The Financial Stability and Development Council (FSDC), an apex regulatory physique chaired by the Union Minister of Finance, on Tuesday (June 10, 2025) examined varied methods to reinforce the cyber resilience framework of the Indian monetary sector and ease the compliance burden on prospects.
The FSDC held its twenty ninth assembly in Mumbai on Tuesday (June 10, 2025). Apart from the chairperson, Union Finance Minister Nirmala Sitharaman, the assembly was additionally attended by Minister of State for Finance Pankaj Choudhary, senior officers of the Ministry of Finance, and the heads of assorted monetary sector regulators.
“In light of the analysis of cybersecurity regulations, sectoral preparedness, and the recommendations of Financial Sector Assessment Programme (FSAP) 2024-25, the FSDC considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity strategy,” the Ministry of Finance stated in a launch.
The FSDC additionally seemed into methods to implement previous selections, comparable to decreasing the quantity of unclaimed property within the monetary sector, together with in financial institution deposits, dividends, shares, submit workplace accounts, insurance coverage and pension funds and a fast and seamless refund of such property to rightful house owners.
Another difficulty the FSDC seemed into was to prescribe widespread know-your-customer (KYC) norms and simplify the KYC course of together with for Non-Resident Indians (NRIs) within the Indian securities market.
Published – June 10, 2025 07:56 pm IST
