Financial services refer to economic services provided by various financial institutions that deal with the management of money. It is an intangible product of financial markets like loans, insurance, stocks, credit card, etc. As we know that financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, and credit-card companies. Thus, financial services are products of institutions such as banking firms, insurance companies, investment funds, credit unions, brokerage firms, and consumer finance companies.
With the advent of technology, the prefix ‘e’ has been added just to facilitate customer in a more agile way. It has been revolutionary in how internet business impacts banking. E-financial is a valuable online resource for finance, banking, accounting, and insurance domain. It is a key component of the financial system that facilitates financial transactions in an economy.
E-Financial services are an essential tool for economic growth as it brings together the one who needs funds and those who can supply funds. Financial services act as a barrier against risk arising from various unforeseen activities by insuring people against losses. These services are consumer-oriented as these are designed and provided in accordance with the needs of customers.
The mandate of the Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies and the National Pension System. The Department is headed by the Secretary (FS) who is assisted by three Additional Secretaries (AS), seven Joint Secretaries (JS), one Economic Advisers (EA) and a Deputy Director General (DDG).
