Complete bank, PF and insurance money will be visible at one place
If you also check ten types of apps and statements at the end of every month to check your different bank accounts, stock market investments and PF balance, then there is a big relief news for you. Soon the day is coming when you will get the details of all your deposits and investments not in different places but in a single ‘Monthly Statement’. The financial regulators of the country are working on a system by which the common man can get updates about his entire financial health on a single paper.
Now you won’t have to worry at the end of the month
It often happens that to know how much balance is left in the bank, how much money has been made in the mutual fund, or what is the status of the insurance policy, we have to log in to different websites or apps. At present, mutual funds and banks send their reports separately.
But now Banking, Financial Services and Insurance (BFSI) consumers may soon get a ‘comprehensive view’. The proposal is that instead of collating separate statements, a ‘single monthly snapshot’ should be issued. This simply means that the complete picture of your savings and investments will be clear in a single statement.
Great brainstorming with RBI and IRDAI
To make this big facility available to you, stock market regulator SEBI has started an initiative. SEBI is currently in talks with other regulators, including banks regulator RBI, insurance sector regulator IRDAI and pension fund regulator PFRDA.
SEBI wants to expand the scope of ‘CAS’ (Consolidated Account Statement). Till now CAS disclosures contained limited information, but now the plan is to include information about other investments and savings products as well.
What do you get now?
The current situation is that investors investing money in stock market and mutual funds get a ‘Consolidated Account Statement’ (CAS) every month. It contains details of securities and mutual fund schemes held in your demat account. But, after the implementation of the new proposal the picture will change completely. It is being discussed that these things should also be included in this statement
- Information about your bank accounts.
- Details of Small Savings Schemes.
- Insurance Products.
- Bond Holdings.
- Provident Fund (PF) savings.
According to reports, PFRDA, which regulates the National Pension System (NPS), has also been integrated into this Consolidated Account Statement (CAS). That is, now the regulators are trying to make the stock market, banks, insurance and pension money visible under one umbrella.