New Delhi: The Central Government is preparing to start an extensive unit of over 500 districts to return unsolicited financial assets, from sleeping banking deposits and unpaid dividends to a fallen insurance contract and pension funds, their justified owners.
The initiative was designed by the Minister of Finance Nirmala Sithaman during the 29th Council for Financial Stability and Development (FSDC), which took place on Tuesday in Mumbai. The meeting was attended by higher officials from the Indian Reserve Bank (RBI), the Indian Council for Securities and Exchange (SEBI), Ministry of Business Affairs (MCA), India India (Irdai) and the Pension Fund (PFRDA).
Within the plan, the regulators agreed to organize coordinated off -road camps in the district headquarters to help citizens demand these unsolicited assets, the person said and demanded anonymity.
In order to simplify the financial approach, the Council also decided to implement the framework of the united known customer (KYC), which should be completed by the end of the current financial year (FY26).
“While all regulators will adhere to common KYC standards in general, individual regulators may, if necessary, include additional requirements for specific sectors. Standardized KYC will increase the ease of life,” the person said. “The aim is to increase the ease of life for citizens and simplify the financial approach.”
The Ministry of Finance, RBI, Sebi, MCA, Irdai and PFRDA spokespersons did not answer e -mail questions.
During Tuesday’s meeting, Sitharaman called for a speedy effort to return unsolicited financial assets and promoted the streamlining of the KYC process to improve the user experience across the financial system.
FSDC also reviewed Indian macropine stability and readiness and discussed the need to strengthen cyber resistance in the financial sector.
“Given the analysis of cyber security, sectoral readiness and recommendations of the Evaluation Program of the Financial Sector (FSAP) 2024-25, FSDC considered strengthening the framework of the Cyber resistance of the Indian financial sector through the financial sector strategy.”
The Council also discussed the implementation of earlier decisions and the announcement of the budget focusing on regulatory efficiency, on the deck of investors and the return of unsolicited assets.
(Tagstotranslate) non -metal bank deposits (T) India’s Bank Accounts (T) Netaimated Dividends (T) Extinct Insurance Contract (T) Pension Fund FSDC
