Bank Deposits May Soon Appear In Consolidated Account Statements: What It Means For Investors

The Reserve Bank of India (RBI) is facilitating the inclusion of bank deposit account information in Consolidated Account Statements (CAS), potentially bringing details of deposits and investments into a single statement for demat account holders.

This move is part of the measures announced by the RBI Governor Sanjay Malhotra, on October 7, to improve customer convenience through the Account Aggregator framework. The facility is expected to be implemented by December 31, 2026.

What Is Changing In CAS

CAS is a consolidated statement that gives investors information about their holdings across securities accounts and mutual funds (MFs). RBI's latest measure will allow SEBI-regulated depositories to include information related to bank deposit accounts in CAS through NBFC-Account Aggregators (Non-Banking Financial Institution-AAs).

For a demat account holder, this could mean having information about investments and bank deposits available through the same statement, rather than having to look at separate records for different parts of their finances.

The change is focused on bringing information together. It does not mean that bank deposits will become investment holdings or that money will move between a bank account and a demat account.

Rajat Deshpande, CEO and co-founder of FinBox, said, "The real significance of interoperability is that it could make access to financial data less of a differentiator for lenders. As that access becomes more standardised, competitive advantage will increasingly depend on what lenders can do with the information."

What Could The New CAS Show

Suppose an investor has shares and MF investments along with money in one or more bank deposit accounts. At present, the investment-related information and bank deposit details are generally available through different statements or account interfaces.

Once the new arrangement is implemented, eligible bank deposit information could be included in the investor's CAS through the AA framework. This could give the investor a broader snapshot of their financial holdings in one document.

"For example, two lenders looking at the same bank statement could arrive at very different credit decisions depending on how effectively they interpret cash flows, income volatility, existing obligations and repayment capacity," Deshpande noted.

The RBI has not announced that every bank account will automatically appear in every CAS. The framework involves AAs and customer consent for accessing and sharing financial information.

Do You Need A Demat Account

The CAS facility involving bank deposit information is relevant to demat account holders. However, RBI has also clarified that customers without demat accounts can use NBFC-AAs to obtain a consolidated view of their financial information and share it when required.

This distinction means the broader AA framework is not restricted to investors with demat accounts.

Deshpande stated that the value of the ecosystem will depend on how the information is used, rather than only on the amount of data being shared. "India's Account Aggregator ecosystem should therefore be measured not just by the volume of data shared or consents generated, but by whether that data translates into better underwriting decisions, fewer unnecessary rejections and more sustainable credit outcomes," he said.

When Will The Change Take Effect

The RBI expects both measures linked to the AA framework, including the CAS facility for bank deposit information, to be implemented by December 31, 2026. The exact operational process, including how deposit information will be incorporated into CAS, will depend on the framework put in place by the relevant entities.