FSDC looks into enhancing cybersecurity, easing KYC norms
The Financial Stability and Development Council (FSDC), an apex regulatory body chaired by the Union Minister of Finance, on Tuesday (June 10, 2025) examined various ways to enhance the cyber resilience framework of the Indian financial sector and ease the compliance burden on customers.
The FSDC held its 29th meeting in Mumbai on Tuesday (June 10, 2025). Apart from the chairperson, Union Finance Minister Nirmala Sitharaman, the meeting was also attended by Minister of State for Finance Pankaj Choudhary, senior officers of the Ministry of Finance, and the heads of various financial sector regulators.
'In light of the analysis of cybersecurity regulations, 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 Ministry of Finance said in a release.
The FSDC also looked into ways to implement past decisions, such as reducing the amount of unclaimed assets in the financial sector, including in bank deposits, dividends, shares, post office accounts, insurance and pension funds and a quick and seamless refund of such assets to rightful owners.
Another issue the FSDC looked into was to prescribe common know-your-customer (KYC) norms and simplify the KYC process including for Non-Resident Indians (NRIs) in the Indian securities market.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
29 minutes ago
- Time of India
Centre's no MDR stance derails fintech's UPI monetisation plans
Live Events The Ministry of Finance's clarification that there was no plan to reintroduce the merchant discount rate (MDR) on payments done via Unified Payments Interface has dampened the monetisation plans that payment firms had around the popular payment of listed payment firms fell Thursday, a day after the ministry said speculations about the return of the fee for processing UPI payments were 'completely false, baseless and misleading'. One 97 Communications , which runs the payment platform Paytm , closed 6.8% lower at Rs 895.15 on the BSE. One Mobikwik Systems, which operates the Mobikwik application, ended 2.6% down at Rs 274.15.'It will be business as usual since we have been operating without MDR for a few years now. But there was hope in the industry that MDR would be brought back at least for big-ticket transactions; now that is gone,' the chief executive of a major payment processor said on the condition of anonymity.A senior banker who leads the payments function at a private sector lender pointed out that once the government has got the merchant ecosystem used to free digital payments, bringing back the system was always going to be a the last two months, the industry circle was abuzz with conversations around the government seriously considering bringing back MDR, but only for large purchases.'Obviously, we do not know much, and we will not like to predict how the government is looking at it, but we definitely see talks of MDR coming on UPI,' Paytm chief executive Vijay Shekhar Sharma said during the company's FY25 analyst call. He said it could help in building monetisation opportunities from the core payments business for firms like insiders also pointed out that fintech firms have been encouraging customers to move to instruments like mobile wallets or prepaid payment instruments (PPIs) and credit cards, which are MDR generating instruments.'MDR on PPI-UPI, something that is already in motion from the RBI and it is under discussion in the payments ecosystem across multiple industry players and should go live soon. From our perspective, it will definitely bring a new source of revenue, which today we are not getting,' Mobikwik cofounder Bipin Preet Singh said during the FY25 analyst listed firms were talking about projected revenue opportunities, the ministry clarification on MDR could have an impact on fintech IPOs lined up for the coming reported on May 19 that PhonePe gets 95% of its revenue from digital payments and UPI payments is a core aspect of that business. The company is in the process of filing for an IPO in the second half of the current year. Merchant payments company Pine Labs, which is set to file its draft IPO papers this month, gets a significant share of payments via UPI. For Razorpay, another company planning to go public by 2026, UPI accounts for a significant chunk of business.'We have seen almost all forms of innovation and new investments stop in the core payments business. There was hope in the industry that some of it would come back, but it seems that is also gone,' said the founder of another payments firm.
Time of India
29 minutes ago
- Time of India
India needs more infra to train larger AI models, says Krutrim's top executive
Ola's artificial intelligence arm Krutrim is looking to get its base infrastructure, from semiconductors to hardware, fast and cost-effective as the company scales up its AI services, senior vice-president and head of business A Navendu said. Krutrim, which raised $50 million in 2024, has seen few takers for its AI products due to poor documentation and lack of adequate technical maturity, ET reported earlier this month, citing several developers and startup founders. Navendu, who was previously chief information officer at Ola Electric , told ET that one of the biggest challenges in the country is the lack of infrastructure for training large models, as only 10,000 GPUs are currently available, and the rest of the GPUs under the IndiaAI Mission are still to be delivered. 'If you look at (US AI startup) Grok, it is trained on 100,000 GPUs and (ChatGPT developer) OpenAI, 200,000 every quarter. You have to cut some slack for Indian companies,' he said. Early this year, Krutrim announced that it would invest Rs 2,000 crore in Krutrim AI labs as part of a total investment of Rs 10,000 crore by next year. The second biggest challenge is data. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories There is a dearth of Indic language data, said Chandra Khatri, who heads AI at Krutrim. 'If you look at data on the web, only 1% of it is Indian languages whereas the Indian population is 20% of the group. If you want to build for India, you need to scrape, digitise, scam and collect data. This is a challenge.' The company is working on a multibillion parameter model. To address the compute needs, it will use a mixture of its own and IndiaAI GPUs and will also explore building its own data centres, Navendu told ET. He did not disclose the details. Navendu spoke to ET on the sidelines of the launch of the company's agentic AI assistant Kruti, a consumer application that is autonomous and can take action on behalf of the user. It is currently integrated with Ola's ecosystem offering four services, including cab booking, food delivery, bill payment and image generation, with plans to expand further. The company is also in talks with multiple services across healthcare and shopping use cases. Sunit S, head of product design, said it will also pursue partnerships with ONDC, which offers services such as metro tickets and recharge.
Time of India
34 minutes ago
- Time of India
PM Modi has fulfilled humongous tasks: Vaishnaw on 11 years
NEW DELHI: India has moved from "silence to surgical precision" in giving bold and proportionate responses to cross-border terrorism, BJP said Thursday, referring to , as it highlighted the achievements of Modi government in the last 11 years. Tired of too many ads? go ad free now The party said the country has grown faster on all fronts and people's lives have been transformed in these years. Humongous tasks have been fulfilled under PM Modi's leadership to put the country on the path of "long-term growth", Union I&B minister Ashwani Vaishnaw said at an event to mark the Modi govt's 11 years. He made a presentation on the Modi government's 'seva, sushashan and gareeb kalyan'. BJP chief J P Nadda, Union ministers Amit Shah, Rajnath Singh, Nitin Gadkari & Nirmala Sitharaman were among those present at the event. In its presentation, BJP said India became a global powerhouse under Modi, with per capita GDP increasing from Rs 86,647 in FY 2014 to Rs 2 lakh in FY 2025 due to structural economic reforms. 'Start Up India' scheme provided small loans to empower grassroots entrepreneurs to shift from "survival to growth" and make a "big impact", it said. RBI's financial inclusion index surged from 43 in 2017 to 64 in 2024 with the implementation of the 'PM Jan Dhan Yojna' and other measures.
