RBI To Make Account Aggregators Interoperable, To Integrate Demat & Deposits

Customers will soon be able to access and share financial information

across institutions through an Account Aggregator of their choice as

the Reserve Bank of India (RBI) on Wednesday announced implementing

interoperability among NBFC-Account Aggregators.

In addition, the RBI is also facilitating SEBI-regulated depositories

to include bank deposit information in Consolidated Account Statements

(CAS) through Account Aggregators. This will allow demat account

holders to see their demat account holdings and bank deposit accounts

at one place in the CAS.

Customers without demat accounts will also be able to get a

consolidated view of their financial information. Both measures are

expected to be implemented by December 31, 2026.

Account Aggregators are RBI‑regulated NBFCs that securely collect and

share your financial data such as bank statements, investments,

insurance, and tax records with your consent, without storing or

selling it. They act as intermediaries between Financial Information

Providers and Financial Information Users enabling fast, standardized,

and encrypted data transfer for services like loans and wealth

management. As many as 17 RBI-licensed Account Aggregators are active

in India, including CAMSFinServ, CRIF Connect, NESL Asset Data,

Protean and PB Financial.

CS Setty, Chairman, State Bank of India and Indian Banks’ Association

(IBA) said, “The developmental measures on interoperability among

Account Aggregators and integration of bank deposit information into

Consolidated Account Statements are important steps towards a more

seamless, consent driven and integrated financial ecosystem.”

Akshay Mehrotra, MD and group CEO, Fibe said, “The announcement of

interoperability of Account Aggregators can make digital lending

faster and more seamless by enabling lenders to access a broader view

of a customer’s financial behaviour, with their consent. This can help

lenders make more informed credit decisions while reducing

documentation and improving the overall borrowing experience”.