Latest news with #FSDC
Economic Times
11-06-2025
- Business
- Economic Times
Financial sector regulators to work on universal KYC
Financial sector regulators, led by the RBI, are developing a universal KYC framework with the CKYCR to streamline verification processes. Nirmala Sitharaman urged regulators to ensure seamless KYC experiences for citizens and expedite refunds of unclaimed amounts through district-level camps. The FSDC also discussed strengthening cybersecurity and implementing budget announcements related to KYC simplification for NRIs, PIOs, and OCIs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Financial sector regulators, including the Reserve Bank of India , will look at a universal know your customer (KYC) framework and develop systems with the Central Know Your Customer Registry (CKYCR) to promote the inter-usability of records and avoid multiple minister Nirmala Sitharaman in a meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday urged the financial sector regulators to take proactive steps to ensure that citizens have a seamless experience with the KYC processes across the financial a statement, the finance ministry said the FSDC also considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity FSDC also discussed issues relating to formulating a strategy for implementing the past decisions and the budget announcements, which included prescribing common KYC norms, simplification and digitalisation of the KYC process, including digital onboarding for non-resident Indians (NRIs), PIOs and OCIs in the Indian securities FSDC has representation from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), the Securities and Exchange Board of India (Sebi), the Pension Fund Regulatory and Development Authority (PFRDA) and officials from the finance and corporate affairs urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level also emphasised that interest of common citizens be kept in mind and therefore expeditiously refund the claims of the rightful claimants, the statement unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA and unclaimed insurance and pension funds with Irdai and PFRDA, drive is to be conducted in coordination with RBI, Sebi, MCA, PFRDA and Irdai along with banks, pension agencies and insurance finance ministry statement noted that the FSDC also deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be 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," it said.
Time of India
11-06-2025
- Business
- Time of India
Financial sector regulators to work on universal KYC
Financial sector regulators, led by the RBI, are developing a universal KYC framework with the CKYCR to streamline verification processes. Nirmala Sitharaman urged regulators to ensure seamless KYC experiences for citizens and expedite refunds of unclaimed amounts through district-level camps. The FSDC also discussed strengthening cybersecurity and implementing budget announcements related to KYC simplification for NRIs, PIOs, and OCIs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Financial sector regulators, including the Reserve Bank of India , will look at a universal know your customer (KYC) framework and develop systems with the Central Know Your Customer Registry (CKYCR) to promote the inter-usability of records and avoid multiple minister Nirmala Sitharaman in a meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday urged the financial sector regulators to take proactive steps to ensure that citizens have a seamless experience with the KYC processes across the financial a statement, the finance ministry said the FSDC also considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity FSDC also discussed issues relating to formulating a strategy for implementing the past decisions and the budget announcements, which included prescribing common KYC norms, simplification and digitalisation of the KYC process, including digital onboarding for non-resident Indians (NRIs), PIOs and OCIs in the Indian securities FSDC has representation from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), the Securities and Exchange Board of India (Sebi), the Pension Fund Regulatory and Development Authority (PFRDA) and officials from the finance and corporate affairs urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level also emphasised that interest of common citizens be kept in mind and therefore expeditiously refund the claims of the rightful claimants, the statement unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA and unclaimed insurance and pension funds with Irdai and PFRDA, drive is to be conducted in coordination with RBI, Sebi, MCA, PFRDA and Irdai along with banks, pension agencies and insurance finance ministry statement noted that the FSDC also deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be 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," it said.
Mint
11-06-2025
- 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.
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Business Standard
11-06-2025
- Business
- Business Standard
Rs 78,213 crore in unclaimed bank deposits: Govt to speed up refunds
Finance Minister Nirmala Sitharaman on Tuesday called on financial sector regulators to accelerate the refund of unclaimed deposits to their rightful owners and to simplify Know Your Customer (KYC) processes for citizens, including Non-Resident Indians (NRIs). Chairing the 29th meeting of the Financial Stability and Development Council (FSDC), the Minister emphasized the need to ensure a citizen-friendly financial system with greater transparency, ease of access, and digital efficiency. Reforms and KYC norms: The Finance Ministry highlighted that unclaimed bank deposits have soared 26% year-on-year, reaching Rs 78,213 crore as of March 2024, according to the latest RBI data. Deposits under the Depositor Education and Awareness Fund alone stood at Rs 62,225 crore by the end of March 2023. These figures include: Dormant bank accounts Unclaimed shares and dividends (handled by IEPFA) Lapsed insurance and pension funds (managed by IRDAI and PFRDA) Recognising this growing pool of unclaimed money, the Finance Minister instructed key regulatory bodies—RBI, SEBI, MCA, PFRDA, and IRDA—to launch district-level special camps aimed at returning unclaimed amounts to rightful owners quickly and efficiently. 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. 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. 'We must ensure that the interest of the common citizen is at the centre of our efforts. Refunds must be made expeditiously,' Sitharaman stated. A push for Digital KYC Another major focus of the meeting was the simplification and digitalisation of the KYC process across sectors. The Minister stressed the urgent need for a common KYC framework that works seamlessly across banks, insurance companies, pension agencies, and the securities market. The KYC process, she said, must be especially accessible to NRIs, Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) through easy digital onboarding mechanisms. FSDC's Broader Agenda: Cybersecurity, Financial Stability & Regulation The FSDC also discussed macro-financial risks, emerging global trends, and India's preparedness to maintain economic stability. It called for proactive efforts to strengthen the financial system's resilience and emphasised the importance of inter-regulatory coordination to manage potential systemic risks. One of the key proposals discussed was the creation of a dedicated cybersecurity strategy tailored for the financial sector, in line with the Financial Sector Assessment Programme (FSAP) 2024–25. Key Takeaways from the FSDC Meeting: Regulators directed to refund unclaimed deposits quickly, using local outreach. Push for a unified, simplified KYC system, especially for NRIs. Focus on cybersecurity enhancements in financial institutions. Strengthening of inter-regulatory coordination for financial stability. Review of regulatory responsiveness to past policy and budgetary decisions. Who attended? The meeting was attended by top officials including RBI Governor Shaktikanta Das, SEBI Chairperson Tuhin Kanta Pandey, and IFSCA Chairperson K Rajaraman, along with senior representatives from IRDAI, PFRDA, IBBI, and various central government departments.
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.
