Synopsis: In the 29th FSDC meeting, Finance Minister Nirmala Sitharaman directed regulators to conduct district-level refund camps for returning unclaimed assets like bank deposits, shares, dividends, and pension funds to rightful owners. The move aims to simplify KYC processes and improve cybersecurity in the financial sector.
 "FM Sitharaman Launches Drive to Refund Unclaimed Deposits, Shares, Dividends & Pension Funds")
Key Highlights from FSDC Meeting
In a significant push toward financial inclusion and accountability, Finance Minister Nirmala Sitharaman has urged all key financial regulators and institutions to initiate special district-level refund drives to trace and return unclaimed financial assets to their rightful owners.
These include:
- Unclaimed bank deposits
- Dividends and shares (under IEPFA)
- Post office savings
- Insurance claims (under IRDAI)
- Pension funds (under PFRDA)
The drive will be carried out in collaboration with:
- RBI
- SEBI
- Ministry of Corporate Affairs (MCA)
- IRDAI
- PFRDA
- Banks and other financial agencies
FM’s Focus: Seamless KYC & NRI Inclusion
Finance Minister Sitharaman stressed the importance of a common and simplified KYC framework, proposing:
- Digital onboarding for NRIs, PIOs, and OCIs
- A uniform KYC process across banking, securities, insurance, and pension systems
- Elimination of redundant paperwork in financial interactions
Strengthening Cyber Resilience
The Financial Sector Assessment Programme (FSAP) 2024-25 highlighted cyber threats as a rising concern. As a result, the FSDC proposed:
- A sector-specific cyber resilience strategy
- Improved inter-regulatory coordination
- Enhanced surveillance and compliance frameworks
Other Discussions at FSDC
- Implementing budget proposals and past FSDC decisions
- Improving regulatory responsiveness
- Monitoring global macroeconomic trends
- Boosting investment ratios and financial flow analysis
The council also reviewed updates from the FSDC Sub-Committee, chaired by RBI Governor Sanjay Malhotra, and agreed on proactive risk management and coordination strategies.
Disclaimer: This article is for informational purposes only. Please verify financial or investment-related decisions with a certified advisor or regulatory source.
