The RBI is enabling interoperability between account aggregators and allowing securities depositories to add bank deposits to consolidated statements, with full implementation expected by 31 December 2026.
India’s central bank has moved to make financial-data sharing easier by introducing interoperability among non-banking financial company-account aggregators, a step that should let customers use a single account aggregator to access and pass on information held across different platforms. According to Business Standard, the Reserve Bank of India said the change is designed to reduce the need for consumers to move from one platform to another when their bank and investment details sit with different providers.
The bigger practical change is that securities depositories regulated by the Securities and Exchange Board of India, including NSDL and CDSL, will be able to add bank deposit information to consolidated account statements. That means demat holders should eventually be able to see securities and bank balances in one monthly statement, while people without demat accounts will still be able to use the account-aggregator framework to obtain a combined view of their financial information, the New Indian Express reported.
The move matters because unclaimed assets remain a persistent problem in India, especially when account holders die and families do not know where money or investments are held. RBI Governor Sanjay Malhotra has said the consolidated system should make it easier for people to track their accounts and cut the risk of funds being forgotten or left dormant, according to the reports.
The initiative also fits the consent-based design of the account-aggregator system, which acts as an intermediary only with the customer’s permission. That matters for privacy and security, because the framework is meant to let people share data in a controlled way rather than through direct, fragmented access across institutions. Livemint and other publications reported that the arrangement is intended to improve convenience while also helping with financial planning and underwriting.
Several reports said the measures are expected to be fully implemented by December 31, 2026. If that timetable holds, the change would bring bank deposits, demat holdings and other financial data closer together inside a more integrated digital reporting system, which could be especially useful for households trying to keep track of multiple accounts, older investments and inherited assets.
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.
