From January 1, Indian depositors will see their bank deposits combined with securities and retirement holdings in a single monthly statement, as the Reserve Bank of India seeks to streamline financial asset tracking and improve data sharing infrastructure.
From January 1, bank deposits will appear alongside other investments in a single monthly consolidated account statement, after the Reserve Bank of India said on Wednesday that depositories regulated by the Securities and Exchange Board of India may include deposit information through non-banking financial company account aggregators. The change will let demat account holders see their securities and bank deposit holdings in one place, the central bank said.
At present, consolidated account statements already combine mutual fund and demat holdings linked to a permanent account number, and retirement savings held in the National Pension System have also been folded into the same framework. Bank deposits have remained outside that system, leaving a significant part of a person’s savings scattered across separate statements.
RBI governor Sanjay Malhotra said the central bank is seeking to bring in data from banks already onboarded to the account aggregator network, with the remainder to follow over time. He said the measure should help consumers keep track of deposits more easily and could also reduce the problem of bank balances being overlooked, particularly after a depositor dies. Industry specialists said the change could make it easier for households to build a fuller picture of their assets, assess risk and plan finances, while also helping families locate money that might otherwise go unclaimed.
The RBI also plans to make account aggregators interoperable, allowing customers to move and share financial data across different providers through one aggregator of their choice. The two measures are scheduled to be implemented by December 31, 2026. B G Mahesh, chief executive of Sahamati, said the changes could strengthen India’s data-sharing infrastructure, while SBI Research said they should improve customer profiling and support more tailored financial products and services.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
