The Reserve Bank of India (RBI) on 7 October 2026 announced the implementation of interoperability among non-banking financial company account aggregators (NBFC-AAs), a move designed to make it significantly easier for customers to access and share financial information across regulated institutions. The announcement was part of the central bank's statement on developmental and regulatory policies.

What the Interoperability Move Means

Under the new framework, customers registered with any licensed account-aggregator (AA) app will be able to share their financial data with any regulated financial institution on the network — regardless of which AA app the lender, bank, or wealth manager uses. This effectively removes the siloed nature of individual AA platforms, enabling seamless cross-platform data flows.

'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 policy statement.

Customers without demat accounts are also covered — they may continue to obtain a consolidated view of their financial information and share it through NBFC-AAs. Both measures are expected to be implemented by 31 December 2026.

Role of SEBI Depositories

Securities and Exchange Board of India (SEBI)-regulated depositories are being brought into the fold to include information related to bank deposit accounts in their consolidated account statements through NBFC-AAs. This integration is a significant step toward a unified financial data infrastructure for retail and institutional investors alike.

New Technical Consultative Committee for Financial Markets

In a separate announcement, the RBI disclosed its decision to constitute a Technical Consultative Committee for Financial Markets. The committee will serve as a structured forum for engagement with market participants and stakeholders on policy and operational matters related to money markets, government securities, foreign exchange markets, and related derivative markets and infrastructure. The composition and terms of reference for the committee will be separately notified.

The Scale of India's AA Ecosystem

India's Account Aggregator ecosystem has grown considerably in reach and impact. According to available data, the AA framework facilitated an estimated ₹3.82 lakh crore worth of loan disbursals across 3.68 crore loans in FY26. It now accounts for 8.4% of India's retail and MSME lending by value and 11.8% by volume — figures that underscore why interoperability is viewed as the ecosystem's logical next step.

With implementation targeted by year-end, the RBI's latest move signals a push to deepen financial inclusion and reduce friction in credit access, particularly for MSME borrowers reliant on diverse financial data trails.