FSDC holds 28th meeting; to formulate strategy to simplify and digitalise KYC process in financial sector

The Union Finance Minister, Nirmala Sitharaman, on Wednesday chaired the 28th meeting of Financial Stability and Development Council (FSDC), with focus on formulation of strategy for implementing the decisions of the council and the Union Budget announcements.

Key areas of discussion for the council included prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalisation of the KYC process; kickstarting fund-raising by social enterprises through social stock exchanges; and to arrest the harmful effects of unauthorised lending through online apps and measures to curb their further spread.

"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 Ministry of Finance said in a statement.


The Sitharaman-led panel also emphasised on the 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, keeping the view of domestic and global macro-financial scene.

Several notable personalities including Union Minister of State for Finance Dr. Bhagwat Kishanrao Karad; Shaktikanta Das, Governor, Reserve Bank of India (RBI); Dr. T.V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance (MoF); Dr. V. Anantha Nageswaran, Chief Economic Adviser, MoF; Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India among others attended the meet.