RBI Mandates Interoperability for Account Aggregators
The Reserve Bank of India announced new regulations requiring account aggregators to become interoperable, allowing users to access financial data through any chosen aggregator. Bank deposits will also be included in the Consolidated Account Statement.
The Reserve Bank of India (RBI) has introduced significant changes to its financial data framework, aiming to enhance consumer access and control over their financial information. Key among these are mandates for interoperability among Account Aggregators (AAs) and the inclusion of bank deposit information within the Consolidated Account Statement (CAS).
The directive will enable customers to access and share their financial data from various institutions through any AA of their choice. Currently, users might need multiple AA accounts depending on the financial institutions they interact with. This new interoperability aims to streamline the process, allowing users to select a single AA for managing data across different banks and financial service providers.
In parallel, SEBI-regulated depositories will now be permitted to incorporate bank deposit details into the CAS. This integration will provide investors with a more comprehensive view of their holdings, combining traditional securities information with bank deposit data in a single statement.
Both the interoperability of AAs and the integration of bank deposits into CAS are slated for implementation by December 31, 2026. Additionally, the RBI is establishing a Technical Consultative Committee for Financial Markets to foster structured engagement on policy and operational matters within the money, government securities, and foreign exchange markets.
These measures are expected to foster a more integrated and efficient financial ecosystem in India. The changes aim to empower consumers by simplifying data access and sharing while increasing transparency across financial services.