Customers will soon be able to view all their financial holdings in a single online window. The RBI (Reserve Bank of India) published draft guidelines for companies that will provide such aggregator services to individuals. RBI said, "At present, persons holding financial assets, such as savings bank deposits, fixed deposits, mutual funds and insurance policies, do not get a consolidated view of their financial asset holdings, especially when the entities fall under the purview of different financial sector regulators. Account aggregators would fill this gap by collecting and providing the information of customers' financial assets in a consolidated, organized and retrievable manner to the customer or any other person as per the instructions of the customer."
Under the draft guidelines issued, the aggregator companies will be a new category of non-banking finance companies. To be eligible to obtain a licence as such an NBFC, the company will need to fulfil the eligibility criteria which include having a minimum net worth of Rs 2 crore. Promoters will have to incorporate a separate company as the entity will not be allowed to engage in any other business other than aggregator services.
The aggregator will display details of all financial assets held by an individual. These include all bank deposits, deposits with NBFCs, structured investment products (SIPs), commercial paper (CP), certificate of deposit (CD), government securities (tradable), equity shares, bonds, debentures, mutual fund units, ETFs, Indian depository receipts, CIS (collective investment scheme) units, alternate investment fund (AIF) units, insurance policies, balances under the National Pension System (NPS), units of infrastructure investment trusts, and units of real estate investment trusts.