FM Asks IRDAI, SEBI, RBI To Simplify KYC For NRIs, Expedite Unclaimed Fund Returns

At a Financial Stability and Development Council (FSDC) meeting in Mumbai, Finance Minister (FM) Nirmala Sitharaman directed IRDAI, PFRDA, SEBI, and RBI to fast-track the rollout of a uniform KYC process.

FM Sitharaman also asked regulators to simplify and digitalise the KYC process for NRIs, including Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). NRIs currently face challenges in maintaining KYC due to issues like linking Aadhaar and verifying Indian contact details. Sitharaman also asked regulators to facilitate the return of unclaimed funds from bank accounts, insurance, pensions, and mutual fund holdings. Special camps will be organised at the district level. The meeting also discussed improving cybersecurity, promoting the account aggregator framework, and enhancing regulatory responsiveness.