3 days ago
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.
