RBI announces two measures to ease financial information access for users

The RBI will allow interoperability among account aggregators and enable bank deposit details in consolidated account statements, alongside a new financial markets committee

The Reserve Bank of India (RBI) on Wednesday announced two regulatory measures to make it easier for customers to access and share financial information, including interoperability among account aggregators and the inclusion of bank deposit details in consolidated account statements.

 

The RBI also decided to constitute a Technical Consultative Committee for financial markets to engage with market participants and stakeholders on policy and operational matters.

Account aggregator interoperability

The RBI will implement interoperability among non-banking financial company Account Aggregators (NBFC-AAs). This will allow customers to access and share their financial information across different financial information providers through any NBFC-AA of their choice.

 

The move will also allow customers to aggregate financial information through a single account aggregator instead of using multiple platforms, RBI Governor Sanjay Malhotra said.

  

“We are now allowing the interoperability amongst these NBFC account aggregators, which will enable aggregation of financial information for the various users through all account aggregators by onboarding on only one account aggregator,” Malhotra said. 

Bank deposits in consolidated account statements

The RBI will also facilitate Securities and Exchange Board of India (Sebi)-regulated depositories to include information related to bank deposit accounts in their Consolidated Account Statements (CAS) through NBFC-AAs.

 

The move will allow demat account holders to view information on their demat holdings and bank deposit accounts in one place through the CAS.

 

“This will enable demat account holders to view information relating to their demat account holdings and bank deposit accounts at one place in the CAS,” the RBI said.

 

Customers without demat accounts will also be able to obtain a consolidated view of their financial information and share it through NBFC-AAs, the central bank said.

 

Both account aggregator measures are expected to be implemented by December 31, 2026.

Technical committee for financial markets

The RBI said it will constitute a Technical Consultative Committee for financial markets given the evolving infrastructure.

 

The committee will provide a forum for structured engagement with market participants and stakeholders on policy and operational matters relating to the money, government securities and foreign exchange markets, as well as their respective derivatives markets and infrastructure.

 

The composition and terms of reference of the committee will be notified separately by the RBI.

 

Before announcing the new measures, the RBI's Monetary Policy Committee (MPC) unanimously raised the policy repo rate by 25 basis points to 5.5 per cent from 5.25 per cent.