Interoperability among NBFC-Account Aggregators on cards

The Reserve Bank of India announced today a move to bolster customer convenience through the implementation of interoperability among Non-Banking Financial Company-Account Aggregators (NBFC-AA). This initiative will empower customers to access and share their financial data across diverse Financial Information Providers via any NBFC-AA they select. Furthermore, depositaries regulated by the Securities and Exchange Board of India will be enabled to incorporate bank deposit account details into their Consolidated Account Statement (CAS) utilizing NBFC-AAs. This will allow demat account holders to view holdings and bank deposit account information within a unified CAS. Customers, irrespective of demat account ownership, can maintain access to a consolidated view of their financial information and share it through NBFC-AAs. Both measures are designed to improve customer experience and are slated for implementation by December 31, 2026.