Financial sector regulators have readied a roadmap for implementation of uniform know your customer (KYC) norms for their collective use and decided to launch a common demat account for consumers of financial products. Both these were promised by finance minister Arun Jaitley in the Budget FY15.
A sub-committee of the Financial Stability Development Council (FSDC) met in Delhi on Saturday, with RBI governor Raghuram Rajan at the chair. The meeting also discussed ways to implement some other Budget decisions, including strengthening and deepening markets for corporate bonds, currency derivatives and interest rate futures.
The panel also discussed participation of development finance institutions and foreign institutional investors in the commodity market, as per a press statement issued later.
“A draft roadmap for creating standards and protocol for setting up account aggregation facility for financial assets was deliberated in the meeting,” said the statement. Account aggregation means a single window for a consumer to view details of all of her bank accounts/investments/financial transactions. This will be a precursor to a common demat account for financial consumers. Rajan had earlier tasked the Inter Regulatory Technical Group (IRTG) to study the feasibility of two proposals.