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
- Brain Factory enables learning through innovative wooden toysBrain Factory is making waves with its innovative approach to traditional play.
- WhatsApp enhances user experience with new chat filters & othersWhatsApp introduced other features this month and enhanced security for chats on linked devices.
- Kitabwalah: The revolutionary second-hand book platformKitabwalah quickly gained traction, selling over 6,000 books and generating ₹8 lakhs within two years.
- Brain Factory enables learning through innovative wooden toys
What’s new at WeRIndia.com
News from 700+ sources
-
SC backs working mothers; two-year-childcare leave & 180-day maternity leave Constitutional right of women [details]
-
Girl, 13, charged after school stabbings
-
Brighton v Manchester City: Premier League live
-
Heavy Rains and Floods Sweep Cities Across East Africa
-
China aims to have capability to invade Taiwan by 2027: US top official
-
Former Post Office executive forgets key email on remote access, inquiry reveals
-
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