Senior IAS officer Sanjay Lohiya on Monday assumed charge as Secretary of the Department of Financial Services (DFS), a key department under the Ministry of Finance responsible for overseeing policies and regulations related to the banking, insurance and pension sectors.

A 1994-batch IAS officer, Lohiya takes over the role at a crucial time as the government continues to focus on financial sector reforms, financial inclusion and strengthening India’s banking ecosystem.

Succeeds M Nagaraju

Lohiya succeeds M Nagaraju, who retired from service on May 31 after completing his tenure as Secretary, Department of Financial Services.

Before his elevation, Lohiya was serving as Special Secretary in the Department of Financial Services, where he was closely involved in policy formulation and implementation related to the financial sector.

The Department of Financial Services administers several important laws and policies governing public sector banks, insurance companies, financial institutions and pension-related matters.

Extensive Experience in Policy and Administration

Prior to joining DFS, Sanjay Lohiya served as Additional Secretary in the Ministry of Mines, where he played a significant role in driving reforms aimed at modernising the mining sector.

During his tenure, he was associated with several initiatives focused on expanding mineral exploration, encouraging greater private sector participation, accelerating the auction of mineral blocks and improving ease of doing business in the sector.

Officials credit these measures with helping strengthen transparency and efficiency in mineral resource management across the country.

Key Role in Mining Sector Reforms

Lohiya was actively involved in implementing reforms designed to enhance exploration coverage and unlock the potential of India’s mineral resources.

The reforms also focused on simplifying procedures, attracting investment and ensuring faster allocation of mining concessions, supporting the government’s broader objective of boosting domestic resource development.

His experience in managing large-scale policy reforms is expected to be valuable in his new role at the Department of Financial Services.

Experience in State Administration

Apart from his assignments at the Centre, Lohiya has also held important positions in state administration. He previously served as Principal Secretary to the Chief Minister of Assam, where he was involved in governance, policy coordination and implementation of key government programmes.

His diverse administrative experience across sectors is expected to support the government’s efforts to further strengthen India’s financial system and improve service delivery in the banking and financial services sector.

Focus on Financial Sector Growth

As Secretary, Department of Financial Services, Lohiya will oversee critical areas including banking reforms, insurance sector development, financial inclusion initiatives and pension-related policies.

With extensive experience in governance, reforms and public administration, he is expected to play an important role in advancing the government’s agenda of building a robust, inclusive and technology-driven financial ecosystem.

His appointment comes at a time when India’s financial sector continues to witness rapid digital transformation, increased focus on financial inclusion and efforts to strengthen institutional resilience across banking and insurance industries.

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