FSDC Meeting: The 27th meeting of the Financial Stability and Development Council has been held under the chairmanship of Finance Minister Nirmala Sitharaman. Major decisions have been taken in this meeting. It was decided in the meeting that Uniform KYC will be adopted for all types of financial services. Along with this, the regulators related to that product will run a special campaign to enable the nominee to claim unclaimed deposits, shares, dividends.
Need to be alert in view of global situation
The first meeting of the Financial Stability and Development Council was held after the presentation of the budget for the financial year 2023-24. All the regulators of the financial sectors participated in this meeting. The meeting discussed the challenges facing economic stability in the wake of the global economic crisis, in which Nirmala Sitharaman has given several suggestions to the regulators. The Finance Minister has asked the regulators to be constantly vigilant to maintain stability in the financial sector and also said that it is the responsibility of all the regulators. He has advised to take timely decisions to deal with any kind of upheaval and has also asked to lay emphasis on the strengthening of financial stability.
Giving information about the meeting, Economic Affairs Secretary Ajay Seth said that the global financial situation is challenging. But Indian economy and Indian financial sector is completely safe from this. He said that we need to be very cautious. And if there is any risk then it needs to be identified beforehand.
Union Finance Minister Smt. @nsitharaman chairs the 27th Meeting of the Financial Stability and Development Council #FSDC in New Delhi today ЁЯСЗ
Read more https://t.co/FDmfMunxXL@SEBI_India @MCA21India @IBBIlive pic.twitter.com/wxTj6uzIzV
тАФ Ministry of Finance (@FinMinIndia) May 8, 2023
focus on cyber security
The Finance Minister said that in view of increasing digitization in the country, the regulators have been asked to be proactive on cyber security preparedness so that cyber attacks can be avoided. Sensitive financial data can be kept secure.
Special drive on unclaimed deposits
In the meeting, all financial sector regulators have been asked to run a special campaign regarding unclaimed deposits, shares, dividends, mutual funds and insurance policies. It was decided in the meeting that where the nominee details are available but the nominee is not aware of it. A campaign will be launched to make this information available to them in a time-bound manner.
KYC process will be simple
KYC process will be simplified. The committee under the chairmanship of Deputy RBI Governor is working on it. Uniform KYC will be adopted for all types of financial services. The decisions taken on the announcements made in the budget since 2019 were also discussed in the meeting.
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