Account Aggregator Interoperability: Towards an Integrated Financial Data Ecosystem

Account Aggregator Framework

Account Aggregators (AAs) are RBI-regulated entities, registered as NBFCs, that enable secure and consent-based sharing of customers’ financial information.
They act as a data bridge between financial information providers and users or financial information users, without taking ownership of the underlying financial assets.
The framework is based on the principle that the customer controls and authorises the sharing of their financial data.
This creates a consent-based data-sharing architecture, rather than allowing financial institutions unrestricted access to customer information.

The RBI has permitted interoperability among Account Aggregators, allowing financial information held across different AAs to be aggregated.
Earlier, financial information was fragmented across separate AA ecosystems and consolidated statements.
The RBI has also enabled SEBI-regulated depositories to include bank-deposit information in consolidated account statements.
These measures are to be implemented by December 31, 2026.
The reform can enable a single consolidated view of deposits and investments such as fixed deposits, recurring deposits, shares, mutual funds, bonds and other regulated securities.

The central problem addressed by interoperability is fragmentation of financial information.
A consolidated view can help individuals understand their overall financial position without depending on multiple statements or applications.
For lenders, consent-based access to verified financial information can provide a broader picture of a borrower’s actual cash flows and financial behaviour.
This can reduce information asymmetry and potentially improve credit assessment beyond traditional credit scores, collateral and borrower-submitted documents.

MSMEs often face difficulties in accessing formal credit because lenders may lack standardised and reliable information about their cash flows.
Interoperable AAs can allow lenders to access verified financial data with the borrower’s consent.
This can:

The reform therefore links digital public infrastructure with financial inclusion and formalisation of credit.

The reform requires coordination between RBI-regulated banking systems and SEBI-regulated securities and depository systems.
It demonstrates how regulatory interoperability can reduce institutional silos within the financial sector.
The ecosystem could eventually expand to other financial products, such as insurance, requiring participation of IRDAI along with RBI and SEBI.
The broader significance lies in moving from fragmented financial information towards a unified, consent-based and interoperable financial-data ecosystem.
However, wider adoption must be accompanied by strong data-security standards, informed consent, privacy protection and safeguards against misuse of financial information.