The Ministry of Finance (

IAST The International Alphabet of Sanskrit Transliteration (IAST) is a transliteration scheme that allows the lossless romanisation of Indic scripts as employed by Sanskrit and related Indic languages. It is based on a scheme that emerged during ...

: ''Vitta Maṃtrālaya'') is a ministry within the

Government of India The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...

concerned with the

economy of India The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable state participation in strategic sectors. * * * * It is the world's fifth-largest economy by nomin ...

, serving as the Treasury of India. In particular, it concerns itself with

taxation A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, o ...

, financial legislation, financial institutions, capital markets,

centre Center or centre may refer to: Mathematics *Center (geometry), the middle of an object * Center (algebra), used in various contexts ** Center (group theory) ** Center (ring theory) * Graph center, the set of all vertices of minimum eccentricity ...

and

state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, United States * ''Our S ...

finances, and the

Union Budget The Union Budget of India, also referred to as the ''Annual Financial Statement'' in Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it coul ...

. The Ministry of Finance is the apex controlling authority of ''four''

central civil services The Central Civil Services (CCS) is part of Civil Services of India and are concerned directly with the union non-political executive administration and is the permanent Executive body of the federal Government of India. Most of the specialized fiel ...

namely Indian Revenue Service,

Indian Audit and Accounts Service Indian Audit and Accounts Service is a Central Group 'A' central civil service under the Comptroller and Auditor General of India, Government of India. The central civil servants under the Indian Audit and Accounts Service serve in an audit man ...

Indian Economic Service The Indian Economic Service (abbreviated as IES, I.E.S.) is an inter-ministerial and inter-departmental central civil service under Group A of the executive branch of the Government of India. The unique aspect of the service is that the cadre ...

and

Indian Civil Accounts Service The Indian Civil Accounts Service(ICAS)( Hindi: भारतीय सिविल लेखा सेवा ''Bharatiya Civil Lekha Seva'' ) is one of the Civil Services of India ("Group A"). ICAS is under the Department of Expenditure in the U ...

. It is also the apex controlling authority of one of the central commerce services namely Indian Cost and Management Accounts Service

History

R. K. Shanmukham Chetty was the first

Finance Minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...

of independent India. He presented the first budget of independent India on 26 November 1947.

Department of Economic Affairs

The Department of Economic Affairs is the nodal agency of the Union Government to formulate and monitor country's economic policies and programmes having a bearing on domestic and international aspects of economic management. A principal responsibility of this department is the preparation and presentation of the Union Budget to the parliament and budget for the state Governments under President's Rule and union territory administrations. Other main functions include: * Formulation and monitoring of macroeconomic policies, including issues relating to fiscal policy and public finance, inflation, public debt management and the functioning of Capital Market including

Stock Exchanges A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for the ...

. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings; * Monitoring and raising of external resources through multilateral and bilateral Official Development Assistance, sovereign borrowings abroad, foreign investments and monitoring foreign exchange resources including balance of payments; * Production of bank notes and coins of various denominations, postal stationery, postal stamps; and Cadre management, career planning and training of the Indian Economic Service (IES). The Foreign Investment Promotion Board (FIPB), housed in the Department of Economic Affairs, Ministry of Finance, was an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for Government approval. FIPB is now abolished as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha. Shri Ajay Seth is the current

secretary A secretary, administrative professional, administrative assistant, executive assistant, administrative officer, administrative support specialist, clerk, military assistant, management assistant, office secretary, or personal assistant is a ...

of this department. Bush meets Pranab Mukherjee

Department of Expenditure

The Department of Expenditure is the nodal department for overseeing the public financial management syste
(PFMS)
in the Central Government and matters connected with the state finances. The principal activities of the department include a pre-sanction appraisal of major schemes/projects (both Plan and non-Plan expenditure), handling the bulk of the Central budgetary resources transferred to States, implementation of the recommendations of the Finance and Central

Pay Commission Pay Commission is set up by Government of India, and gives its recommendations regarding changes in salary structure of its employees set up in 1947, Since India's Independence, seven pay commissions have been set up on a regular basis to review ...

s, overseeing the expenditure management in the Central Ministries/Departments through the interface with the Financial Advisors and the administration of the Financial Rules / Regulations /Orders through monitoring of Audit comments/observations, preparation of Central Government Accounts, managing the financial aspects of personnel management in the Central Government, assisting Central Ministries/Departments in controlling the costs and prices of public services, assisting organizational re-engineering thorough review of staffing patterns and O&M studies and reviewing systems and procedures to optimize outputs and outcomes of public expenditure. The department is also coordinating matters concerning the Ministry of Finance including Parliament-related work of the Ministry. The department has under its administrative control the National Institute of Financial Management (NIFM), Faridabad. The business allocated to the Department of Expenditure is carried out through its Establishment Division, Plan Finance I and II Divisions, Finance Commission Division, Staff Inspection Unit, Cost Accounts Branch, Controller General of Accounts, and the Central Pension Accounting. Dr. T. V. Somanathan is the current

of this department.

Department of Revenue

The Department of Revenue function under the overall direction and control of the Secretary (Revenue). It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory Boards namely, the

Central Board of Direct Taxes Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such as the Municipality. The author ...

(CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). Each Board is headed by a Chairman who is also ''ex officio'' Special Secretary to the Government of India (Secretary level). Matters relating to the levy and collection of all Direct taxes are looked after by the CBDT whereas those relating to levy and collection of GST, Customs Duty, Central Excise duties and other Indirect taxes fall within the purview of the CBIC. The two Boards were constituted under the Central Board of Revenue Act, 1963. At present, the CBDT has six Members and the CBIC has five Members. The Members are also ''ex officio'' Secretaries to the Government of India. Members of CBDT are as follows: # Member (Income Tax) # Member (Legislation and Computerisation) # Member (Revenue) # Member (Personnel & Vigilance) # Member (Investigation) # Member (Audit & Judicial) Tarun Bajaj is the current

of this department, His predecessor was

Ajay Bhushan Pandey Ajay Bhushan Pandey (born 2 February 1961; IAST: ''Ajaya Bhūṣaṇa Pāṇḍeya'') is a 1984 batch Indian Administrative Service (IAS) officer belonging to the Maharashtra cadre. He is former Finance Secretarof India. He is also former chie ...

Department of Financial Services

The Department of Financial Services covers Banks, Insurance, and Financial Services provided by various government agencies and private corporations. It also covers pension reforms and Industrial Finance and Micro, Small and Medium Enterprise. It started the Pradhan Mantri Jan Dhan Yojana. Sanjay Malhotra is the current

of this department. This department has

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...

over the following central government establishments.

Recruitment Bodies

* Institute of Banking Personnel Selection (IBPS)

National Apex Bodies

* Indian Institute of Banking and Finance (IIBF) *

Insurance Institute of India The Insurance Institute of India is the sole national apex body for insurance underwriters in India established in 1955 in Mumbai. It is under the ownership of Ministry of Finance, Government of India. It was created for the purpose of regula ...

* Institute of Actuaries of India

Regulatory Bodies

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...

(RBI) 2.

Securities and Exchange Board of India The Securities and Exchange Board of India (SEBI) is the Regulatory agency, regulatory body for securities and commodity market in India under the ownership of Ministry of Finance (India), Ministry of Finance within the Government of India. It w ...

(SEBI) *

Forward Markets Commission The Forward Markets Commission (FMC) is the regulatory body for the commodity market and futures market in India. It is a division of the Securities and Exchange Board of India, Ministry of Finance, Government of India. As of July 2014, it regul ...

(FMC) * National Securities Depository Limited (NSDL) * Central Securities Depository Limited (CSDL) * Association of Mutual Funds of India (AMFI) 3. Insurance Regulatory and Development Authority of India (IRDAI) 4.

Pension Fund Regulatory and Development Authority Pension Fund Regulatory and Development Authority is the regulatory body under the jurisdiction of Ministry of Finance , Government of India for overall supervision and regulation of pension in India. The Government of India had, in the year 19 ...

(PFRDAI) * NPS Trust (NPS)

All India Financial Institutions

National Bank for Agriculture and Rural Development National Bank for Agriculture and Rural Development (NABARD) is an apex regulatory agency, regulatory body for overall regulation of Regional Rural Bank, regional rural banks and apex cooperative banks in India. It is under the jurisdiction of M ...

(NABARD) 2.

National Housing Bank National Housing Bank (NHB), is the apex regulatory body for overall regulation and licensing of housing finance companies Housing, or more generally, living spaces, refers to the construction and assigned usage of houses or buildings in ...

(NHB) 3.

Small Industries Development Bank of India Small Industries Development Bank of India (SIDBI) is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India. It is under the jurisdiction of Ministry of Finance , Governm ...

(SIDBI) 4. Export Import Bank (EXIM Bank)

Development Finance Institution

Industrial Development Bank of India The IDBI Bank Limited (IDBI Bank or IDBI) is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It was established in 1964 as Industrial Development Bank of India, a developmen ...

(IDBI) * Industrial Finance Corporation of India (IFCI) * Industrial Reconstruction Company of India (IRCI) *

Unit Trust of India UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a Securities and Exchange Board of India (SEBI) registered mutual fund from 1 February 2003. The Unit Trust of India Act 1963 was repealed, paving way for the bifurca ...

(UTI) * India Infrastructure Finance Company Limited (IIFCL) * Agricultural Finance Corporation of India (AFCI) * Industrial and Investment Credit Corporation of India (ICICI) *

Housing Development Finance Corporation Housing Development Finance Corporation Limited (HDFC) is an Indian private development finance institution based in Mumbai. It is a major housing finance provider in India. It also has a presence in banking, life and general insurance, ass ...

(HDFC) * National Bank Financing Infrastructure and Development * Board for Industrial and Financial Reconstruction * Risk Capital and Technology Finance Corporation Limited * Technology Development and Information Company of India Limited * Discount and Finance House of India Limited

Central Public Sector Undertakings

1. Nationalised Banks Presently there are 13 nationalised banks in India. *

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the '' Fort ...

Bank of Baroda Bank of Baroda (BOB or BoB) is an Indian public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India, with 132 million customers, a total business of US$218 billion, ...

* Union Bank of India * Punjab National Bank *

Canara Bank Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York. His ...

Punjab & Sind Bank Punjab & Sind Bank is an Indian public sector bank headquartered in New Delhi. As of 31 March 2020, the bank has 1526 branches which are widely spread across India out of which 635 branches are in the state of Punjab, and 25 zonal offices loca ...

* Indian Bank * Bank of Maharashtra * Bank of India * Central Bank of India *

Indian Overseas Bank Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. It has about 3,214 domestic branches, about 4 foreign branches and representative office. Founded in February 1937 by M. Ct. M. Chidambaram Chettyar with twin objec ...

* UCO Bank * Jammu & Kashmir Bank 2. Regional Rural Bank Presently there are 43 regional rural banks in India since 1 April 2020 Andhra Pradesh * Andhra Pragathi Grameena Bank * Andhra Pradesh Grameena Vikas Bank *Chaitanya Godavari Gramin Bank *Saptagiri Gramin Bank Arunachal Pradesh *Arunachal Pradesh Rural Bank Assam * Assam Gramin Vikash Bank Bihar * Dakshin Bihar Gramin Bank * Uttar Bihar Gramin Bank Chhattisgarh *Chhattisgarh Rajya Gramin Bank Gujarat *Baroda Gujarat Gramin Bank *Saurashtra Gramin Bank Haryana *Sarva Haryana Gramin Bank Himachal Pradesh *Himachal Pradesh Gramin Bank Jammu and Kashmir *J&K Grameen Bank *Ellaquai Dehati Bank Jharkhand * Jharkhand Rajya Gramin Bank Karnataka *Karnataka Gramin Bank * Karnataka Vikas Grameena Bank Kerala *

Kerala Gramin Bank Kerala Gramin Bank (KGB) is a Regional Rural Bank (RRB), headquartered at Malappuram in Kerala, India. The bank is jointly owned by Central and State Governments & sponsored by Canara Bank. It is under the ownership of Ministry of Finance , ...

Madhya Pradesh * Madhyanchal Gramin Bank *Madhya Pradesh Gramin Bank Maharashtra *

Maharashtra Gramin Bank Maharashtra Gramin Bank is an Indian Regional Rural Bank (RRB) or Gramin bank, in the State of Maharashtra with its head office is in Aurangabad. It is one of the 43 Gramin banks in India supported by the government that aim to bring banking se ...

*Vidharbha Konkan Gramin Bank Manipur *Manipur Rural Bank Meghalaya *Meghalaya Rural Bank Mizoram * Mizoram Rural Bank Nagaland *Nagaland Rural Bank Odisha * Odisha Gramya Bank * Utkal Grameen Bank Puducherry * Puduvai Bharathiar Grama Bank Punjab *Punjab Gramin Bank Rajasthan *Baroda Rajasthan Kshetriya Gramin Bank *Rajasthan Marudhara Gramin Bank Tamil Nadu *Tamil Nadu Grama Bank Telangana *Telangana Grameena Bank Tripura * Tripura Gramin Bank Uttar Pradesh * Aryavart Bank * Prathama UP Gramin Bank *Baroda UP Bank Uttarakhand * Uttarakhand Gramin Bank West Bengal *

Paschim Banga Gramin Bank Paschim Banga Gramin Bank is a 'premier regional rural bank in India. It is under the ownership of Ministry of Finance , Government of India. It was established on 26 February 2007Government of India, Notification No.1/4/2006 – RRB dated 26 F ...

* Bangiya Gramin Vikash Bank * Uttarbanga Kshetriya Gramin Bank 3. Nationalised Insurance Companies Presently there are 07 nationalised insurance companies. *

Life Insurance Corporation Life Insurance Corporation of India (LIC) is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of Ministry of Finance, Government of India. The Life Insurance Corporation of I ...

* General Insurance Corporation of India * New India Assurance *

National Insurance Company Limited National Insurance Company Limited (NICL) is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das ...

Oriental Insurance Company Limited The Oriental Insurance Company Ltd. is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. The headquarters is present in New Delhi. It has 29 regional offices and more than 1500 active branch ...

United India Insurance Company United India Insurance Company is a central public sector undertaking under the ownership of Ministry of Finance, & Government of India. Its headquarters is located in Chennai, India, and was incorporated on 18 February 1938. The company w ...

* Agriculture Insurance Company of India 4. Nationalised Financial Market Exchanges Presently there are 28 nationalised financial market exchanges in India and currently only six are operating ;Operational stock exchange *

National Stock Exchange of India National Stock Exchange of India Limited (NSE) is the leading stock exchange under the ownership of various group of domestic and global financial institutions, public and privately owned entities and individuals. It is located in Mumbai, Ma ...

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange i ...

Calcutta Stock Exchange The Calcutta Stock Exchange (CSE), located at the Lyons Range, Kolkata, India, is a stock exchange under the ownership of Ministry of Finance, Government of India. It is the second oldest stock exchange in Asia. It was founded on 1 December 186 ...

* India International Exchange * Metropolitan Stock Exchange ;Operational Commodity Exchanges * Indian Commodity Exchange * Multi Commodity Exchange * National Commodity and Derivatives Exchange *

National Spot Exchange The National Spot Exchange Limited (NSEL) is India's first spot exchange under the ownership of Ministry of Finance, Government of India. It was established in view of the then Prime Minister's vision to create a "single market" across the c ...

* Inter-connected Stock Exchange of India ;Defunct stock exchanges * Over the Counter Exchange of India *

Hyderabad Stock Exchange Hyderabad Stock Exchange (HSE) was a stock exchange established in 1941 located in Hyderabad, India. The exchange was disbanded in 2007 by SEBI and since January 2013, HSE was conditionally permitted to function as regular broking or corporate en ...

Coimbatore Stock Exchange Coimbatore Stock Exchange Limited, (CSE) was a stock exchange in Coimbatore, India. It was granted recognition as a stock exchange by the Securities and Exchange Board of India (SEBI) in 1991. In 1999, the exchange had refrained from restrainin ...

* Saurashtra Kutch Stock Exchange * Mangalore Stock Exchange *

Cochin Stock Exchange Cochin Stock Exchange (CSE or CoSE) was an Indian stock exchange in Kochi, Kerala fully owned by Government of India. It was incorporated in 1978. At its peak, it had almost 500 Indian companies listed, and with a daily turnover of 70–, it ...

* Bangalore Stock Exchange * Ludhiana Stock Exchange *

Guwahati Stock Exchange Guwahati Stock Exchange (GSE) was a stock exchange located in Gauhati, Assam. It was incorporated on 29 November 1983 and it was recognised by the Government of India on 1 May 1984 and was permitted to be closed by market regulator SEBI in Janu ...

* Bhubaneswar Stock Exchange *

Jaipur Stock Exchange Jaipur Stock Exchange (JSE) was located in Jaipur Rajasthan Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the ...

* Pune Stock Exchange *

Madras Stock Exchange The Madras Stock Exchange (MSE) was a stock exchange in Chennai, India. The now defunct MSE was the fourth stock exchange to be established in the country and the first in South India. It had a turnover (2001) of 3,090 crore ($440 million), bu ...

* Uttar Pradesh Stock Exchange *

Madhya Pradesh Stock Exchange Madhya Pradesh Stock Exchange (MPSE) was a stock exchange located at Indore, Madhya Pradesh, India. It was a SEBI recognized Permanent Stock Exchange, until its de-recognition in 2015. Established in 1919, it was 3rd oldest stock exchange in Ind ...

* Vadodara Stock Exchange * Delhi Stock Exchange * Ahmedabad Stock Exchange

Department of Investment and Public Asset Management

The Department of Disinvestment has been renamed as Department of Investment and Public Asset Management or 'DIPAM', a decision aimed at the proper management of Centre's investments in equity including its disinvestment in central public sector undertakings. Finance Minister Arun Jaitley had announced the renaming of the Department of Disinvestment in his budget speech for 2016-17. Initially set up as an independent ministry (The Ministry of Disinvestment) in December 1999, the Department of Disinvestments came into existence in May 2004 when the ministry was turned into a department of the Ministry of Finance. The department took up all the functions of the erstwhile ministry which broadly was responsible for a systematic policy approach to disinvestment and

privatisation Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when ...

Public Sector The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, inf ...

Units (PSUs). Tuhin Kanta Pandey is the current

of this department.

Department of Public Enterprises

Department of Public Enterprises which was earlier part of the Ministry of Heavy Industries and Public Enterprises will now be under Ministry of Finance. Finance Ministry will now have six departments while DPE's hereto parent ministry, the Ministry of Heavy Industries and Public Enterprises will now be called the Ministry of Heavy Industries. The shift of DPE to the Finance Ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Undertakings (CPSUs

References

External links

Finance Ministry

Official Facebook Page of Ministry of Finance, Govt. of India

Income Tax department

Central Board of Excise and Customs
{{authority control

Finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...

Finance in India

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...