The Reserve Bank of India (RBI) has announced a major update to India’s digital public infrastructure by introducing interoperability among NBFC-Account Aggregators (NBFC-AAs).
Unveiled by RBI Governor Sanjay Malhotra during the October 2026 monetary policy announcement, this framework aims to eliminate structural fragmentation and simplify how consumers share financial data with lenders and financial institutions.
How Account Aggregator Interoperability Works
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The UPI Analogy: Just as Unified Payments Interface (UPI) allows seamless fund transfers across different banks and apps without requiring both parties to use the same platform, Account Aggregator interoperability creates a unified network.
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Cross-Platform Access: Consumers are no longer locked into a single Account Aggregator. If a lender’s system is integrated with “Aggregator B,” but you manage your records through “Aggregator A,” both platforms can communicate seamlessly. You do not need to open a separate account or switch providers to fulfill data requests.
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Centrality of Consent: Interoperability does not grant platforms open or unhindered access to your data. Explicit, customer-granted consent remains the mandatory gatekeeper for every single transaction or data-sharing request.
Key Objectives & Additional Integrations
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Frictionless Lending & Underwriting: By bridging separate networks, the move reduces documentary friction for retail borrowers and MSMEs, allowing lenders to process cash-flow-based underwriting faster.
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Consolidated Deposit Statements: In a complementary step aimed at boosting visibility, the RBI is facilitating SEBI-regulated depositories to include bank deposit account information directly within Consolidated Account Statements (CAS), enabling users to track demat holdings and bank deposits in one unified view.
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Timeline: The RBI has mandated that these enhancements—including full AA interoperability and integrated deposit statements—be implemented by December 31, 2026.
