The Reserve Bank of India announced interoperability among NBFC-Account Aggregators on October 7. This move lets customers choose any aggregator to share financial data across institutions. “Interoperability takes the Account Aggregator ecosystem closer to the original promise of digital public infrastructure,” said BG Mahesh. This change makes managing personal finances easier.
The Reserve Bank of India (RBI) has announced interoperability among NBFC-Account Aggregators (NBFC-AAs), allowing customers to choose any account aggregator to access and share their financial information across participating financial institutions.
The RBI made the announcement as part of its developmental and regulatory measures, which it unveiled alongside its monetary policy decision on October 7.
“With an objective to enhance customer convenience, it has been decided to implement interoperability among NBFC-Account Aggregators (NBFC-AA). This will enable customers to access and share their financial information across different Financial Information Providers through any NBFC-AA of their choice,” the RBI said.
Earlier, customers’ access to financial data was often linked to specific account aggregators integrated with their banks or financial institutions. The new framework gives customers greater flexibility by allowing them to choose their preferred account aggregator. RBI Governor Sanjay Malhotra emphasised that all data sharing would remain strictly consent-based.
“Interoperability takes the Account Aggregator ecosystem closer to the original promise of digital public infrastructure: choice for the individual, not choice determined by the institution,” said BG Mahesh, CEO of Sahamati, the RBI-recognised self-regulatory organisation for account aggregators. “The AA ecosystem has already crossed 500 million fulfilled consents and enabled the delivery of over 7.4 crore financial services across lending, capital markets and insurance in FY26. At this scale, the next frontier is not simply adding more participants but making the experience genuinely seamless for customers,” he adds.
Enables faster and more accurate credit assessment
Lenders welcomed the move, saying interoperability would improve ease of doing business and support financial inclusion.
“It is a positive step for the lending industry. Greater consent-based data sharing will enable faster and more accurate assessment of borrower cash flows, particularly for self-employed and informal-income segments that are traditionally underserved,” said Ajai Shukla, MD & CEO, PNB Housing Finance. “This should enhance credit underwriting, improve customer experience through quicker approvals, and support greater financial inclusion while maintaining strong data privacy safeguards,” he said.
Demat and deposit account information at one place
The RBI also announced that SEBI-regulated depositories will be facilitated to include bank deposit account information in consolidated account statements (CAS) through the NBFC-AA framework.
“This will enable demat account holders to view information relating to their demat holdings and bank deposit accounts in a single CAS,” the RBI said.
The central bank clarified that customers, including those without demat accounts, will continue to be able to obtain a consolidated view of their financial information and share it through account aggregators.