The Ministry of Finance announced on 23 October 2026 that Union Minister Smt. Nirmala Sitharaman chaired the 30th meeting of the Financial Stability and Development Council (FSDC). The Council discussed measures to protect the financial sector from cyber threats, promote Fintech innovation, and manage risks from global economic uncertainties and AI. The Minister also called for the expedited refund of unclaimed bank deposits, shares, and insurance funds to their owners. The release does not say when these measures take effect.
Key points
- Reviewed the Financial Sector Cyber Security Strategy to improve resilience of the financial sector.
- Discussed tokenisation of financial assets and promoting innovation in the Fintech sector.
- Urged regulators to speed up refunds of unclaimed assets like bank deposits and pension funds.
- Focused on improving cybersecurity for Regional Rural Banks (RRBs).
- Proposed more frequent FSDC meetings to monitor global geopolitical and economic risks.
When it applies
- 30th Meeting of the Financial Stability and Development Council (FSDC)
Who it affects
- Indian financial sector