Call for uniform KYC process, district-level outreach camps, and stronger regulatory mechanism discussed in FSDC meet
During a recent FSDC conference in Mumbai, the Finance Ministry again stressed the need to accelerate the roll-out of a uniform KYC process in the financial industry.
The Ministry asked for a streamlined and fully online KYC mechanism for the Non-Resident Indians (NRIs), including the Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), since they will likely be hampered by Aadhaar linking and verification of Indian contact details. Further, directions were given to expedite the refund of unclaimed balances of bank deposits, insurance policies, pension funds, and mutual fund investments. For this purpose, special outreach camps will be organized at the district level.
Some of the other key agenda points for the meeting were strengthening cybersecurity frameworks, building the account aggregator ecosystem, and improving the responsiveness of financial regulations.
