Sitharaman chairs 29th FSDC meeting in Mumbai; sector-specific cybersecurity strategy considered
On 10 June 2025 in Mumbai, Union Finance Minister Nirmala Sitharaman chaired the 29th meeting of the Financial Stability and Development Council (FSDC).
Summary
The Financial Stability and Development Council (FSDC) held its 29th meeting in Mumbai on 10 June 2025 under the chairmanship of Union Finance Minister Nirmala Sitharaman, with Minister of State for Finance Pankaj Choudhary present. In light of cybersecurity regulations, sectoral preparedness and the recommendations of the Financial Sector Assessment Programme (FSAP) 2024-25, the Council considered strengthening the cyber resilience of the Indian financial sector through a financial sector-specific cybersecurity strategy. It also discussed reducing unclaimed assets (bank deposits, dividends, shares, post office accounts, insurance and pension funds) and refunding them to rightful owners, common KYC norms and digital onboarding of NRIs, PIOs and OCIs in the securities market, factoring services and account aggregator networks. The FSDC was constituted by a Government of India notification dated 30 December 2010; its Sub-Committee is chaired by the RBI Governor.
Key facts
- Meeting
- 29th FSDC meeting, Mumbai, 10 June 2025
- Chair
- Union Finance Minister Nirmala Sitharaman
- Key agenda
- Financial sector-specific cybersecurity strategy (FSAP 2024-25); unclaimed assets; common KYC
- Constituted (static)
- GoI notification of 30 December 2010; chaired by Union Finance Minister
- Sub-Committee (static)
- Chaired by Governor, RBI
Practice MCQs 3 questions
The 29th meeting of the Financial Stability and Development Council (FSDC), held on 10 June 2025, took place in which city?
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Correct answer: B — Mumbai
PIB (Finance): the Finance Minister chaired the 29th meeting of the FSDC in Mumbai on 10 June 2025.
Consider the following statements about the 29th FSDC meeting of 10 June 2025: 1. The Council considered a financial sector-specific cybersecurity strategy in light of the FSAP 2024-25 recommendations. 2. The meeting was chaired by the Governor of the Reserve Bank of India. Which of the statements given above is/are correct?
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Correct answer: A — 1 only
PIB (Finance): the FSDC considered a financial sector-specific cybersecurity strategy in light of FSAP 2024-25; the meeting was chaired by the Union Finance Minister, not the RBI Governor. So 1 only.
The FSDC was constituted by a Government of India notification dated 30 December 2010. Who chairs the Sub-Committee of the FSDC?
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Correct answer: D — Governor, RBI
PIB (static): the Council is chaired by the Union Finance Minister, and its Sub-Committee is chaired by the Governor, RBI.