If you see ten different apps and statements to check your different bank accounts, stock market investments and PF balance at the end of every month, then there is a good news for you. Soon the day will come when you will get all your savings and investments in a single monthly statement, instead of in multiple places. The financial regulator of the country is working on a system that will give the common man an update of his complete financial health on a single paper.
No more hassle at the end of the month
It often happens that we have to log in to different websites or apps to check our bank balance, mutual fund earnings or insurance policy status. Currently, mutual funds and banks send their reports separately.
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But now, Banking, Financial Services and Insurance (BFSI) customers may soon get a complete information. The proposal is to release a single monthly snapshot instead of combining different statements. This simply means that you will get the complete picture of your savings and investments in a single statement.
Brainstorming with RBI and IRDAI
Securities market regulator SEBI has started this initiative to provide you this great facility. SEBI is currently in talks with other regulators, including banking 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 there are now plans to include information on other investment and savings products as well.
What do you get now?
Currently, investors investing in the stock market and mutual funds receive a “Consolidated Account Statement” (CAS) every month. It contains details of securities and mutual fund schemes held in your demat account. However, once the new proposal is implemented, the picture will completely change. This statement is under discussion to include the following:
Your bank account information.
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). This means that now the regulators are trying to bring the stock market, banks, insurance and pension money under one roof.
