Last week, the Reserve Bank of India (RBI) issued draft guidelines on a new kind of non-banking finance company (NBFC). In July 2015, the central bank had created a separate category called NBFC-account aggregator.
At present, if you hold different types of financial assets, you do not get a consolidated view of these holdings, especially if the products fall under the purview of different financial sector regulators. Account aggregators are supposed to fill this gap by collecting and providing information of financial assets on one platform.
Financial assets that will form part of this consolidated list include bank deposits such as fixed, savings, recurring and current deposits, deposits with NBFCs and structured investment products. You can also include commercial papers, certificates of deposit, government securities, equity, bonds, debentures, mutual fund units, exchange-traded funds (ETFs), Indian depository receipts, collective investment scheme units, alternate investment fund (AIF) units, insurance policies, balances under the National Pension System, units of infrastructure investment trusts and units of real estate investment trusts.
