The government on Friday said it will expedite action on single demat account and uniform KYC norms, and on putting in place a suitable regulatory framework in this regard.
Addressing the meeting of the Financial Stability and Development Council (FSDC), comprising all financial sector regulators, finance minister Arun Jaitley said the common account aggregation facility is envisaged to allow people to get details of their financial assets such as bank accounts, stocks, insurance policies, mutual funds and other financial instruments at one place. The council, among other things, discussed the progress made regarding implementation of its decision taken on the development of corporate bond market and the way forward to develop a vibrant, deep and liquid bond market, a finance ministry statement said.
It took stock of the state of macroeconomy and challenges, including external sector vulnerabilities. The council observed that macroeconomic vulnerabilities have been reduced in the recent months due to policy initiatives taken by the government.