One account for all financial assets soonhttps://indianexpress.com/article/business/business-others/one-account-for-all-financial-assets-soon/

One account for all financial assets soon

Rajan added that the RBI has asked the finance ministry for a review of priority sector lending norms.

Financial regulators, including the Reserve Bank of India, Sebi and IRDA, are working on creating a common account aggregation facility, which may allow the public to get details of all their financial assets such as bank accounts, stocks, insurance policies in one place.

A suggestion towards this end made by an Inter-Regulatory Technical Group was discussed by the Sub-Committee of the Financial Stability and Development Council (FSDC), which met here.

“We have discussed the possibility of creating a platform for people to see their accounts across regulatory bodies,” RBI Governor Rajan told reporters after the meeting.

Rajan added that the RBI has asked the finance ministry for a review of priority sector lending norms which foreign banks find difficult to follow under the wholly-owned subsidiary model, where the conditions are stiffer. He added that the current account deficit which has widened to $10.1 billion or 2.1 per cent of GDP in Q2, is still at comfortable levels although there were risks.

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Rajan also defended the allegation that the RBI did not pro-actively pursue firms running ponzi schemes in West Bengal, saying that the central bank was working closely with the established mechanism of State-Level Coordination Committees and Central agencies to probe such cases.