The Reserve Bank of India has announced key measures to strengthen the Account Aggregator framework and improve customer convenience. These updates, revealed on October 7, 2026, also include the formation of a new advisory body for financial markets.
Key Changes to the Account Aggregator Framework
The RBI has decided to introduce interoperability among NBFC-Account Aggregators (NBFC-AAs). As a result, customers can now access and share their financial data across different Financial Information Providers through any NBFC-AA they prefer. This removes the earlier restriction of being tied to a single aggregator.
Additionally, SEBI-regulated depositories will now be able to include bank deposit account information in their Consolidated Account Statement (CAS) via NBFC-AAs. Therefore, demat account holders can view both their demat holdings and bank deposit details in one place. Meanwhile, customers without demat accounts can still use NBFC-AAs to get a full consolidated financial view. Both measures are expected to go live by December 31, 2026.
What This Means for Customers and Markets
For everyday banking customers, the Account Aggregator framework update means simpler, faster access to their complete financial picture. However, the benefit extends beyond retail users. Financial institutions will also find it easier to serve customers with richer, unified data.
On the financial markets front, the RBI has decided to form a new Technical Consultative Committee for Financial Markets. This committee will create a structured channel between the RBI and key market participants. For example, it will cover policy and operational matters across money markets, government securities, foreign exchange, and related derivative markets. The RBI will separately notify the committee’s composition and terms of reference.
Why These RBI Policy Moves Matter
These announcements reflect the RBI’s focus on building a more connected and transparent financial ecosystem. The Account Aggregator framework improvements directly address fragmentation in how Indians access their own financial data. Moreover, the new consultative committee signals a more collaborative approach to regulating fast-changing financial markets. Together, these steps aim to modernise India’s banking and financial infrastructure in a meaningful way.
Source: RBI Press Releases
