(a) whether a proposal for DEMAT Format for FDs, postal savings and insurance
papers is under consideration of the Government; and
(b) if so, the details thereof and its objectives thereof?
(a) whether a proposal for DEMAT Format for FDs, postal savings and insurance
papers is under consideration of the Government; and
(b) if so, the details thereof and its objectives thereof?
The Minister of State in the Ministry of Finance (Shri Namo Narain Meena)
(a) & (b): The Insurance Regulatory and Development Authority has issued guidelines on
insurance repositories and electronic issuance of insurance policies on 27.04.2011 to
provide policyholders a facility to keep insurance policies in electronic form and to
undertake changes, modifications and revisions in the insurance policy with speed and
accuracy in order to bring efficiency, transparency and cost reduction.
The Department of Posts and Reserve Bank of India has intimated that there is no such
proposal under consideration at present regarding Demat Format for Fixed Deposits and
Postal Savings.