Mumbai, Oct 7: The Reserve Bank of India (RBI) has announced interoperability among Non-Banking Financial Company Account Aggregators (NBFC-AAs), a move aimed at making it easier for customers to access, consolidate and share their financial information through a single platform.
Under the new framework, customers will be able to access financial information held with different Financial Information Providers through any NBFC-AA of their choice. This means users will no longer need to separately onboard with multiple Account Aggregators to access information across different financial institutions.
The Account Aggregator framework enables customers to share financial information digitally with regulated financial entities based on their explicit consent. The latest interoperability initiative is expected to make this process more convenient while strengthening the use of digital financial services.
The RBI has also facilitated SEBI-regulated depositories to include bank deposit information in Consolidated Account Statements (CAS) through NBFC-AAs. This will allow demat account holders to view their securities holdings and bank deposit information in one place.
Customers who do not have demat accounts will also be able to obtain a consolidated view of their financial information and share it through the Account Aggregator ecosystem.
Both measures are expected to be implemented by December 31, 2026, according to the RBI's announcement.
The move comes as India's Account Aggregator ecosystem continues to expand across banking, investments, insurance and pension services. As more financial institutions participate in the framework, interoperability could make it easier for customers to manage information spread across multiple financial platforms.
For consumers, the key advantage is greater convenience and choice. A customer can use one Account Aggregator while accessing financial information from different providers, subject to the required consent and regulatory framework.
The RBI's decision is also expected to support the wider development of India's digital financial infrastructure by making consent-based data sharing more seamless. It could benefit services such as digital lending and financial planning, where access to consolidated financial information can help customers and regulated institutions make more informed decisions.
Overall, the interoperability initiative marks another step towards a more connected digital financial ecosystem, giving consumers greater control over how their financial information is accessed and shared while reducing the need to manage multiple platforms.
