Latest news with #FinancialSectorAssessmentProgramme
Mint
a day ago
- Business
- Mint
Govt to launch nationwide drive to return unclaimed bank deposits, dividends and policies
New Delhi: The central government is gearing up to launch a sweeping drive across 500 districts to return unclaimed financial assets, ranging from dormant bank deposits and unpaid dividends to lapsed insurance policies and pension funds, to their rightful owners, a person familiar with the matter told Mint. The initiative was proposed by finance minister Nirmala Sitharaman during the 29th meeting of the Financial Stability and Development Council (FSDC) held in Mumbai on Tuesday. The meeting was attended by senior officials from the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority of India (Irdai), and Pension Fund Regulatory and Development Authority (PFRDA). As part of the plan, regulators have agreed to hold coordinated outreach camps at district headquarters to help citizens claim these unclaimed assets, the person said, requesting anonymity. To simplify financial access, the council also decided to implement a unified Know Your Customer (KYC) framework, which is expected to be completed by the end of the current financial year (FY26). 'While all regulators will follow common KYC norms in general, individual regulators may include additional sector-specific requirements if needed. Standardised KYC will enhance ease of living,' the person said. 'The objective is to enhance ease of living for citizens and simplify financial access.' Spokespersons for the ministry of finance, RBI, Sebi, MCA, Irdai, and PFRDA did not respond to emailed queries. During Tuesday's meeting, Sitharaman called for expedited efforts to return unclaimed financial assets and pushed for streamlining the KYC process to improve user experience across the financial system. The FSDC also reviewed India's macro-financial stability and preparedness, and discussed the need to bolster cyber resilience in the financial sector. 'In light of the analysis of cybersecurity regulations, sectoral preparedness, and the recommendations of the 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 finance ministry said in a statement. The council also discussed the implementation of earlier decisions and Budget announcements, with a focus on regulatory efficiency, investor onboarding, and return of unclaimed assets.
Mint
2 days ago
- Business
- Mint
FM urges expedited refunds, seamless KYC at the 29th FSDC meeting
Union Finance Minister Nirmala Sitharaman called for swift action to refund unclaimed financial assets to rightful owners and emphasized streamlining know-your-customer (KYC) norms to improve user experience at the 29th meeting of the Financial Stability and Development Council (FSDC) held on Tuesday. The FSDC also deliberated on issues related to macro-financial stability and India's preparedness to deal with them, the finance ministry said in a statement. 'In light of the analysis of cybersecurity regulations, sectoral preparedness, and the recommendations of the 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 statement said. The FSDC also outlined a roadmap to implement past decisions and Budget announcements, focusing on regulatory efficiency, unclaimed assets, and investor onboarding at its latest meeting, it added. At the FSDC meeting, chaired by Sitharaman in Mumbai, regulators were asked to organize coordinated multi-agency district-level camps to facilitate claims of unclaimed amounts—ranging from dormant bank deposits to insurance and pension funds. The interest of common citizens must be kept in mind, Sitharaman said, adding that claims must be refunded expeditiously. Sitharaman also urged members to take proactive steps to ensure a seamless KYC experience across financial services. Meanwhile, the FSDC also discussed prescribing common KYC norms, including for NRIs, and greater digitalization of the onboarding process apart from reviewing progress on earlier decisions and budget announcements. Key discussions included strategies to reduce unclaimed financial assets, enhance regulatory responsiveness, boost investments, expand factoring services, and strengthen the account aggregator ecosystem, the finance ministry said. The council assessed global and domestic macro-financial developments and highlighted the need to remain vigilant against potential systemic risks, the ministry said, adding that the FSDC reviewed cybersecurity preparedness in the financial sector, following the Financial Sector Assessment Programme (FSAP) 2024–25, and discussed building a sector-specific cyber resilience strategy. The 29th meeting of the FSDC was attended by top ministry of finance officials including MoS finance Pankaj Choudhary, finance secretary Ajay Seth, chief economic adviser V. Anantha Nageswaran, RBI governor Sanjay Malhotra, and heads of Sebi, Irdai, PFRDA, IFSCA, IBBI, and CERT-In.
Indian Express
2 days ago
- Business
- Indian Express
Expedite the process of refund to unclaimed amounts to rightful owners: FM Sitharaman
Finance Minister Nirmala Sitharaman on Tuesday urged financial sector regulators and various departments to speed up the refund process of unclaimed amounts to rightful owners. The minister, who chaired the 29th meeting of the Financial Stability and Development Council (FSDC) in Mumbai, asked regulators and departments to hold special district level camps to expedite the refund process of unclaimed amounts. She said the drive should be conducted in coordination with the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Ministry of Corporate Affairs (MCA), Pension Fund Regulatory and Development Authority (PFRDA) and Insurance Regulatory and Development Authority of India (IRDA) along with banks, pension agencies and insurance companies. The unclaimed amounts comprise of deposits in banks; unclaimed shares and dividends are managed by the Investor Education and Protection Fund Authority (IEPFA); and unclaimed insurance and pension funds are with IRDAI and PFRDA respectively. As per the latest RBI annual report, the amount credited to the Depositor Education and Awareness (DEA) Fund increased by 25 per cent to Rs 97,545.12 crore at the end of FY2024-25, from Rs 78,212.53 at the end of FY 2023-24. All banks transfer unclaimed deposits to the DEA Fund maintained by the RBI. In the meeting, Sitharaman stressed upon the need to be vigilant in the wake of the emerging trends from domestic and global macro-financial situations. 'The Council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for financial system's resilience. The members decided to strengthen the inter-regulatory coordination for wider development of the financial sector,' according to a press release issued by PIB. The council deliberated on issues related to macro financial stability and India's preparedness to deal with them. The minister urged the FSDC to take proactive steps to ensure that citizens should have a seamless experience with respect to know your customer (KYC) processes across the financial sector. In light of the analysis of cybersecurity regulations, sectoral preparedness, and the recommendations of Financial Sector Assessment Programme (FSAP) 2024-25, the council considered strengthening the cyber resilience framework of the domestic financial sector through a financial sector-specific cybersecurity strategy. Those attended the meeting included Sanjay Malhotra, Governor, RBI; Ajay Seth Finance Secretary and Secretary, Department of Economic Affairs; M Nagaraju, Secretary, Department of Financial Services; V Anantha Nageswaran, Chief Economic Adviser; and Tuhin Kanta Pandey, Chairperson, SEBI.
The Hindu
2 days ago
- Business
- The Hindu
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.
