Very soon, investors can track all their savings and investments seamlessly.
RBI has invited applications from companies who wish to start an account aggregation business.
Account aggregators will enable users to take a consolidated view of all their savings and investments. The idea is to help people monitor investment portfolio and manage cash flows. Simply put, investors can track all their financial assets such as mutual funds, stocks, NPS, bank FD and savings account and insurance policies at one place.
However, account aggregators will have to take approval from respective regulators – RBI, SEBI, PFRDA and IRDAI. That means, these aggregators will have to take approval from SEBI to display mutual fund and stocks holding of an investor and IRDAI in case of insurance policies. Also, these aggregators cannot facilitate financial transactions on this platform.
RBI has said that these aggregators can charge a reasonable fee from users. This fee structure has to be transparent and will have to be published prominently on the website, said RBI.
Currently, investors don’t get a consolidated view of their financial assets like FDs, saving account, insurance policies, NPS and mutual funds as all these instruments fall under the purview of different regulators. The account aggregator is expected to fill this gap by providing information on all financial assets in an organised manner.
