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RBI to Make Account Aggregators Interoperable, Link Deposit Data
The Reserve Bank of India is changing how financial information can be shared.
Account aggregators help people securely share their financial data when they give permission.
The planned change will let people use one aggregator to access information from different aggregators.
It will also let demat account statements include information about bank deposits.
That could make it easier for people to see more of their financial information in one place.
People without demat accounts can still use account aggregators to view and share financial information.
The RBI expects both changes to be in place by December 31, 2026.
Industry representatives said the changes could make it easier for lenders to assess borrowers and provide credit.
The Reserve Bank of India will allow interoperability among non-bank account aggregator platforms.
Customers will be able to share financial information across platforms through an account aggregator of their choice.
Securities depositories will be able to add bank deposit information to consolidated account statements through account aggregators.
Customers without demat accounts can still view and share a consolidated picture of their financial information through account aggregators.
Both measures are expected to be implemented by December 31, 2026.
- Who
- The Reserve Bank of India, account aggregator platforms, and securities depositories.
- What
- The RBI announced plans for account aggregator interoperability and for bank deposit information to be included in consolidated account statements through account aggregators.
- Where
- India.
- When
- Announced Wednesday; both measures are expected to be implemented by December 31, 2026.
- Why
- To make it easier for customers to access and share financial information and to reduce friction in lenders’ assessment processes.
Key facts
- Announcing authority
- Reserve Bank of India
- Account aggregator change
- Interoperability among NBFC account aggregators will allow information to be aggregated through different platforms.
- Deposit information
- Depositories regulated by the Securities and Exchange Board of India will be enabled to include bank deposit information in consolidated account statements through account aggregators.
- Access for non-demat customers
- Customers without demat accounts can continue to obtain and share a consolidated view of their financial information through account aggregators.
- Implementation target
- December 31, 2026
- Account aggregator data handling
- The article says these platforms transfer encrypted information with customer permission and do not store, read, or process the data.
Quotes
Sanjay Malhotra
Governor of the Reserve Bank of India
“The AA ecosystem has scaled significantly, but interoperability can make it much more effective by reducing fragmentation and allowing customers to access the ecosystem seamlessly irrespective of the account aggregator they use.”
livemint.com
“We are allowing interoperability among NBFC account aggregators, enabling aggregation of financial information through all account aggregators from one account aggregator.”
livemint.com
Sources
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