Latest news with #FinancialStabilityandDevelopmentCouncil
Mint
11-06-2025
- 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.
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Business Standard
10-06-2025
- Business
- Business Standard
Reduce unclaimed assets: FM Sitharaman to financial sector regulators
Finance Minister Nirmala Sitharaman on Tuesday asked financial sector regulators to take necessary steps to reduce unclaimed assets in the financial system—such as bank deposits, dividends, shares, post office accounts, insurance and pension funds—and ensure expeditious and seamless refunds to rightful owners. The request came during the meeting of the Financial Stability and Development Council (FSDC) held in Mumbai. The FSDC deliberated on emerging trends in the domestic and global macro-financial landscape and stressed the need to remain vigilant. 'The Council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for the financial system's resilience,' the Press Information Bureau said in a release. Members agreed to strengthen inter-regulatory coordination for the broader development of the financial sector. 'This drive is to be conducted in coordination with the RBI, SEBI, MCA, PFRDA, and IRDA, along with banks, pension agencies, insurance companies, etc.,' the release said. 'The unclaimed amounts comprise deposits in banks; unclaimed shares and dividends managed by IEPFA [Investor Education and Protection Fund Authority]; and unclaimed insurance and pension funds with IRDAI and PFRDA, respectively,' it added. Sitharaman also emphasised the need to prioritise the interests of ordinary citizens by ensuring that refunds to rightful claimants are processed swiftly. The finance minister urged the council to take proactive steps to offer citizens a seamless experience with KYC processes across the financial sector. Discussions included prescribing common KYC norms and simplifying and digitising the KYC process, including digital onboarding for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) in the Indian securities market. The FSDC also discussed formulating strategies to implement previous decisions and Budget announcements, such as establishing an appropriate framework to evaluate and enhance the responsiveness of regulations and subsidiary instructions. The meeting also reviewed trends in financing flows as part of a strategy to increase the investment ratio. It discussed measures to expand the reach of factoring services and improve the effectiveness of account aggregator networks. Attendees included Sanjay Malhotra; Reserve Bank of India Governor; Ajay Seth, Finance Secretary and Secretary, Department of Economic Affairs; Tuhin Kanta Pandey, Chairperson, Securities and Exchange Board of India; and Parmod Kumar Arora, Member (Actuary), Insurance Regulatory and Development Authority of India, among others.
Hans India
05-06-2025
- Business
- Hans India
Fin Min to review state of economy on June 10
New Delhi: Finance Minister Nirmala Sitharaman is set to review the state of the economy amid global uncertainties at a meeting of the Financial Stability and Development Council (FSDC) on June 10. The 29th meeting of the high-level panel, to be held at Mumbai, will be attended by all financial sector regulators, including RBI Governor Sanjay Malhotra, sources would be the first meeting after India recorded a growth of 6.5 per cent in FY25, the slowest in the last four years. The meeting, chaired by the Finance Minister, comes after the Reserve Bank announced a record dividend of Rs 2.7 lakh crore for FY25 last month. The dividend for FY25 was 27.4 per cent more than the payout in 2023-24 of Rs 2.1 lakh crore. Indian economy expanded at a faster pace than expected in the last quarter of the 2024-25 fiscal, helping clock a 6.5 per cent growth rate in the year that elevated its size to $3.9 trillion and held promise of crossing the world's fourth-largest economy, Japan, in FY26. The Indian economy grew at 7.4 per cent in January-March - the fourth and final quarter of FY25, reflecting a strong cyclical rebound that was helped by a rise in private consumption and robust growth in construction and manufacturing, according to the data released by the National Statistics Office (NSO) last week. In the meeting, the finance minister will review the current global and domestic economic situation and financial stability is likely to discuss ways to curb digital fraud as it poses a challenge to the financial system and various financial regulators are grappling with the issue of this menace, sources the council may also review the progress of measures approved earlier for further development of the financial sector, and to achieve inclusive economic growth with macroeconomic stability. The FSDC meeting will also review activities undertaken by the FSDC sub-committee, chaired by the RBI governor and the action taken by members on the past decisions of FSDC. Besides the RBI governor, Securities and Exchange Board of India (SEBI) Chairperson Tuhin Kanta Pandey, Insolvency and Bankruptcy Board of India (IBBI) Chairman Ravi Mital and International Financial Services Centres Authority Chairperson K Rajaraman will attend the meeting. According to sources, the FSDC meeting will also be attended by Minister of State for Finance Pankaj Chaudhary, Finance Secretary Ajay Seth, Expenditure Secretary VumlunmangVualnam, Revenue Secretary Arvind Shrivastava, Financial Services Secretary M Nagaraju and other top officials of the finance ministry.
Time of India
04-06-2025
- Business
- Time of India
Finance Minister Nirmala Sitharaman to chair FSDC meeting on June 10
New Delhi: Finance minister Nirmala Sitharaman will chair a meeting of Financial Stability and Development Council (FSDC) in Mumbai on June 10 to review current domestic and global economic scenario and regulatory and supervisory issues, a senior official said. The 29th meeting of the FSDC-also comprising heads of financial sector regulators and top finance ministry officials-comes at a time when external headwinds, especially uncertainties around the US tariff policy and geopolitical conflicts, continue to pose risks to global as well as Indian growth. Also, allegations of fraud or financial wrongdoing have hit Gensol Engineering and IndusInd Bank , prompting authorities to swing into action. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. The FSDC meeting is expected to be attended by Reserve Bank of India governor Sanjay Malhotra and Sebi chairman Tuhin Kanta Pandey, among other regulatory heads. Top finance ministry officials, including finance secretary Ajay Seth, expenditure secretary Vumlunmang Vualnam, revenue secretary Arvind Shrivastava and financial services secretary M Nagaraju, will also take part in it. Live Events The economy grew at a faster-than-expected rate of 7.4% in the March quarter, driving up the full-year (FY25) growth to the projected 6.5%. It was supported by a rebound in private consumption and strong investment.
