The Reserve Bank of India on October 7 announced the implementation of interoperability among non-banking financial company account aggregators, with the objective of enhancing customer convenience. The move will enable customers to access and share their financial information with different financial information providers through any non-banking financial company account aggregators of their choice, the central bank said.
The RBI also announced that depositories regulated by the Securities and Exchange Board of India are being facilitated to include information related to bank deposit accounts in their consolidated account statement through the non-banking financial company account aggregators.
"This will enable demat (dematerialised) account holders to view information relating to their demat account holdings and bank deposit accounts at one place in the CAS (consolidated account statement)," the RBI said in its statement on developmental and regulatory policies. Customers, including those who do not have demat accounts, can continue to obtain a consolidated view of their financial information and share the same through non-banking financial company account aggregators as well. Both the measures are expected to be implemented by December 31.
Pine Labs, CAMS shares rose after the announcement with the former rising 4.5% and latter rising over 1%.
Interoperability among NBFC Account Aggregators (NBFC-AAs) means that a customer registered with any licensed Account Aggregator app (e.g., Finvu, OneMoney, CAMS Finserv) can seamlessly share financial data across any regulated institution on the network - regardless of which AA app the lender, bank, or wealth manager uses. This means account aggregator system will become bigger and smooth and more data will be available.