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Sanjay Lohiya, an Indian Administrative Service (IAS) officer of the 1994 batch (Assam-Meghalaya cadre), on Monday assumed charge as Secretary, Department of Financial Services (DFS) in the Finance Ministry.
Before taking over as Secretary, Lohiya served as Special Secretary in DFS, a position he was elevated to earlier this year as part of an administrative reshuffle designed to ensure continuity in leadership. Before that, he held the post of Additional Secretary in the Ministry of Mines. Lohiya has handled diverse responsibilities in his career. He has served as Principal Secretary to the Chief Minister of Assam, Joint Secretary in the Ministry of Agriculture, and a Director in the Prime Minister's Office. He is also noted for his recent stint as Government Nominee Director on the Board of the Life Insurance Corporation of India (LIC). Lohiya succeeds M Nagaraju, who steered the department through a period marked by strategic banking reforms and greater emphasis on strengthening public sector bank governance. Lohiya takes charge at a time when the financial sector is undergoing transformation with a focus on digital financial inclusion, recapitalisation and operational autonomy of public sector banks, and deeper penetration of insurance and pension coverage. The Department of Financial Services is the nodal authority overseeing India's banking, insurance and pension sectors. It formulates policies, administers laws, and executes flagship financial inclusion and regulatory initiatives related to public sector banks, insurers and pension schemes. The DFS also plays a vital role in driving digital financial infrastructure and financial inclusion programmes across the country. (ANI)
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