RBI authorises interoperable Account Aggregator network to simplify data sharing
The Reserve Bank of India announced that different Account Aggregators can now interoperate, allowing customers to share financial data across platforms with consent.
At the unveiling of its current monetary policy decisions, RBI Governor Sanjay Malhotra disclosed that the central bank will permit interoperability among various Account Aggregators, particularly those operated by NBFCs. This mirrors the seamless connectivity of one outlet system, letting financial institutions access customer-approved data without the user creating separate accounts for each aggregator. The consent-driven model remains unchanged; customers must authorize any specific data sharing, such as bank statements for a loan application.
The move aims to reduce fragmentation in the digital financial ecosystem, easing the process for borrowers and lenders alike. By linking aggregators, the RBI seeks to accelerate document-free financial services while safeguarding user privacy.
Why it matters
It makes sharing financial information across banks and lenders faster and easier while keeping customer consent central.
How the sides frame it
MODERATE AGREEMENTBoth camps report the RBI's move toward interoperable account aggregators, but right-leaning coverage adds the separate step of incorporating bank deposits into consolidated statements and a rollout timeline, while centrist coverage emphasizes reducing fragmentation and protecting user privacy.
CENTER
Centrist coverage frames the RBI's action as a step to simplify data sharing, reduce ecosystem fragmentation, and safeguard user privacy.
RIGHT
Right-leaning coverage frames the RBI's action as a broader reform that not only enables interoperable aggregators but also adds bank-deposit data to consolidated statements, promising a unified view and specifying an implementation deadline.
The right emphasises
- interoperability among non-banking financial company aggregators
- requiring SEBI-registered depositories to add bank deposit details to Consolidated Account Statements
- operational by December 31 2026 and formation of a Technical Consultative Committee
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