Bank fixed deposites
(FDs), insurance products & mutual fund (MF) info will be available in the
first phase
Indian investors will
soon be able to access complete details of their investments in fixed deposits
(FD) of banks, mutual funds (MFs), stocks and insurance products in paperless
form or in a single dematerialised account with financial sector regulators starting
the first phase of the project that aims to capture the financial history of an
individual.
The sub-committee of the
Financial Stability and Development Council (FSDC), a forum of regulators
monitoring financial stability and inter-regulatory co-ordination, headed by
the Reserve Bank of India (RBI) governor, has been working on this initiative
after former finance minister Mr. P Chidambaram announced a single demat
account for all financial investments in the interim budget.
India's savings rate, which
topped over 35 % of national income in 2007-08, is still relatively high at
close to 30% of GDP . There are 22.78 Crore households in India. Of these,
10.74 % households have invested in government bonds, debentures and equities
of private companies, mutual funds and derivatives.
While 89.26 % of
households have chosen tradition al avenues and invested in post office savings
schemes, pension schemes, public insurance schemes, bank deposits, commodities,
real estate and precious metals, according to a July 2011 report by the
National Council of Applied Economic Research. DHC's Haribhakti said the new
system would eliminate the loss of physical papers and reduce fraudulent acts
as documents would be managed and controlled better.
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