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Journalism of Courage
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.
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.
