New Updates to Account Aggregator Framework for Better Customer Convenience

What happened

The Reserve Bank of India has announced new measures to improve customer convenience through the Account Aggregator framework. An Account Aggregator is a system that lets you securely access and share your financial information. It has been decided to bring in interoperability among Non-Banking Financial Company-Account Aggregators (NBFC-AAs), which are firms that manage these data-sharing services. This change will allow customers to access and share their financial data across different financial information providers using any NBFC-AA of their choice.

Additionally, depositories regulated by the Securities and Exchange Board of India are being enabled to include bank deposit account information in their Consolidated Account Statement (CAS), which is a single statement showing various investments, through the NBFC-AAs. This means demat account holders, who use accounts to hold securities in electronic form, will be able to view details of both their demat holdings and bank deposits in one place within the CAS. Customers who do not have demat accounts can still continue to get a consolidated view of their financial information and share it through NBFC-AAs. These updates are expected to be put into action by December 31, 2026.

What it means for you

These changes are designed to make managing your money simpler. If you use Account Aggregators, you will no longer be locked into a single provider to share information across different platforms. Furthermore, if you hold a demat account, your Consolidated Account Statement will become more comprehensive by including your bank deposit details. This gives you a clearer, single-window view of your financial standing without needing to check multiple apps or statements.

What to do

The announcement does not require you to take any immediate action right now. You can continue using your current financial apps and Account Aggregator services as usual. Watch for official updates from your financial service providers closer to the December 31, 2026 deadline to see how the new interoperability and updated Consolidated Account Statements become available in your accounts.