Common Account for All Financial Assets Soon
Financial regulating authorities including RBI, SEBI and IRDA are working together to create a common account to maintain all financial assets in one place.
The account aggregation facility enables users to find out information about their bank accounts, bonds, stocks, mutual funds and insurance in a single place even though they are managed by various institutions under various regulators.
Inter-Regulatory Technical Group made a proposal in this respect and the Sub-Committee of the Financial Stability and Development Council discussed this on December 11, 2014.
The sub-committee members include the chiefs of different regulators like RBI, SEBI, PFRDA, FMC and IRDA, and representatives from the Finance Ministry.
The chiefs of various regulators have discussed on this matter whether there is a possibility to create a common platform for people to get information about all their financial assets maintained by these regulatory bodies in one place.
These regulatory bodies also discussed on other issues related to this and decided to go forward with that structure.
If the aggregation of common account facility comes into functioning, it will be easier for people to get the details of all their financial assets in one place.
Image Credit: BengaliHindu / CC BY-SA 3.0
You may also like
Image Reference: https://commons.wikimedia.org/wiki/File:RBI_-_Wikimedia_Photowalk_Kolkata_20111218_IMG_4587.jpg
Recent Posts
- India’s food waste problem: A growing crisis at homeIndia has one of the highest numbers of undernourished people, yet millions of tonnes of food end up in the trash.
- Big boost for CG employees: Govt overhauls CGHS rateshis is the most significant change in CGHS in the last 15 years.
- US tariffs hit Indian pharma: A warning sign for exportsThe United States has imposed a 100% tariff on imported branded and patented drugs, a move that directly targets foreign manufacturers. While Indian generic drugs remain exempt for now, the policy raises serious concerns for India’s pharmaceutical industry and its future in the US market.
- India’s food waste problem: A growing crisis at home
What’s new at WeRIndia.com
News from 700+ sources
-
Armed gang attacks two men, snatches mobile phones in Peraiyur in Madurai district
-
One held for submitting fake land documents for registration
-
SpiceJet Announces New Flights Connecting Ayodhya With Delhi, Ahmedabad, Bengaluru and Hyderabad
-
Central Govt Hikes DA For Employees To 58% From July 1
-
Kruthik, Shikhar picked in Karnataka Ranji squad
-
Andhra Pradesh CPI secretary demands caste census for development of backward classes
-
WeRIndia – A News Aggregator
Visit werindia.com for all types of National | Business | World | Politics | Entertainment | Health related news and much more..
Leave a Reply