The FSDC also discussed how to determine and simplify how to determine and simplify the normal Indians (KYC) criteria and procedure in the Indian securities market. Photo: X/@FinminIndia
The Financial Stability and Development Council (FSDC), a top regulatory body chaired by the Union Finance Minister, examined various methods on Tuesday (June 10, 2025) to increase the cyber flexibility structure of the Indian financial sector and to reduce compliance burden on customers.
FSDC held its 29th meeting in Mumbai on Tuesday (June 10, 2025). Apart from Chairperson, Union Finance Minister Nirmala Sitaraman, the meeting was also attended with Finance Minister Pankaj Chaudhary, Senior Finance Ministry officials and heads of various financial sector regulators.
The Finance Ministry said, “In the light of cyber security rules, regional preparations and analysis of the assessment program of the financial sector (FSAP) 2024-25, FSDC considering strengthening the Indian financial sector cyber flexibility structure through a financial sector-specific cyber security strategy,” the Finance Ministry said in a release.
FSDC also paid attention to ways to implement previous decisions, such as reducing the amount of unclaimed assets in the financial sector, bank deposits, dividends, stocks, post office accounts, insurance and pension funds and correct owners including quick and easy return of such assets.
Another issue that was seen on the FSDC was to determine the common-passenger (KYC) criteria and simplify the KYC process including non-resident Indians (NRI) in the Indian Securities Market.
Published – June 10, 2025 07:56 pm IST
