Common Account for All Financial Assets Soon

December 12, 2014 Finance Talk Valli Sarvani No comments

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