Overview

• Finance Minister Nirmala Sitharaman chaired the 29th FSDC meeting in Mumbai to instruct regulators to speed up refunds of unclaimed amounts.
• Unclaimed deposits with banks rose 26% year-on-year to Rs78,213 crore by March 2024, according to the RBI annual report.
• The council directed the creation of special district-level camps to ensure seamless reimbursement to rightful claimants.
• Members agreed to simplify and digitize KYC norms, including common standards and digital onboarding for NRIs.
• The FSDC also resolved to strengthen inter-regulatory coordination and adopt proactive measures to mitigate macro-financial risks.