1. Soon, get one account for all financial assets soon, say RBI, Sebi, Irda

Soon, get one account for all financial assets soon, say RBI, Sebi, Irda

A common account may allow the public to get details of all their financial assets such as bank accounts, stocks, insurance policies in one place.

By: | Kolkata | Updated: December 12, 2014 9:25 AM
RBI Governor Raghuram Rajan during 549th RBI Central Board Meeting in Kolkata. (PTI)

RBI Governor Raghuram Rajan during 549th RBI Central Board Meeting in Kolkata. (PTI)

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.

  1. S
    S.Gonesh
    Dec 12, 2014 at 8:00 pm
    This is a good idea, but a better proposal is to introduce the SAVINGS POTENTAL CODE for each citizen. With this code inflation, black-money and other corruptions can be tackeld. Also the everlasting poverty can be solved. How? By nationa- lizing the bank, insurance, accountancy and retailsectors. With the SPC the government can regulate the inequality in the society. This is harming not a single sector nor it reduce the freedom or the the privacy. If a government is chosen to rule the country, so it must act likewise by bringing progress to the nation. This include; every citizen has a guarantee on progress and savings. The main condition is; declare agriculture, defence and education as strategic sectors.
    Reply
    1. R
      Ritesh Wadhwani
      Dec 12, 2014 at 11:39 am
      Will financial ets in Swiss bank account also be accessible in one common account? Why not also merge physical ets in one account?
      Reply
      1. Soniya Ray
        Dec 12, 2014 at 5:11 pm
        Not just another news, but innovatine one at : :vishwagujarat/en/
        Reply
        1. T
          t p
          Dec 12, 2014 at 10:54 am
          Very good move to check tax evasion & black money. Tax rates should also be made simple & affordable . Tax compulsory for all . minimum 1% maxi 16% . no cess. no surcharge. Terrorists/ bangladeshi / stani ghuspatiye would be entrapped in a better way by such compulsions of tax payment & simplification thereof. Vote banks of the traitors would end & healthy democracy would emerge.
          Reply

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