RBI to allow inter-operability among account aggregators; integrate bank deposits with CAS
The Reserve Bank of India has announced plans to enable interoperability among account aggregators by late 2026, allowing users to view all financial assets on a single platform. Additionally, bank deposit information will be integrated into consolidated account statements to improve financial transparency and asset tracking.
Why it matters
This reform simplifies personal finance management and enhances credit assessment capabilities, potentially increasing financial inclusion for first-time borrowers.
The Reserve Bank of India (RBI) will enable interoperability among Non-Banking Finance Company account aggregators (NBFC-AAs), allowing individuals to access information on their financial assets through a single platform.
The framework will be implemented by December 31, 2026, RBI Governor Sanjay Malhotra said while announcing additional measures alongside the monetary policy statement.
The RBI will also facilitate Securities and Exchange Board of India (SEBI)-regulated depositories to include bank deposit information in consolidated account statements (CAS), Mr. Malhotra said.
“Account aggregator will give you an overview of all your financial assets,” he said, noting that information is currently fragmented across about 15 AAs. Interoperability would allow the information to be integrated, giving individuals a consolidated view of their financial assets.
With customer consent, the data could also be accessed by insurance brokers, asset managers and investment advisers, enabling them to offer more informed financial advice, he said.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in