RBI eases financial data access with interoperability push

The Reserve Bank of India unveiled two key initiatives aimed at streamlining access to financial information and enhancing transparency in the banking sector. The measures represent a significant step towards simplifying how customers retrieve and consolidate their financial data across multiple institutions.

Under the first measure, the RBI will permit interoperability among account aggregators, enabling seamless data sharing and integration across different platforms. This development allows customers to aggregate their financial information more efficiently, breaking down existing silos in data access. The second initiative mandates that bank deposit details be included in consolidated account statements, providing customers with a more comprehensive view of their financial holdings in a single document.

These changes are expected to enhance financial transparency and empower consumers with better visibility into their accounts and assets. By reducing fragmentation in how financial data is presented and accessed, the measures align with the RBI's broader push towards customer-centric banking practices.

Additionally, the central bank announced the establishment of a new financial markets committee, further signalling its commitment to strengthening market infrastructure and regulatory oversight. The combined effect of these measures is anticipated to foster greater efficiency in the financial services ecosystem while bolstering consumer protection standards.