Quick Summary
Union Minister for Finance and Corporate Affairs chairs 29th meeting of Financial Stability and Development Council (FSDC), in Mumbai Union Finance Minister urges regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding coordinated multi-agency special district level camps Interest of common citizens to be kept in mind and refund the claims of rightful claimants: FM Smt. Nirmala Sitharaman Union Finance Minister exhorts FSDC to further ta
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FAQ :
The 29th FSDC meeting, chaired by the Union Finance Minister, focused on improving financial stability, expediting refunds for unclaimed deposits, and simplifying KYC norms.
The Finance Minister urged regulators and departments to expedite refunds by holding coordinated, multi-agency special district-level camps.
The discussion included unclaimed bank deposits, dividends, shares, and insurance and pension funds.
The FSDC aims to take proactive steps for seamless KYC processes across the financial sector, focusing on simplification and digitalisation, including digital onboarding for NRIs.
The meeting was attended by the Union Finance Minister, Minister of State for Finance, FSDC members, the Governor of RBI, Finance Secretary, and heads of various regulatory bodies like SEBI and IRDAI.
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