RBI enables account aggregator interoperability, integrates bank deposits with demat statements

The Reserve Bank of India has announced a significant expansion in account aggregator interoperability, permitting customers to access financial information through any NBFC-authorised account aggregator platform. This regulatory move comes as part of broader efforts to democratise financial data access and improve transparency in the Indian financial system.

Under the new framework, demat account holders can now view their bank deposit details integrated within consolidated account statements. This integration enables investors to obtain a comprehensive view of their financial holdings across both securities and deposit portfolios in a single consolidated statement, eliminating the need to access multiple platforms separately.

The account aggregator framework, first introduced in 2016, has evolved to become a key infrastructure for secure financial data sharing in India. By enabling interoperability across multiple NBFC-account aggregators, the RBI is reducing customer dependency on any single platform while promoting competition and innovation in the data aggregation space.

The move aligns with India's broader digital financial infrastructure objectives, supporting the Reserve Bank's vision of providing seamless access to financial information. It addresses long-standing demands from investors for integrated financial dashboards that consolidate holdings across different asset classes and custodians.