RBI to make NBFC Account Aggregators interoperable and expand bank data in CAS

“Account aggregator will give you an overview of all your financial assets at one view.” Mr. Malhotra

Under the new interoperability framework customers will be able to access and share financial information stored at different FIPs through any account aggregator of their choice and would need to onboard with only one. The post RBI to make account aggregators interoperable appeared first on MEDIANAMA.

The Reserve Bank of India (RBI) will introduce interoperability among NBFC-Account Aggregators (NBFC-AAs), enabling customers to access and share financial information across different providers through an aggregator of their choice.The RBI will also facilitate depositories regulated by the Securities and Exchange Board of India (SEBI) to include bank deposit account information in their Consolidated Account Statements (CAS) through NBFC-AAs.The move will allow demat account holders to view their securities holdings and bank deposit details in one place. Customers without demat accounts can continue to access a consolidated view of their financial information and share it through Account Aggregators (AAs).The customer convenience measures are expected to be implemented by December 31, 2026.RBI Raises FY27 Inflation Forecast To 5.2%, GDP Growth To 7.1% How Account Aggregators workAAs are non-banking financial companies licensed by the RBI to facilitate the secure transfer of customer financial information with consent.They act as intermediaries between Financial Information Providers (FIPs), such as banks and NBFCs, and Financial Information Users (FIUs).FIUs receive digitally signed financial information through AAs and can use it to offer services including loans, insurance and wealth management.India currently has 17 RBI-licensed AAs, including CAMSFinServ, CRIF Connect, NESL Asset Data, Protean and PB Financial. Account Aggregator usage growsThe AA framework had linked 338.04 million accounts as of August, up 24% from 272.46 million in February. In August alone, 11.72 million accounts were linked and 27.94 million new consents were fulfilled.Cumulative fulfilled consents reached 566.26 million by August.AAs delivered 352.48 million datasets on linked accounts during August, the highest monthly figure between February and August, compared with 265.67 million in February.India has two SEBI-regulated depositories, National Securities Depository Limited and Central Depository Services (India) Limited. Depositories electronically hold investors' securities, including shares, bonds and mutual fund units.

Under the initiative, customers will be able to access and share their financial information across different financial service providers through any NBFC-Account Aggregators (NBFC-AA)