Now you will be able to see your complete bank, PF, and stock market accounts in one place; the government is going to make this happen..

If you, too, find yourself sifting through ten different apps and statements at the end of every month to check your various bank accounts, stock market investments, and PF (Provident Fund) balance, then there's great news for you. The day is coming soon when you'll be able to see all your savings and investments in one single 'monthly statement' instead of having to check them in different places. The country's financial regulators are working on a system that will allow ordinary citizens to get an update on their entire financial health on a single document.

No more headaches at the end of the month
Often, to find out how much balance is left in the bank, how much money has been earned in mutual funds, or what the status of an insurance policy is, we have to log in to different websites or apps. Currently, mutual funds and banks send their reports separately.

But now, banking, financial services, and insurance (BFSI) customers may soon get a 'comprehensive view'. The proposal is to issue a 'single monthly snapshot' instead of having to combine different statements. This means that a single statement will provide a complete picture of your savings and investments.

Brainstorming with RBI and IRDAI
To bring this major convenience to you, the stock market regulator SEBI has taken the initiative. SEBI is currently in discussions with other regulators, including the banking regulator RBI, the insurance sector regulator IRDAI, and the pension fund regulator PFRDA.

SEBI wants to expand the scope of the 'CAS' (Consolidated Account Statement). Until now, CAS disclosures contained limited information, but the plan is to include information on other investments and savings products as well.

What is available now? Currently, investors who invest in the stock market and mutual funds receive a 'Consolidated Account Statement' (CAS) every month. This statement details the securities and mutual fund schemes held in your demat account. However, the picture will change completely after the new proposal is implemented. Discussions are underway to include the following in this statement:

Information about your bank accounts.
Details of small savings schemes.
Insurance products.
Bond holdings.
Provident Fund (PF) savings.

According to reports, the PFRDA, which regulates the National Pension System (NPS), has also been integrated into this Consolidated Account Statement (CAS). This means that regulators are now trying to bring all investments – in the stock market, banks, insurance, and pensions – under one umbrella.

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