </li></ul>The <keyword id="35486" type="General" weightage="20" keywordseo="insurance-industry" source="Orion">insurance industry</keyword> is targeting an ambitious vision to achieve ‘Insurance for all by 2047’ as the insurance regulator seeks to ease regulations to bring in more players and boost penetration of insurance products in the country. The Insurance Regulatory and Development Authority of India (IRDAI) chairperson Debasish Panda, in a keynote address at FICCI’s Annual Insurance Conference ‘FINCON 2023’, stated that the country could achieve insurance for all before 2047. “The risks that we face in our daily lives are numerous and highly unpredictable. And yet, despite this reality, insurance coverage remains a privilege only being accessed by few and not the majority,” said Panda at the conference. Since 2022, the insurance regulator has awarded licences to three insurance companies – CreditAccess Grameen Life Insurance, Acko Life Insurance and Kshema General Insurance. The regulator has granted a licence for life insurance business after 2011 and for general insurance after 2017, he said. To boost insurance penetration the regulator is also changing the registration guidelines and bringing in more clarity, he said. Besides, 20 odd companies are in the process of getting their insurance licences, he added. India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%, which is pretty low compared to other nations. This also offers huge opportunities for insurance players to tap into a market that offers high potential. Panda also encouraged companies to utilise the increase in foreign direct investment (FDI) limit in the insurance sector to 74%, from 49% earlier, to bring in more capital and grow faster than in the past. “I expect the industry must innovate and create products that are affordable and accessible and also available to a wide range of consumers,” said Panda. He underlined the need to cater to 1.4 billion people, their businesses, properties, health, assets. And for this he said “we need more players, more capital, more distribution channels, more products, innovation and healthy competition.” Panda added that the industry could connect with the last mile to spread awareness by working with government groups like ASHA workers, anganwadi workers, self-help groups and non-government organisations, who could be messengers to make people aware of insurance.

More insurers, capital, distributors and healthy competition required to make insurance for all by 2047

New Delhi, Mar 27 () Rubbishing rumours of branch closure, Financial Services Secretary Debasish Panda on Friday said customer service branches are committed for necessary services during the lockdown and there is no shortage of cash.The Department of Financial Services requested people not to believe rumours of the closure of customer service bank branches."Customer service bank branches are operational &amp; will continue to provide services. Sufficient cash across branches &amp; ATMs! Don't trust rumours of branch closures! Customers requested to stagger arrival at Branches etc," Panda said in a tweet.For smooth functioning of branches operation, many banks are undertaking branch rationalisation of branch functioning.The country's largest lender State Bank of India with over 23,000 branches has put out a schedule for its branches, which are functioning on Friday.Finance Minister Nirmala Sitharaman on Thursday assured that money under Pradhan Mantri Garib Kalyan Yojana will reach beneficiaries through direct benefit transfer in their bank account to mitigate hardships faced by poor unleashed by the outbreak of coronavirus.As far as fund transfers etc are concerned, necessary arrangements will be made, Panda had said. To ensure the safety of employees, Indian Banks' Association (IBA) had asked heads of banks to selectively keep their branches open at locations after due consultation with the local state government/authorities to carry out the basic essential transactions.The association asked the CEO of banks to empower their regional or zonal or circle heads to take appropriate decision in the matter. DP SHW MRMR

Rumours of branch closure false; customer services points open: DFS Secretary

(Eds: Adds more details) New Delhi, Mar 3 () Revenue Secretary A B P Pandey was on Tuesday designated as the finance secretary, according to a Personnel Ministry order. The Appointments Committee of the Cabinet has approved designating Pandey, a 1984 batch IAS officer of Maharashtra cadre, as finance secretary, it said. The vacancy was necessitated following the superannuation of Rajiv Kumar, financial services secretary, last month. Kumar, a 1984 batch IAS officer of Jharkhand cadre, was in July last year designated as the finance secretary. The senior-most bureaucrat among all secretaries in the Finance Ministry is designated as the finance secretary. Atanu Chakraborty, a 1985 batch IAS officer of Gujarat cadre, is at present secretary, Department of Economic Affairs. Tuhin Kant Pandey, a 1987 batch IAS officer of Odisha cadre, is secretary of the Department of Investment and Public Asset Management. His batchmate from Tamil Nadu cadre, T V Somanathan is secretary, Department of Expenditure. Debasish Panda, also from the same batch, is financial services secretary. AKV AAR

Revenue secretary A B P Pandey named new finance secretary: Personnel Ministry

New Delhi, Mar 26 () The government on Thursday said the mega bank consolidation plan is very much on track and will take effect from April 1 despite the onslaught of coronavirus pandemic throwing the country out of gear.The Union Cabinet earlier this month approved amalgamation of 10 public sector banks into four global size lenders, beginning next financial year.Asked if the government is considering extending the deadline for merger of public sector banks, Finance Minister Nirmala Sitharaman said "at the moment there is nothing on that".Banking Secretary Debasish Panda said the merger process is very much on track and expressed hope that the banking sector would be able to meet the challenges thrown by the pandemic."That is very much on the track. It's parallel activity going on. As far as fund transfers etc are concerned, necessary arrangements will be made," Panda said.The statement assumes significance as there has been demand from some quarters for deferring the deadline due to coronavirus outbreak.All India Bank Officers' Confederation (AIBOC) on Wednesday requested Prime Minister Narendra Modi to defer mega merger exercise of banks in view of coronavirus outbreak.Banking services across the country are impacted due to COVID-19 as the lockdown is being observed across the country.Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017.As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.The merger will result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore and it would help create banks with scale comparable to global banks and capable of competing effectively in India and globally.In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the PSB. DP BALBAL

Mega bank consolidation on track; to take effect from April 1: FM

New Delhi, May 2 () Women Jan Dhan bank account holders will start getting the second installment of Rs 500 from Monday in line with the announcement made by Finance Minister Nirmala Sitharaman in March. To help the poor tide over the COVID-19 crisis, the government had on March 26 said ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April. "Instalment of Rs.500 for the month of May has been sent to the bank A/cs of PMJDY women beneficiaries under Pradhan Mantri Garib Kalyan Package. "Beneficiaries are requested to follow the schedule shared below to visit banks &amp; CSPs. Money can also be withdrawn via ATMs &amp; BCs," Financial Services Secretary Debasish Panda said in a tweet on Saturday. The transfer has been staggered over a period of five days to avoid rush at the bank branches. This will help in ensuring social distancing and avoid overcrowding in banks, he said. As per the schedule, women account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) having account number with last digit as 0 and 1 will get the money in their account on May 4, while accounts ending with 2 or 3 can approach the bank on May 5. On May 6, beneficiaries with account numbers ending with 4 or 5 can collect their money, while accounts ending with 6 or 7 may withdraw on May 8. The last tranche would be remitted on May 11 for account numbers ending with 8 or 9, the tweet said. In case of emergency, one can withdraw the money immediately. However, for orderly disbursal, one must follow the banks' payment plan, it said. Beneficiaries may withdraw any day at their convenience after May 11, it added. Beneficiaries are encouraged to use the neighbourhood ATMs with RuPay cards, Bank Mitras and customer service points (CSPs) as much as possible to avoid crowding at the branches, it said. "Please note that there will be no charges for withdrawing money from other bank ATMs, at present, as per the government directives," it said. During April as many as 20.05 crore women Jan Dhan account holders received Rs 500 each in their accounts as the first installment. The total disbursement under the head was Rs 10,025 crore as on April 22. In a bid to mitigate hardship caused by the coronavirus crisis, the government in late March announced a Rs 1.7 lakh crore stimulus package comprising free foodgrains and cooking gas to poor and cash doles to poor women and elderly. DP ABMABM

Bank transfer of 2nd installment of Rs 500 to women Jan Dhan a/c holders from Monday: FinMin

New Delhi, Jun 15 () Finance Minister Nirmala Sitharaman on Monday held a meeting with the heads of major private sector banks, and asked them to ensure effective rollout of Rs 3-lakh crore ECLGS for the MSME sector, hit hard by coronavirus-induced lockdown. The meeting -- also attended by CEOs of major non-banking financial companies (NBFCs) -- on Emergency Credit Line Guarantee Scheme (ECLGS) was held through a video conference. The Finance Minister chaired a meeting through video conference with major private banks and NBFCs to ensure effective roll out of ECLGS and uninterrupted/ smooth liquidity to Indian MSMEs in this difficult time. Debasish Panda, Secretary, Department of Financial Services, was also present in the meeting, the finance ministry said in a tweet. As of June 11, public sector banks have sanctioned loans worth Rs 29,490.81 crore under the 100 per cent Emergency Credit Line Guarantee Scheme. Out of this Rs 14,690.84 crore has already been disbursed. The scheme is the biggest fiscal component of the Rs 20-lakh crore Self-Reliant India Mission package announced by Sitharaman last month. On May 21, the Cabinet had approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through ECLGS for the MSME sector. Under the scheme, 100 per cent guarantee coverage are being provided by National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency (MUDRA) borrowers in the form of a guaranteed emergency credit line (GECL) facility. For this purpose, a corpus of Rs 41,600 crore was provided by the government, spread over the current and next three financial years. The scheme is applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till an amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier. The main objective of the scheme is to provide an incentive to member lending institutions to increase access and enable availability of additional funding facility to MSME borrowers, in view of the economic distress caused by the COVID-19 crisis, by giving them 100 per cent guarantee for any losses suffered by them due to non-repayment of the GECL funding by borrowers. All MSME borrower accounts with an outstanding credit of up to Rs 25 crore as on February 29, which were less than or equal to 60 days past due as on that date, i.e., regular, SMA-0 and SMA-1 accounts, and with an annual turnover of up to Rs 100 crore, are eligible for GECL funding under the scheme. DP BAL

Ensure effective rollout of Rs 3-lakh crore ECLGS for MSMEs: FM to pvt banks

New Delhi, May 28 () Finance Minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic. This was the first meeting of the FSDC, which comprises RBI Governor and other financial sector regulators, since the coronavirus outbreak. The 22nd meeting of the FSDC, which was held via video conferencing, assumes a greater significance considering that the economy is expected to contract by 5 per cent by some estimates amid the virus crisis. Various measures to maintain financial stability in the context of COVID-19 have been reviewed, an official said after the meeting. The meeting also took note of the activities undertaken by the FSDC Sub-Committee chaired by RBI Governor Shaktikanta Das and the initiatives taken by the various regulators in the financial sector. The FSDC is the apex body of sectoral regulators, headed by the finance minister. Besides the RBI governor, SEBI chief Ajay Tyagi, IRDAI chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo and PFRDAI chairman Supratim Bandyopadhyay were present in the meeting. Economic Affairs Secretary Tarun Bajaj, Revenue Secretary Ajay Bhushan Pandey, Financial Services Secretary Debasish Panda and other top officials of the finance ministry also attended the meeting. This was be the third meeting of the FSDC after the Narendra Modi government returned for the second term in May last year. The RBI last week said the impact of COVID-19 is more severe than anticipated and the GDP growth during the current financial year is likely to remain in the negative territory. It projected some pick-up in growth impulses from the second half (October-March) of 2020-21 onwards. On Tuesday, rating agencies Fitch and Crisil drastically cut India's economic growth forecast for the current fiscal year due to a prolonged lockdown. Fitch forecast 5 per cent contraction in 2020-21, a sharp decline from 0.8 per cent growth projected by the global rating agency in late April. Crisil also predicted the economy to shrink by 5 per cent in the current fiscal. Earlier, it projected a growth of 1.8 per cent. Earlier this month, the government announced about Rs 21 lakh crore stimulus package to help the nation tide over the economic crisis induced by the coronavirus and the lockdown to curb its spread. The mega economic package includes the Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures. Sitharaman had announced this economic package in five tranches, which included a Rs 3.70 lakh crore support for MSMEs, Rs 75,000 crore for NBFCs and Rs 90,000 crore for power distribution companies. Besides, free foodgrains to migrant workers, increased allocation for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), tax relief to certain sections and Rs 15,000 crore allocation to the healthcare sector to deal with the pandemic, were also announced as part of the economic package. DP MKJ

FM chairs FSDC meeting, takes stock of economy amid COVID-19

(Eds: Adding more info) New Delhi, Jun 19 () Finance Minister Nirmala Sitharaman on Friday said the government is monitoring progress of various relief measures, especially the transmission of repo rate cuts to corporates and consumers to stimulate the economy, hit by COVID-19 crisis. While interacting with the Managing Committee Members of PHD Chamber of Commerce and Industry through video conferencing, she said the government has always recognised the importance of wealth creators as they generate employment opportunities and utilise resources in optimal manner for promoting the socio-economic development in the country. Sitharaman acknowledged that the Prime Minister has always facilitated a helping hand and recognised importance of MSMEs, an official statement from the ministry said. "We are closely monitoring the situation in consultation with banks so that relief measures announced by the Government are effectively percolated at ground levels especially the transmission of repo rate cuts to consumers in terms of reduced interest rates," the release quoted her. Last month, the RBI slashed the benchmark repurchase (repo) rate, the price at which banks borrow from the central bank, by 40 basis points to a historic low of 4 per cent. RBI Governor Shaktikanta Das had said monetary policy transmission to banks' lending rates has continued to improve. "The 1 year median marginal cost of funds-based lending rate (MCLR) declined by 90 bps (February 2019-May 15, 2020). The weighted average lending rate (WALR) on fresh rupee loans has cumulatively declined by 114 bps (basis points) since February 2019, of which 43 bps decline occurred in March 2020 alone," he had said. The Finance Minister said that they are closely watching the developments in disbursement of loans under the provision of Rs 3 lakh crore collateral free automatic loans for businesses to mitigate the daunting impact of COVID-19 on trade and industry. The government has always focused on minimum government and maximum governance with a special focus on addressing challenges faced by industry and promote ease of doing business, she said. The government has always provided a helping hand without differentiation to all industry stakeholders especially to MSMEs. PHD Chamber of Commerce and Industry termed Rs 20.97 lakh crore stimulus package comprehensive and substantial. The package is not only the monetary and financial stimulus, but also contains the game changing reforms to take India to the next high, it said. The chamber suggested that one-time restructuring of the loans without affecting the classification for the severely impacted sectors such as tourism, aviation, entertainment, real estate, and automobile, among others is the need of the hour. There may be a formal communication from the government to the banking sector to remove the fears from the minds of bankers so that the bank officials are able to sanction and disburse loans to the trade and industry without any fear, the chamber suggested. It also said that there may not be any criminal proceedings if some business entity turns into NPA because of some genuine reason. Besides the Finance Minister, Revenue Secretary Ajay Bhushan Pandey, Financial Services Secretary Debasish Panda, Corporate Affairs Secretary Rajesh Verma and Chief Economic Adviser Krishnamurthy Subramanian were present. DP BAL BAL

Govt closely monitoring repo rate cut transmission by banks to customers: FM

(Eds: Adding details) New Delhi, May 28 () Finance Minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic. This was the first meeting of the FSDC, the apex body of sectoral regulators headed by the finance minister, since the coronavirus outbreak. The 22nd meeting of the council, held via video conferencing, assumes a greater significance considering that the economy is expected to contract by 5 per cent by some estimates amid the virus crisis. The FSDC, which also comprises RBI Governor and other financial sector regulators, underlined the need to continue with measures to address the liquidity and capital requirements of the financial sector. Among the issues discussed were: the current global and domestic macro-economic situation; financial stability and vulnerabilities; challenges likely to be faced by banks and other financial institutions; regulatory and policy responses; solvency matters of financial firms, etc, according to a finance ministry statement. Besides, market volatility, domestic resource mobilisation and capital flows issues were also discussed by the council, it said. The council noted that the COVID-19 pandemic crisis poses a serious threat to the stability of the global financial system as the ultimate impact of the crisis and the timing of recovery is uncertain at this point of time, it said."While, decisive monetary and fiscal policy actions aimed at containing the fallout from the pandemic have stabilised investor sentiment in the short-run, there is a need to keep a continuous vigil by the government and all regulators on the financial conditions that could expose financial vulnerabilities in the medium and long-term," the ministry said. The statement further said that the efforts of the government and regulators are focused on avoiding a prolonged period of dislocation in financial markets. The RBI last week said the impact of COVID-19 is more severe than anticipated and the GDP growth during the current financial year is likely to remain in the negative territory. It projected some pick-up in growth impulses from the second half (October-March) of 2020-21 onwards. The council also reviewed the action taken by members on the decision taken by the FSDC earlier. The council took note of the initiatives taken by the government and the regulators in the recent months to help revive the economy. The government and the RBI have announced various fiscal and monetary measures to pre-emptively limit the economic damage and would continue to address the liquidity and capital requirements of the financial institutions. Earlier this month, the government announced about Rs 21 lakh crore stimulus package to help the nation tide over the economic crisis induced by the coronavirus and the lockdown to curb its spread. The mega economic package includes the Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures. Sitharaman had announced this economic package in five tranches, which included a Rs 3.70 lakh crore support for MSMEs, Rs 75,000 crore for NBFCs and Rs 90,000 crore for power distribution companies. Besides, free foodgrains to migrant workers, increased allocation for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), tax relief to certain sections and Rs 15,000 crore allocation to the healthcare sector to deal with the pandemic, were also announced as part of the economic package. Besides the RBI governor, SEBI chief Ajay Tyagi, IRDAI chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo and PFRDAI chairman Supratim Bandyopadhyay were present in the meeting. Economic Affairs Secretary Tarun Bajaj, Revenue Secretary Ajay Bhushan Pandey, Financial Services Secretary Debasish Panda and other top officials of the finance ministry also attended the meeting. DP MKJ

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