New Delhi, Oct 7 (SocialNews.XYZ) The Reserve Bank of India on Wednesday announced implementation of interoperability among non‑banking financial company account aggregators (NBFC‑AAs) to make it easier for customers to access and share financial information across financial information providers.
Under the move, customers registered with any licensed account‑aggregator app will be able to share data with any regulated financial institution on the network regardless of which AA app, the lender, bank or wealth manager uses.
"This will enable demat (dematerialised) account holders to view information relating to their demat account holdings and bank deposit accounts at one place in the CAS (consolidated account statement)," the RBI said in its statement on developmental and regulatory policies.
Customers, including those without demat accounts, may continue to obtain a consolidated view of their financial information and share it through non-banking financial company account aggregators. Both the measures are expected to be implemented by December 31, the central bank said.
Securities and Exchange Board of India-regulated depositories are being aided to include information related to bank deposit accounts in their consolidated account statement through the non-banking financial company account aggregators, the RBI said.
In a separate announcement RBI informed the decision to constitute a Technical Consultative Committee for Financial Markets.
The Committee will serve as a forum for structured engagement with market participants and stakeholders by the Reserve Bank on policy and operational matters related to money, government securities and foreign exchange markets as well as the respective derivative markets and infrastructure.
The composition and the terms of reference for the Technical Consultative Committee shall be separately notified.
India's Account Aggregator (AA) ecosystem facilitated an estimated Rs 3.82 lakh crore worth loan disbursals across 3.68 crore loans in FY26 and now accounts for 8.4 per cent of India’s retail and MSME lending by value and 11.8 per cent by volume.
Source: IANS
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