M. Nagaraju, Secretary, Department of Financial Services (DFS), on Thursday chaired the inter-departmental committee (IDC) meeting to deliberate on proposals received from the Reserve Bank of India (RBI) concerning the establishment of branches, representative offices and subsidiaries of foreign banks in India.

During the IDC meeting, the Committee also reviewed proposals from Indian banks seeking to expand their presence abroad through similar arrangements. Furthermore, the IDC examined requests from foreign banks for relocation of their existing branches within India. After due consideration, the Committee recommended the proposals placed before it.

Members from the Ministry of Home Affairs (MHA), the Ministry of External Affairs (MEA), the Department of Commerce (DoC) and the RBI were present in the meeting.

The IDC functions under the Department of Financial Services (DFS), which serves as the nodal authority for evaluating such proposals from both foreign and domestic banks.

"Before arriving at its recommendations, the Committee consults with member ministries, including MHA, MEA, and DoC to ensure a comprehensive and consensus‑based approach," an official statement from the Ministry of Finance said.

Earlier, Nagaraju said that India’s strong push toward financial inclusion and digital transformation has become one of the country’s biggest achievements in recent years.

"Financial inclusion and digital transformation continue to be two of India’s most remarkable success stories," he said while speaking at CII Financing Summit 2025.

"Over the past decade, these reforms have reshaped the nation’s financial landscape and strengthened public trust in our institutions," Nagaraju added.

He noted that India’s Financial Inclusion Index has seen steady improvement. The index reached 67.0 in March 2025, rising from 64.2 the previous year, showing that more people are now part of the formal financial network.

Nagaraju also pointed to the remarkable success of the Pradhan Mantri Jan Dhan Yojana (PMJDY). In the last one and a half years alone, the number of Jan Dhan accounts has increased from 52 crore to nearly 57 crore.