HDFC Financial institution launches DigiPassBook to consolidate investments beneath one roof

HDFC Financial institution has launched DigiPassBook, a brand new characteristic on its SmartWealth app which permits customers to consolidate all their investments beneath one roof.

It permits customers to handle and examine all their fairness investments, ETFs and demat accounts within the app.

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DigiPassBook is supported by the account aggregator framework, which permits customers to consolidate monetary belongings from totally different establishments.

Sooner or later, HDFC Financial institution plans to broaden the DigiPassBook to incorporate investments in insurance coverage and bonds, marking a major enhancement for the SmartWealth app.

Presently, the ability permits customers to combination their fairness investments, ETF holdings and transactions from numerous depository members by offering a one-time consent.

With this characteristic, customers can seamlessly entry funding particulars, transactions and analytics, multi function place.

It additionally consolidates checking account balances, lowering the necessity to change between a number of apps and gives a complete view of earnings and bills.

The brand new characteristic has been stay on the SmartWealth app since July-end and previous to this, the DigiPassBook was solely built-in with the present account saving account framework.

An account aggregator is regulated by the RBI, requiring an NBFC-AA license. It facilitates safe digital info sharing between monetary establishments with the consumer’s consent, permitting them to view all their monetary holdings in a single place.