RBI’s big move: Your account statement will now have details of MFs, stocks & FDs!
The Reserve Bank of India is implementing interoperability between account aggregators to allow users to view mutual funds, stocks, and bank deposits in a single Consolidated Account Statement. This initiative aims to simplify financial management for customers by centralizing data across various financial institutions.
Why it matters
It streamlines personal finance management and increases transparency for retail investors by breaking down data silos between different financial sectors.
Soon, your Consolidated Account Statement (CAS) will reflect details from your mutual funds, insurance, banks and fixed deposits.The Reserve Bank of India (RBI) has enabled interoperability between account aggregators (AAs), a move that will allow customers to share their financial information more easily with different financial institutions, including banks, NPS fund managers, insurance companies and mutual funds.“With an objective to enhance customer convenience, it has been decided to implement interoperability among NBFC-Account Aggregators (NBFC-AA),” RBI said during the bi-monthly policy announcement by the governor.“This will enable customers to access and share their financial information, across different Financial Information Providers, through any NBFC-AA of their choice.”The central bank has also enabled depositories regulated by the Securities and Exchange Board of India (Sebi) to include information on bank deposit accounts in their Consolidated Account Statement (CAS) through NBFC-AAs.Also Read | After 3.5 years, RBI hikes repo rate: How does it impact your…
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