RBI plans easier financial-data sharing and combined bank-deposit statements
Where it stands
The RBI has announced changes intended to make financial records easier to access and share with permission. Customers will be able to choose any Account Aggregator across participating financial-information providers. An Account Aggregator is a regulated service that passes financial information between institutions when the customer consents. At present, access can depend on which provider is connected to which aggregator. Interoperability is meant to remove that connection barrier, giving customers more choice of service. It does not remove the need for consent or allow an aggregator to transfer money from an account. A second change will allow securities depositories to include bank-deposit details in consolidated account statements through the aggregator system. Customers could then see those deposits alongside their investment holdings in one statement. People without a demat account can continue using Account Aggregators; they do not have to open one for this purpose. Both measures are expected by 31 December 2026. They have been announced, but are not yet available everywhere.
Background
A person's financial information can sit with several institutions. A bank holds deposit records, while investment records may be held elsewhere. Applying for a financial service or reviewing overall finances can therefore involve collecting information from more than one place. The Account Aggregator framework provides a consent-based route for sharing such records. The institution holding the information is the provider; the authorised institution receiving it is the user. The aggregator manages the permission and transfer between them. Joining this system is voluntary, and sharing information is different from making a payment. For this arrangement to work smoothly, the relevant systems need to connect. If access depends on a particular aggregator's links, customers may not have the same choice across providers. Interoperability aims to make those connections work across aggregators rather than confining customers to separate arrangements. A consolidated account statement serves a related but different purpose: it brings holdings together for the customer's view. Securities depositories maintain electronic investment records, commonly through demat accounts. Adding deposit information would widen that view, without transferring the bank's role to the depository. The underlying account and its money remain with the bank.
How it developed
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7 October 2026; regulatory measures announcedHow it started
Connections and consolidated statements are to expand by December
The RBI's measures allow customers to use an Account Aggregator of their choice across financial-information providers. Separately, SEBI-regulated depositories will be allowed to include bank deposits in consolidated statements through this framework. Customers without demat accounts can continue to access financial information through Account Aggregators. The changes therefore expand the ways information can be accessed without making a securities account compulsory. The stated implementation target for both measures is 31 December 2026.
Why it matters for UPSC
Distinguish sharing financial information from transferring funds. Explain how interoperability can improve choice while consent still controls access. Distinguish a consolidated statement from the underlying accounts, and an implementation target from a service already available everywhere.
Key terms
Sources (3)
- Reserve Bank of India · official · October 2026 developmental and regulatory measures7 Oct, 5:30 am
- PIB Research · official · Financial inclusion: voluntary Account Aggregator framework (page 6)7 Oct, 5:30 am
- Business Standard · Account Aggregator interoperability and bank deposits in CAS7 Oct, 5:30 am