The Department of Disinvestment was set up as a separate Department on 10th December 1999 and later renamed as Ministry of Disinvestment from 6th September 2001. From 27th May 2004, the Department of Disinvestment is one of the Departments under the Ministry of Finance.
5. Department of Financial Services
The Department of Financial Services (DFS) is mainly responsible for policy issues relating to Public Sector Banks (PSBs) and Financial Institutions including their functioning, appointment of Chairman, Managing Director and Chief Executive Officers (MD & CEOs), Executive Directors (EDs), Chairman cum Managing Directors (CMDs), legislative matters, and international banking relations. Appointment of Governor/Deputy Governor of Reserve Bank of India, matters relating to National Bank for Agriculture and Rural Development (NABARD), Agriculture Finance Corporation, Cooperative Banks, Regional Rural Banks (RRBs) and Rural/Agriculture Credit. The Department also administers the Financial Inclusion program of the Government, Social Security Schemes and other targeted schemes aimed at facilitating flow of credit. Matters relating to Insurance Sector and performance of Public Sector Insurance Companies, administration of various Insurance Acts. Matters relating to Insurance Regulatory & Development Authority of India (IRDAI). Matters relating to Pension Reforms including the New Pension System (NPS), legislative and other issues regarding the Pension Fund Regulatory and Development Authority (PFRDA) etc.