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FSDC Backs Universal KYC and Cyber Resilience Push

12 June 20251 min read
BANKING & FINANCEFSDC BacksUniversal KYC andCyber ResiliencePush12 June 2025safalsetu.com

Why in the news

The Financial Stability and Development Council (FSDC) met in Mumbai in 2025 and took decisions on KYC, cyber safety and unclaimed assets.

Key facts

  • Universal KYC: one verification serving the whole system through CKYCR; common norms and full digitisation.
  • NRIs, PIOs, OCIs: special focus on digital onboarding in capital markets.
  • Cyber resilience: a sector-specific cybersecurity strategy for institutions and intermediaries.
  • Macro risks: trends reviewed; timely action on earlier decisions and Budget announcements urged.
Unclaimed assetAgency
Bank depositsRBI
Dividends and sharesIEPFA, MCA
Insurance and pensionIRDAI, PFRDA

Exam angle

  • Registry: CKYCR; unclaimed dividends: IEPFA.

Test yourself

1. Who chaired the 2025 FSDC meeting in Mumbai that backed a universal KYC framework?

Finance Minister Nirmala Sitharaman chaired the FSDC meeting.

2. Under the FSDC decisions, regulators will coordinate with which registry to make KYC records inter-usable?

RBI, SEBI, IRDAI, PFRDA and MCA will coordinate with CKYCR.

3. Which agency, under MCA, was named for refund of unclaimed dividends and shares in the FSDC camps?

Unclaimed dividends and shares are handled through IEPFA, MCA.

This topic is part of Daily Current Affairs 12 June 2025 (22 topics).

All topics of the dayDay quizJune 2025

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