If you find yourself checking multiple apps and statements every month to track your bank balances, stock market investments, provident fund, and insurance policies, there is good news ahead. Soon, all your financial information could be available in one single consolidated statement. India’s financial regulators are working on a system that will give individuals a complete overview of their savings and investments in one place.

No More Multiple Statements Every Month

At present, people have to separately log in to banking apps, mutual fund platforms, insurance portals, and PF websites to understand their financial position. Banks, mutual funds, and insurance companies all send separate reports, which makes tracking overall wealth confusing and time-consuming.

The proposed system aims to solve this problem by providing a single monthly snapshot of a person’s entire financial portfolio, instead of scattered statements from different institutions.

Regulators Working Together

The initiative has been taken by the market regulator Securities and Exchange Board of India (SEBI). To make this possible, SEBI is coordinating with other key financial regulators, including:

• Reserve Bank of India (RBI)

• Insurance Regulatory and Development Authority of India (IRDAI)

• Pension Fund Regulatory and Development Authority (PFRDA)

The goal is to bring the entire banking, financial services, and insurance (BFSI) ecosystem onto a common reporting framework.

Expansion of the Consolidated Account Statement (CAS)

Currently, investors in the stock market and mutual funds already receive a Consolidated Account Statement (CAS) every month. This statement mainly includes details of:

• Shares held in demat accounts

• Mutual fund investments

However, the scope of CAS is limited at the moment. Regulators now want to expand this statement so that it reflects a person’s complete financial picture.

What Information Could Be Included

As per discussions underway, the enhanced CAS may include:

• Bank account balances

• Small savings scheme details

• Insurance policies

• Bond investments

• Provident Fund (PF) savings

• National Pension System (NPS) accounts

The inclusion of PFRDA means pension-related information could also become part of the same statement.

What This Means for You

Once implemented, this system will allow individuals to:

• Track all savings and investments in one place

• Better understand their overall financial health

• Reduce dependency on multiple apps and statements

• Make more informed financial planning decisions

The Big Picture

By bringing together banking, insurance, pension, and market investments under a single consolidated view, regulators aim to simplify financial tracking for millions of Indians. While the system is still under discussion, it marks a major step toward transparency and convenience in personal finance management.