Finance Minister Nirmala Sitharaman on Tuesday urged the regulators of the financial sector to take active steps to the citizens in the financial sector to get actively experience in the financial sector.
The Finance Ministry said in a statement that the FSDC considers strengthening the cyber relief framework of the Indian financial sector through the financial sector-specific cyber-process policy.
The FSDC also discussed the issues related to the implementation of the previous decisions and budget announcements, including the general KYC criteria, simplification of the KYC process and digitalization, including digital onboarding, including non -resident Indian (NRIS) and OCIS.
FSDC’s Reserve Bank of India (RBI), Insurance Regulatory and Development Authority (IRDAI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRD) and Finance and Corporate Affairs Cabinet are represented.
Sitharaman urged the regulators and departments to speed up the process of giving the rights to the owners of the rights. The interest of the general public should be kept in mind and hence the emphasis was also emphasized to give immediate refund of the claims of the right contenders, the statement said. Unplaced amounts include deposits in banks, unpaid shares managed by IPFA, and insurance and pension funds that are not claimed to Iradai and PFRDA respectively.
The campaign should be organized in coordination with RBI, Sebi, MCA, PFRDA and Iradai along with banks, pension agencies and insurance companies.
The Finance Ministry’s statement states that the FSDC also thought of the emerging trends of domestic and global macro-fiancanies and emphasized the need to be aware.
“The Council recognized the need for active efforts to reduce the potential risk for financial stability for the flexibility of the financial system,” he said.
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