Listen to this article
Single digital KYC across all financial instruments may become a reality soon. The finance ministry held a meeting of the Financial Stability and Development Council (FSDC) in which it has asked SEBI, RBI, PFRDA and IRDAI to simplify and streamline KYC framework.
The government said that this will pave way for the digital India and enhance the experience of retail investors.
Further, the government has asked all regulators to conduct a special drive to settle unclaimed deposits and investments. It said, “Regulators should conduct a special drive to facilitate the settlement of unclaimed deposits and claims in the financial sector across all segments, such as banking deposits, shares and dividends, mutual funds, insurance, etc.”
The ministry has also launched Bimakrit Bharat, which will take insurance to the last mile.
Among other key decisions were
- Regulators should focus on reducing compliance burden
- Ensure streamlining the regulatory environment
- Ensure cyber security preparedness of IT systems
Union Finance Minister, Nirmala Sitharaman chaired this meeting. Chairpersons and senior officials including Shaktikanta Das, Governor RBI, Mabhabi Puri Buch, Chairperson SEBI, Debashish Panda, Chairman IRDAI and Deepak Mohanty, Chairman PFRDA attended this meeting.
