One financial dashboard: RBI to make bank, demat data viewable in one place

The Reserve Bank of India (RBI) is set to make it easier for customers to access and share their financial information through a single Account Aggregator, and to include bank deposit details alongside investment holdings in consolidated account statements.

The central bank will introduce interoperability among NBFC-Account Aggregators (AAs), allowing customers to access and share financial data held across different providers through an AA of their choice. The move is expected to reduce fragmentation in the financial-data ecosystem and improve customer convenience.

One Account Aggregator for financial data

“We are also facilitating SEBI-regulated depositories to include information related to deposit accounts in their consolidated account statement (CAS),” RBI Governor Sanjay Malhotra said while announcing the bi-monthly monetary policy.

Under the proposed framework, customers will be able to share financial information held by different Financial Information Providers (FIPs) through any NBFC-AA, rather than being restricted to a particular aggregator.

This could make it easier for customers to bring together information spread across banks, NBFCs, mutual funds, insurance companies, pension funds and other regulated financial institutions. It could also simplify the process of sharing financial information when customers apply for loans, buy insurance or seek wealth-management services.

Bank deposits could join investments in CAS

The RBI has also announced a move that could give investors a more comprehensive view of their financial assets. It will facilitate Sebi-regulated depositories to include information on bank deposit accounts in the Consolidated Account Statement (CAS) through NBFC-AAs.

This means demat account holders could eventually see information relating to their shares, bonds and mutual fund units alongside bank deposit accounts in a single consolidated statement. At present, customers typically have to access separate bank statements and investment records to get a complete picture of their financial holdings.

The two Sebi-regulated depositories—National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL)—hold investors’ securities in dematerialised form.

Customers who do not have demat accounts will also continue to be able to obtain a consolidated view of their financial information and share it through NBFC-AAs.

AA framework sees rapid adoption

The Account Aggregator framework, introduced by the RBI in 2016, connects Financial Information Providers with Financial Information Users (FIUs) on the basis of customer consent. FIPs include institutions such as banks and NBFCs that hold customer information, while FIUs can use the data to provide financial services.

The ecosystem has expanded significantly. As of August, 338.04 million accounts were linked through the AA framework, up 24% from 272.46 million in February. During August alone, 11.72 million accounts were linked and 27.94 million new consents were fulfilled.

The cumulative number of consents fulfilled stood at 566.26 million as of August. AAs also delivered 352.48 million datasets during the month, the highest monthly level between February and August.

Measures to be implemented by December 2026

The RBI said the interoperability measures and the facility to include bank deposit information in CAS are aimed at improving customer convenience and financial data portability.

The measures are expected to be implemented by December 31, 2026, potentially giving customers a more unified view of their financial relationships while retaining consent-based control over how their data is shared.