Key Points
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 worlds 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...
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Plans afoot to digitalise KYC, curb illegal online lending
21, Feb, 24The Financial Stability and Development Council (FSDC), led by Nirmala Sitharaman, plans to digitalize the KYC process and curb unauthorised lending. Recent restrictions on Paytm Payments Bank Ltd highlight non-compliance with KYC norms. FSDC focuses on inter-regulatory coordination, stability risks, and GIFT IFSC's role as an international centre.