Other main functions include: 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.

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.

These are government owned scheduled commercial banks of India that operate at regional level in different states.

Nationalised Financial Market Exchanges 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.

The department took up all the functions of the erstwhile ministry which broadly was responsible for a systematic policy approach to disinvestment and privatisation of Public Sector Units (PSUs).

This shift was carried out to help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Undertakings (CPSUs).