A uniform pricing model will replace bilateral deals from 1 November 2026, funding the infrastructure behind India’s consent-based financial data-sharing network while keeping consumers free from direct charges.
India’s Account Aggregator network is about to move into a new commercial phase, with a standard pricing model due to take effect on November 1, 2026, according to Business Standard. The change is meant to replace the patchwork of bilateral arrangements that currently govern how institutions pay to access data on the network, and to make the system more financially sustainable as usage grows.
At its core, the Account Aggregator framework is a consent-led digital channel for moving financial information between regulated institutions. The Reserve Bank of India introduced the system in 2016 as part of a broader effort to make it easier for consumers to share financial data securely when applying for products such as loans. Instead of downloading statements, uploading files or handing over sensitive login details, a customer can authorise the transfer of selected data directly from the institution that holds it to the one requesting it.
According to the Department of Financial Services, the framework revolves around four participants: the customer, the Financial Information Provider, the Financial Information User and the Account Aggregator itself. The customer owns the information and decides whether it can be shared; the provider, such as a bank or other eligible institution, holds the data; the user, typically a lender or another regulated entity, requests it; and the Account Aggregator acts as the secure intermediary that passes the encrypted information between them. Registration remains voluntary for consumers, and the RBI has granted certificates to 17 companies to operate as Account Aggregators.
The system is designed to give users more control while cutting paperwork and keeping data transfers encrypted end to end. Under the model outlined by the government and industry summaries, the Account Aggregator does not read, store or use the information it transmits; it simply routes the data after receiving explicit consent. Sahamati, the RBI-recognised self-regulatory body for the ecosystem, will be one of the beneficiaries under the new fee structure, alongside the financial institution supplying the data and the Account Aggregator facilitating the transfer. The pricing change is intended to fund infrastructure costs such as technology upgrades, compliance systems, consent dashboards, two-factor authentication and cybersecurity, while still allowing customers to use the framework without being charged directly for data sharing.
Interoperability is also being pushed through the system. RBI governor Sanjay Malhotra said at the October 7 monetary policy meeting that interoperability would let customers use different Account Aggregators without having to onboard separately with each one, addressing one of the ecosystem’s most persistent frictions. Industry data cited by technology providers suggests the network has already linked tens of millions of accounts, and the standard fee model is being introduced at a moment when the framework is moving from pilot-style adoption towards more widespread use across banks, lenders and other financial firms.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
