FM asks regulators to expedite refund on unclaimed deposits, streamline KYC
She exhorted the Council to take proactive steps to ensure that citizens should have a seamless experience with respect to KYC processes across the financial sector, the finance ministry said in a statement.
Chairing the 29th meeting of the Financial Stability and Development Council (FSDC) here, she emphasised that interest of common citizens to be kept in mind and expeditiously refund the claims of the rightful claimants.
Mumbai, Jun 10 (PTI) Finance Minister Nirmala Sitharaman on Tuesday asked regulators and departments to expedite the refund of unclaimed deposits to rightful owners and streamline the KYC process.
There is a need for common KYC norms, simplification and digitalisation of the KYC process including digital onboarding for Non-Resident Indians (NRIs) including PIOs and OCIs, in the Indian securities market.
The minister urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level camps.
This drive is to be conducted in coordination with RBI, SEBI, MCA, PFRDA and IRDA along with banks, pension agencies, insurance companies etc, it said.
The unclaimed amounts comprise deposits in banks; unclaimed shares and dividends are managed by IEPFA; and unclaimed insurance and pension funds are with IRDAI and PFRDA respectively, it said.
Unclaimed deposits with banks have witnessed a 26 per cent jump year on year to Rs 78,213 crore at the end of March 2024, as per the latest RBI Annual Report.
The amount with the Depositor Education and Awareness Fund stood at Rs 62,225 crore at the end of March 2023.
The FSDC discussed issues related to macro-financial stability and India's preparedness to deal with them. During the meeting, the Council deliberated on the emerging trends from domestic and global macro-financial situation and stressed upon the need to be vigilant.
It recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for financial system's resilience, it said.
The members decided to strengthen the inter-regulatory coordination for wider development of the financial sector, it said.
In light of the analysis of cybersecurity regulations, it said, sectoral preparedness, and the recommendations of Financial Sector Assessment Programme (FSAP) 2024-25, the FSDC considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity strategy.
The FSDC discussed issues relating to formulating a strategy for implementing past decisions and budget announcements, including establishing appropriate framework by regulators for evaluating and enhancing responsiveness of regulations and subsidiary instructions.
The Council also discussed measures to improve the reach and scope of factoring services and effective use of account aggregator networks.
The FSDC also took note of the activities undertaken by the FSDC Sub-Committee chaired by RBI Governor Sanjay Malhotra and the action taken by members on the pending past decisions of the FSDC.
Besides the RBI governor, Securities and Exchange Board of India (SEBI) Chairperson Tuhin anta Pandey, International Financial Services Centres Authority (IFSCA) chairperson K Rajaraman, and senior representatives of Insolvency and Bankruptcy Board of India (IBBI) and International Financial Services Centres Authority also attend the meeting.
The FSDC meeting was also attended by Minister of State for Finance Pankaj Chaudhary, Finance Secretary Ajay Seth, Secretary designate Department of Economic Affairs Anuradha Thakur, Financial Services Secretary M Nagaraju, Corporate Affairs Secretary Deepti Gaur Mukerjee, Revenue Secretary Arvind Shrivastava and other top officials of the finance ministry. PTI DP MR
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
12 minutes ago
- Hindustan Times
India slips to 131st position in Global Gender Gap Index 2025
New Delhi, India has ranked 131 out of 146 countries in the World Economic Forum's Global Gender Gap Report 2025, slipping two places from its position last year. With a parity score of just 64.1 per cent, India is among the lowest-ranked countries in South Asia, according to the report released on Thursday. India ranked 129 last year. The Global Gender Gap Index measures gender parity across four key dimensions: Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment. The Indian economy's overall performance improved in absolute terms by 0.3 points. "One of the dimensions where India increases parity is in Economic Participation and Opportunity, where its score improves by .9 percentage points to 40.7 per cent. While most indicator values remain the same, parity in estimated earned income rises from 28.6 per cent to 29.9 per cent, positively impacting the subindex score," the report said. Scores in labour force participation rate remained the same as last year India's highest achieved to date. In educational attainment, the report said, India scored 97.1 per cent, reflecting positive shifts in female shares for literacy and tertiary education enrolment, which result in positive score improvements for the subindex as a whole. "India also records higher parity in health and survival, driven by improved scores in sex ratio at birth and in healthy life expectancy," it said. However, similar to other countries, parity in healthy life expectancy is obtained despite an overall reduction in the life expectancy of men and women, the report said. "Where India records a slight drop in parity since the last edition is in Political Empowerment. Female representation in Parliament falls from 14.7 per cent to 13.8 per cent in 2025, lowering the indicator score for the second year in a row below 2023 levels," it said. Similarly, the share of women in ministerial roles falls from 6.5 per cent to 5.6 per cent, moving the indicator score further away this year from its highest level , it said. With notable gains in political empowerment and economic participation, Bangladesh emerged as the best performer in South Asia, jumping 75 ranks to rank 24 globally. Nepal ranked 125, Sri Lanka 130, Bhutan 119, Maldives 138 and Pakistan 148. The report said the global gender gap has closed to 68.8 per cent, marking the strongest annual advancement since the COVID-19 pandemic. Yet full parity remains 123 years away at current rates, according to the report. Iceland leads the rankings for the 16th year running, followed by Finland, Norway, the United Kingdom and New Zealand. The 19th edition of the report, which covers 148 economies, revealed both encouraging momentum and persistent structural barriers facing women worldwide. The progress made in this edition was driven primarily by significant strides in political empowerment and economic participation while educational attainment and health and survival maintained near-parity levels above 95 per cent. However, despite women representing 41.2 per cent of the global workforce, a stark leadership gap persists with women holding only 28.8 per cent of top leadership positions, the report said. "At a time of heightened global economic uncertainty and a low growth outlook combined with technological and demographic change, advancing gender parity represents a key force for economic renewal," said Saadia Zahidi, Managing Director, World Economic Forum. "The evidence is clear. Economies that have made decisive progress towards parity are positioning themselves for stronger, more innovative and more resilient economic progress," Zahidi said.
Hans India
14 minutes ago
- Hans India
Gold rates in Vijayawada today surges check the rates on 12 June, 2025
The gold rates today surged in Vijayawada on 12 June, 2025. Going by the rates today, the price of 10 grams of 22-carat gold is Rs. 91,000 with a hike of Rs. 800 while the rate of 10 grams of 24-carat gold is at Rs. 99,280 with a hike of Rs. 880. While the Silver rate is at Rs. 1,18,900 per kilogram. The gold rates in the international market have been fluctuating. Over the past few weeks gold rates have experienced a fall during the wedding season, fluctuating around Rs. 90,000 for 10 grams of 24-carat gold and approximately Rs. 1,00,000 for 10 grams of 22-carat gold. The gold prices mentioned here are due at 8am, the prices could alter at every moment and hence the gold buyers need to track the live prices at a given time. The mentioned prices here are closing prices of yesterday while today's price would begin either with a decrease or increase.
India.com
19 minutes ago
- India.com
Big blow for Mukesh Ambani, star players from MI team will...
In these collection of pictures, we find out about the big blow suffered by Indian billionaire Mukesh Ambani and his MI team just after the IPL 2025 season. Mukesh Ambani is owner of MI New York franchise in Major League Cricket T20 League in the United States. MLC 2025 season begins on June 12. Image credit: X (Formerly Twitter) Afghanistan cricketers Rashid Khan, Azmatullah Omarzai will be unavailable for Mukesh Ambani's MI New York in MLC 2025. But Naveen-ul-Haq from Afghanistan has joined the MI New York team. Image credit: X (Formerly Twitter) Rashid Khan has been MI New York's best bowler in MLC, having claimed 10 wickets for the franchise so far. Image credit: X (Formerly Twitter) Rashid Khan has decided to take a break after the IPL 2025 season, according to a report in ESPNCricinfo website. Image credit: X (Formerly Twitter) Afghanistan all-rounder Azmatullah Omarzai was set to make debut for MI New York in MLC 2025. He plays for Mukesh Ambani's MI Cape Town team in SA 20. Omarzai has also decided to take a break from cricket. Azmatullah Omarzai was bought for Rs 2.4 crore by Preity Zinta's PBKS at the IPL 2025 mega auction last year. Omarzai claimed 8 wickets in 9 matches for IPL 2025 finalist. Rashid Khan was retained for Rs 18 crore by Gujarat Titans ahead of IPL 2025 mega auction. Rashid only claimed 9 wickets in 15 matches in IPL 2025.
