Govt Plans For Simplification, Digitalisation Of KYC Process

New Delhi: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired the 28th Meeting of the Financial Stability and Development Council (FSDC) in New Delhi on Wednesday during which various issues related to formulation of strategy for implementing the decisions of the FSDC and the Union Budget announcements were discussed.

The FSDC also discussed plans to formulate a strategy to prescribe uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalisation of the KYC process.

The FSDC also took note of the activities undertaken by the FSDC Sub-Committee chaired by the Governor, RBI, and the action taken by members on the previous decisions of the FSDC.

"The FSDC considered the domestic and global macro-financial situation and emphasised that the members need to maintain constant vigilance and continue their proactive efforts towards detecting emerging financial stability risks and taking the necessary measures to maintain the resilience of the financial sector. The FSDC members also decided to strengthen inter-regulatory coordination to further develop the financial sector so that it continues to provide the requisite financial resources for inclusive economic growth," Ministry of Finance said in a release.

The FSDC, inter alia, deliberated on issues related to macro financial stability and India’s preparedness to deal with them. The ongoing inter-regulatory issues were also discussed to support GIFT IFSC in its strategic role to become one of the world’s premier international financial centres and perform its envisioned role of facilitating foreign capital and financial services for the domestic economy.

The meeting was attended by Minister of State for Finance Bhagwat Kishanrao Karad; Shaktikanta Das, Governor, Reserve Bank of India and senior finance ministry officials.