Account aggregators gain interoperability and depository link
The Reserve Bank of India announced interoperability among Account Aggregators and enabled SEBI depositories to include bank deposit data in consolidated statements by December 31, 2026. The central bank also established a Technical Consultative Committee for Financial Markets.
Interoperability across financial aggregators
The Reserve Bank of India (RBI) has decided to implement interoperability across non-banking financial company account aggregators (NBFC-AA) by December 31, 2026.
Under the new framework, customers can access and share financial information across different Financial Information Providers through any NBFC-AA of their choice.
Furthermore, depositories regulated by the Securities and Exchange Board of India (SEBI) will be permitted to incorporate bank deposit account details directly into their Consolidated Account Statement (CAS) through NBFC-AAs.
Demat account holders will consequently view both investment holdings and bank deposits in a single statement.
Customers without demat accounts retain full access to consolidated financial data via their chosen account aggregator.
Structured engagement for financial markets
Alongside the regulatory measures, the central bank is establishing the Financial Market Consultative Committee (FMCC) to enhance structured dialogue across evolving market segments.
The technical committee will provide a platform for formal engagement with market participants and stakeholders on operational and policy matters.
Its scope spans money markets, government securities, foreign exchange markets, related derivatives, and market infrastructure.
Detailed terms of reference and committee composition will be announced in a separate notification.
Silos fall, execution remains key
Breaking aggregator silos removes unnecessary friction for retail users managing diverse accounts.
Technical execution and uniform security standards across aggregators will determine whether adoption actually accelerates.
Meanwhile, formalizing market consultations provides much-needed clarity for institutional market operations.