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A common platform to get details of all financial assets

Reserve Bank of India, SEBI and IRDA among other regulators are joining hands to create a common account aggredation facility which is expected to provide details to people of all their financial assets, including bank accounts, stocks, bonds, insurance and mutual funds in one place. These assets could be managed by various institutions that are governed by different regulators. The proposal was mooted by an inter-regulatory technical group and was discusssed by the sub-committee of Financial Stability and Development Council. The members of the sub-committee include heads of regulators including RBI, SEBI, IRDA, PFRDA and FMC, as also representatives of the finance ministry. RBI governor Raghuram Rajan, after the meeting of the sub-committee, said it has been decided to create a common platform the the purpose. He said it was decided to create such a structure going forward.

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