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This story is from March 8, 2006
Central bank mulls demat of fixed deposits
Savers across India, currently holding nearly Rs 16.5 lakh cr in bank FDs, may soon get the option to have demat receipts instead of FD certificates.
RBI is examining a report of Indian Banks��� Association on moving towards holding FDs in electronic form, RBI said.
If RBI approves, FDs will join other financial assets shares, bonds, MFs, gold and national saving certificates that Indians can hold in electronic form.
At present, equity share certificates worth about Rs 23 lakh crore or about 85% of all listed stock, are held in demat form.
The report says customers will have the option to hold FDs in electronic form, just like equity investors do now.
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