Finance Minister Nirmala Sitharaman has called for an accelerated process to return unclaimed financial assets to their rightful owners, urging regulators and financial institutions to prioritize refunds across sectors, including bank deposits, dividends, shares, post office accounts, insurance, and pension funds. Speaking at the 29th meeting of the Financial Stability and Development Council (FSDC), she underscored the need for special district-level camps to facilitate seamless claims processing.
The initiative will involve collaborative efforts among the RBI, SEBI, MCA, PFRDA, and IRDAI, along with banks, pension agencies, and insurance firms. Sitharaman highlighted that the Investor Education and Protection Fund Authority (IEPFA) oversees unclaimed shares and dividends, while IRDAI and PFRDA manage outstanding insurance and pension funds.
The Minister also emphasized the simplification and digitalization of KYC procedures, urging regulators to establish common KYC norms to enhance ease of access for individuals. Additionally, she called for the streamlining of digital onboarding for Non-Resident Indians (NRIs), including Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), in the Indian securities market.
Cybersecurity and financial sector resilience were key topics of discussion, with the FSDC reviewing measures to strengthen India’s cyber defense framework in alignment with recommendations from the Financial Sector Assessment Programme (FSAP) 2024-25. The Council also explored strategies to increase investment flows, improve financial regulatory responsiveness, and implement past budget commitments.
Recognizing emerging global and domestic financial risks, the FSDC reiterated the importance of vigilance and proactive regulatory coordination, ensuring stability while fostering financial sector development. The meeting, chaired by Sitharaman, included Minister of State for Finance Pankaj Choudhary, RBI Governor Sanjay Malhotra, SEBI chief Tuhin Kant Pandey, Finance Secretary Ajay Seth, Department of Financial Services Secretary Nagaraju Maddirala, and senior officials from the Finance Ministry and IRDAI.
As the government takes decisive steps toward financial inclusion and security, Sitharaman’s push for transparent asset recovery mechanisms and cybersecurity fortification reinforces India’s commitment to a robust and citizen-friendly financial ecosystem.
