The Reserve Bank of India introduced interoperability among account aggregators to simplify financial data sharing. The RBI said, “With an objective to enhance customer convenience, it has been decided to implement interoperability among NBFC-Account Aggregators.” This move helps users view bank and investment details in one place by December 31.

Synopsis

Move seen easing customer acquisition across the financial system – pensions, stocks, insurance, loans, or plain-vanilla banking

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The Reserve Bank of India (RBI) has introduced interoperability among account aggregators (AAs), a move that could make it easier to share their financial information with various financial institutions including banks, NPS fund managers, insurance companies and mutual funds.

“With an objective to enhance customer convenience, it has been decided to implement interoperability among NBFC-Account Aggregators (NBFC-AA),” RBI said during the bi-monthly policy announcement by the governor. “This will enable customers to access and share their financial information, across different Financial Information Providers, through any NBFC-AA of their choice.”

Also, depositories regulated by the Securities and Exchange Board of India (Sebi) are being facilitated to include information related to bank deposit accounts in their Consolidated Account Statement (CAS) through the NBFC-AAs, the RBI said.

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.

Customers, including those who do not have demat accounts, can continue to obtain a consolidated view of their financial information and share the same through the NBFC – Aas, the RBI said.

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Both measures aim to enhance customer convenience and are expected to be implemented by December 31.

The RBI introduced the Account Aggregator framework in September 2016. AAs act as intermediaries between financial information providers, which hold customer data, and financial information users, such as lenders seeking access to that information with the customer's consent.

The ecosystem spans entities regulated by the RBI, Sebi, Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority of India (PFRDAI).

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