Daijiworld Media Network - New Delhi
New Delhi, Jun 10: Finance Minister Nirmala Sitharaman on Tuesday directed regulators and departments to accelerate the refund process for unclaimed financial sector amounts, including bank deposits, insurance claims, pension funds, and shares, to rightful owners.
Chairing the 29th meeting of the Financial Stability and Development Council (FSDC), the Finance Minister called for holding special district-level camps to facilitate speedy and seamless refunds. The drive will be jointly coordinated by the RBI, SEBI, Ministry of Corporate Affairs (MCA), IRDAI, and PFRDA, along with banks, insurance companies, and pension agencies.
“The unclaimed amounts include dormant bank deposits, unclaimed dividends and shares held by the IEPFA, and funds with insurance and pension bodies like IRDAI and PFRDA,” Sitharaman said.
She also emphasised the need to simplify and digitise Know Your Customer (KYC) norms to improve user experience across the financial sector. The Finance Minister suggested common KYC standards and smoother digital onboarding for Non-Resident Indians (NRIs), including Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), particularly in the securities market.
The Council reviewed macro-financial stability and India's readiness to address emerging global and domestic challenges. In light of the Financial Sector Assessment Programme (FSAP) 2024-25, members proposed strengthening the cybersecurity strategy specifically for the financial sector.
Discussions also covered implementation of past budget announcements, evaluating the effectiveness of current financial regulations, and enhancing investment flow tracking to boost the country’s investment ratio.
The FSDC stressed the importance of close inter-regulatory coordination and proactive steps to safeguard the financial system’s stability and resilience amid evolving risks.
The meeting was attended by Minister of State for Finance Pankaj Choudhary, RBI Governor Shaktikanta Das, SEBI Chairperson Tuhin Kanta Pandey, Finance Secretary Ajay Seth, and top officials from IRDAI and the Department of Financial Services.