Soon, single monthly snapshot to reflect all your savings

India's banking, financial services and insurance (BFSI) consumers may soon be able to take a comprehensive view of their savings and investments across asset classes with a single monthly snapshot statement, instead of separately reviewing and adding up month-end balances reported by the likes of mutual funds and banks, according to a proposal being discussed among financial regulators.

- KHUSHBOO TIWARI, VISHAL CHHABRIA

Currently, mutual fund (MF) and stock market investors receive a consolidated account statement every month with their transaction details across MF schemes and securities held in the demat form, under a single Permanent Account Number (PAN).

Retirement savings parked in the National Pension System regulated by the Pension Fund Regulatory and Development Authority (PFRDA) have also been integrated into this consolidated account statement (CAS).

The stock market regulator, Securities and Exchange Board of India (Sebi), has now initiated parleys with other regulators, including the Reserve Bank of India (RBI), the Insurance Regulatory Development Authority of India (Irdai), to expand the CAS disclosures to reflect the status of other investments and savings products, including small savings schemes, bond holdings and provident fund (PF) savings.