RBI to Allow Interoperability Between Account Aggregators by December 2026

The Reserve Bank of India (RBI) plans to make Account Aggregators (AAs) interoperable, so customers can use one aggregator to access and share financial data held across different AA providers. 

The change is expected to be in place by December 31, 2026. RBI also plans to allow bank deposit details to be added to the Consolidated Account Statement (CAS) issued by securities depositories. 

Bank and Demat Details in One Place 

Under the new system, demat account holders will be able to see information about their securities holdings and bank deposits together in their CAS. 

People without a demat account will also continue to be able to get a consolidated view of their financial information and share it through AAs. 

Account Aggregator Network Grows 

Account Aggregators act as a link between financial institutions that hold customer data and companies that need the data to provide services such as loans, insurance and wealth management. Data is shared only with the customer's consent. 

There are currently 17 RBI-licensed Account Aggregators in India, including CAMSFinServ, CRIF Connect, NESL Asset Data, Protean and PB Financial. 

The number of accounts linked through the AA framework reached 338.04 million in August, up 24% from 272.46 million in February. 

More Financial Data Being Shared 

In August alone, 11.72 million accounts were linked and 27.94 million new consents were fulfilled. The total number of consents fulfilled reached 566.26 million. 

AAs delivered 352.48 million datasets during August, the highest monthly figure between February and August. This was higher than the 265.67 million datasets delivered in February. 

The system is used to securely move financial information from banks and other institutions to financial service providers after customers give their consent. 

Read More: RBI Increases Repo Rate to 5.50%, First Hike Since February 2023! 

Conclusion 

RBI's proposed changes will make it easier for customers to manage and share financial information through Account Aggregators. Bringing bank deposit details into CAS will also give demat holders a single view of their investments and bank deposits, while interoperability will let customers use one AA to access data held through different providers. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.  

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.