Union Finance Minister Nirmala Sitharaman has urged regulators to expedite refunds of unclaimed deposits, shares, insurance, and pension funds through special district-level camps. She emphasised the need to keep citizens’ interests at the forefront and ensure a smooth refund process.
The Minister stated this while chairing the 29th meeting of the Financial Stability and Development Council (FSDC) in Mumbai today. The meeting discussed the issues related to further improving macro-financial stability, streamlining KYC norms, reducing unclaimed financial assets, and strengthening cybersecurity in the financial sector.
The FSDC also discussed simplification and digitisation of the KYC procedures, especially for NRIs, enhancing investment flows, and effective use of account aggregator networks. It resolved to boost inter-agency coordination for the overall development of India’s financial ecosystem.
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