'Bedwa deposits will be returned soon, KYC must be simplified'; Sitaran, Minister of Finance

Finance Minister Nirmala Sitharaman spoke that he had returned the Bedwa deposits in banks to the right contenders. He requested to improve KYC rules in financial institutions. At the FSDC meeting, there was also a discussion on the benefit of the Repo rate cut by RBI to clients. Sitharaman emphasized the safety of clients’ interests in the financial sector. Jagran Bureau, New -Delhi. Finance Minister Nirmala Sitharaman once again said that he had returned the right contenders to the right plaintiffs lying in banks. In addition, the finance minister also urged the regulatory agencies of the country to improve the rules associated with their clients in financial institutions. It said at a meeting of the Council for Stability and Development and Development (FSDC) chaired by the Minister of Finance Sitharaman on Tuesday. In the FSDC meeting, in light of RBI’s recent decision to lower the Repo rate of 50 basis points, the issue of giving the full benefit to the clients was also discussed. Sitharaman has addressed the mandatory meeting to improve the safety of customers ‘interests, and it emphasized that it is very mandatory to improve the safety of clients’ interests in the vicinity of rapid economic growth. Apart from the finance minister, RBI Governor Sanjay Malhotra, Sebi, PFRDA, Irda presidents except the finance minister except the Minister of Finance. There is a lot of emphasis on the issue of Bedwa’s zodiac signs that the finance minister was very tense on the issue of Bedwa’s zodiac signs in banks and insurance companies. Such an amount lies not only with banks and insurance companies, but also in pension funds. It is noteworthy that if no news has been taken about this amount for ten years, it is considered Bedava. Recently, new rules have been made by RBI to operate the bank accounts that are not operated for banks for long and to bring the deposits to its right contenders. His amount has reached the right contenders, the finance minister says it is the banks’ duty to deliver his amount to the right plaintiff. According to the latest RBI report, only commercial banks have an amount of Rs 78.213 crore to March 2024. An attempt is made to find these account holders of the banks, but in many cases there is no success. In this meeting, the steps that had to be taken over better harmony between different regulatory agencies. Also read: Corporate India will do new recruitments on a large scale, know which sector will have the highest rent