RBI Enables Interoperability for Non-Banking Finance Account Aggregators
The Reserve Bank of India is implementing interoperability among account aggregators to provide consumers with a consolidated view of their financial assets by late 2026.
The Reserve Bank of India announced new measures to enable interoperability among Non-Banking Finance Company account aggregators (NBFC-AAs) and integrate bank deposit data into consolidated account statements. These changes, scheduled for implementation by December 31, 2026, will allow consumers to access and share financial information across different platforms using a single aggregator of their choice.
RBI Governor Sanjay Malhotra stated that the framework will help individuals track all financial assets and allow for data sharing with investor consent to provide better financial advice. The initiative aims to reduce fragmentation across the 15 to 17 active account aggregators currently operating in India.
To further consolidate financial data, the RBI will facilitate the inclusion of bank deposit information in consolidated account statements for demat account holders through depositories regulated by the Securities and Exchange Board of India. The central bank expects these moves to improve credit assessments for MSMEs and first-time borrowers by deepening cash-flow-based underwriting and helping families locate dormant deposits. All data sharing within this framework remains contingent upon customer consent.
