The Reserve Bank of India (RBI) is moving to make financial information easier to access and share by allowing customers to use a single Account Aggregator (AA) to access data held across different financial institutions.
Under the proposed framework, NBFC-Account Aggregators will become interoperable, meaning customers will be able to share financial information from different Financial Information Providers through an AA of their choice. This could bring data from banks, NBFCs, mutual funds, insurance companies and pension funds into a more accessible framework.
The RBI also plans to facilitate the inclusion of bank deposit information in the Consolidated Account Statement (CAS) maintained through SEBI-regulated depositories. This could allow demat investors to view securities such as shares, bonds and mutual fund units alongside bank deposit details.
NSDL and CDSL are the two SEBI-regulated depositories that hold investors’ securities in dematerialised form.
The Account Aggregator framework operates on customer consent, connecting Financial Information Providers with Financial Information Users. The ecosystem has expanded rapidly, with 338.04 million accounts linked through the framework as of August, compared with 272.46 million in February.
In August alone, 27.94 million new consents were fulfilled, taking cumulative fulfilled consents to 566.26 million. AAs also delivered 352.48 million datasets during the month.
The RBI said the proposed measures are intended to improve convenience and financial data portability. The interoperability framework and bank-deposit inclusion in CAS are expected to be implemented by December 31, 2026, giving customers a more unified view of their financial information while retaining consent-based control over data sharing.
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