Nirmala Sitharaman emphasizes the need for quick refunds of unclaimed assets, simplified KYC procedures, and strengthened cybersecurity in response to global uncertainties. This call was made during the 30th meeting of the Financial Stability and Development Council (FSDC).
Finance Minister Nirmala Sitharaman called for expedited refunds of unclaimed assets, including bank deposits, dividends, shares, post office savings, insurance proceeds, and pension funds. This appeal came during the 30th meeting of the Financial Stability and Development Council (FSDC) in New Delhi, where she also urged financial sector regulators and other stakeholders to simplify Know Your Customer (KYC) procedures and strengthen cybersecurity preparedness in response to rising geopolitical uncertainties. Ms Sitharaman's call was part of the 'Your Money, Your Right' campaign, aimed at facilitating the return of unclaimed financial assets to their rightful owners. The concerned ministries and regulators were urged to intensify their efforts to ensure timely refunds. During the meeting, discussions also centered on measures to promote innovation in the fintech sector, explore the potential of tokenisation of financial assets and other real-world assets, and review the country’s preparedness to protect critical information infrastructure, strengthen the resilience of security systems, and enhance cybersecurity preparedness among Regional Rural Banks. The Finance Minister also proposed more frequent meetings of the Council according to a predefined schedule in view of growing geopolitical challenges and global uncertainties. The meeting was attended by RBI Governor Sanjay Malhotra, Chief Economic Adviser Dr V. Anantha Nageswaran, Secretary of the Ministry of Electronics and Information Technology S. Krishnan, and other senior officials.
Source:
Akashvani News
