Financial regulators, including RBI, Sebi and IRDA, are working on creating a common account aggregation facility, which may allow people to get details of all their financial assets in one place.
This may include bank accounts, stocks, bonds, insurance and mutual funds, among various financial assets, even if they are managed by institutions under jurisdiction of different regulators.
A suggestion in this regard made by an Inter-Regulatory Technical Group (IRTG) was discussed here today by the Sub-Committee of Financial Stability and Development Council (FSDC), which met here today.
The members of this sub-committee include chiefs of various regulators including RBI, Sebi, IRDA, PFRDA and FMC, as also representatives of the Finance Ministry.
After the meeting, RBI Governor Raghuram Rajan said the FSDC Sub-Committee has decided to create a common platform for people to see their accounts across regulatory bodies.
“We have discussed the possibility of creating a platform for people to see their accounts across regulatory bodies,” Rajan told reporters after the meeting.
He said that that it was decided to create such a structure going forward.
The regulators also discussed other issues of mutual interest, Rajan said.
RBI Deputy Governor H R Khan said that deepening of the currency futures market and risks facing the financial system were also discussed.