RBI to include bank deposits in consolidated account statements
What's the story
The Reserve Bank of India (RBI) is working to expand the scope of its Consolidated Account Statement (CAS). The move, announced by RBI Governor Sanjay Malhotra, aims to include details of bank deposit accounts, along with securities like equities and bonds. The initiative is part of the central bank's efforts to provide a more comprehensive view of an individual's financial assets.
Simplification
Separate statements will be discarded
Currently, information about investments and money in bank accounts is usually accessed through separate statements or records.
The RBI's new initiative seeks to bring deposit-account information into the consolidated statement framework.
This means instead of getting separate statements for securities and bank deposits, investors will get a single statement covering both categories of financial assets.
Clarification
No transfer of money
It's important to note that the RBI's announcement only concerns the inclusion of deposit account information in the consolidated statement.
It doesn't mean that money in a savings account, fixed deposit, or any other bank deposit will be transferred to a depository.
Your deposits will still remain with your bank; this change is just about how information about those deposits can be included in the CAS.