RBI opens up Account Aggregator network, making financial data sharing easier for consumers

The Reserve Bank of India has allowed inter-operability among Account Aggregators (AA), a move that could make it easier for consumers to share their financial information with banks, lenders and other financial institutions.

Different Account Aggregators will be able to work with each other, creating a more connected system for sharing financial data.

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Account Aggregators, or AAs, are digital platforms that allow people to share their financial information, such as bank account statements, mutual fund holdings, insurance details and other financial records, with a financial institution, but only with the customer’s consent.

RBI Governor Sanjay Malhotra announced the move while unveiling the central bank’s latest monetary policy decisions. “First, we are allowing the interoperability. There are a number of account aggregators. We are now allowing the interoperability amongst these NBFC account aggregators.”

"Account aggregator is an important tool. It's of use not only for economy but for for everyone. It's possible to take data with consent of an investor and advice accordingly. It will also help in tracking all financial assets of an individual," said Malhotra.

So what does interoperability mean?

Think of it like UPI. You do not need to know which bank the person receiving your money uses. You can send money from one UPI app to another because the platforms are connected to the same system. The RBI now wants a similar level of connectivity in the Account Aggregator ecosystem.

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For example, imagine you wants a home loan. The bank asks you to share your bank statements and other financial information so that it can assess your income and repayment capacity. You uses Account Aggregator A, while the bank’s system is connected to Account Aggregator B.

With an interoperable system, the two platforms can work with each other. You do not have to create a separate account or move to another platform simply because your bank uses a different Account Aggregator.

The underlying idea is to make the process more seamless for the customer and more connected for financial institutions.

Does this mean anyone can access your bank data?

Interoperability does not mean Account Aggregators can freely exchange or access a customer’s financial information. The customer’s consent remains central to the Account Aggregator framework. The system is designed to allow financial information to be shared only when the customer authorises it.

So, if you want to share your bank statements with a lender, you will have to give permission for that specific data to be shared. The fact that two Account Aggregators are interoperable does not by itself give either platform unrestricted access to his financial information.

Why is RBI doing this?

The Account Aggregator framework was created to make financial data sharing digital, consent-based and easier than the traditional process of collecting and submitting documents.

Interoperability can widen that benefit by reducing fragmentation across different Account Aggregators. For consumers, the practical impact could be fewer platform-related hurdles when applying for loans or using other financial services.

For lenders and other financial institutions, a more connected AA network could make it easier to access customer-approved financial information and potentially speed up processes that still depend on collecting documents manually.

The move is part of the central bank’s broader push to make India’s digital financial infrastructure more interoperable, while keeping customer consent at the centre of financial data sharing.