RBI’s big move: Your account statement will now have details of MFs, stocks & FDs!
For individuals who receive a CAS, this means information on their mutual funds, stocks and, going forward, fixed deposits (FDs) can be viewed together in one place. The change will allow demat account holders to see details of their demat holdings as well as bank deposit accounts together in a single CAS.
RBI's upcoming change will display mutual funds, stocks and fixed deposits on your account statement. The Reserve Bank of India has enabled interoperability between account aggregators, allowing customers to easily share their financial data with various institutions like banks, insurance companies, and mutual funds. This development, announced during the RBI's bi-monthly policy meeting, will also extend to National Payments Corporation of India (NPCI) regulated depositories, enabling the inclusion of bank deposit accounts in the Consolidated Account Statement (CAS).
With this move, account holders can view their mutual fund, stock, and fixed deposit details all in one place. Demat account holders will be able to view their holdings along with bank deposit accounts in a single CAS. Customers without demat accounts will still have the option to access a consolidated view of their financial information through NBFC-Account Aggregators (NBFC-AA). The implementation of these changes is expected by December 31, with the RBI initiating the Account Aggregator framework in September 2016.
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