RBI’s Account Aggregator changes: bank-deposit records in one investment view
How consent-based sharing connects bank records, demat holdings and the Account Aggregator you choose.
The Reserve Bank of India announced two changes on 7 October 2026 to make financial information easier to access: interoperability between Account Aggregators, and the inclusion of bank-deposit account information in depository Consolidated Account Statements through those aggregators. The RBI expects both measures to be implemented by 31 December 2026.
The connection is between records held by different institutions. A bank keeps deposit-account information; a depository keeps records of securities held electronically. The planned changes let customers share and view more of that information through a consent-based channel.
What is an Account Aggregator?
An Account Aggregator, or AA, helps a customer give permission for financial information to move from the institution holding it to a regulated institution that needs it. The AA is a regulated non-banking financial company operating this information-sharing service.
The institution supplying records is called a Financial Information Provider. The regulated recipient is a Financial Information User. For example, a bank can supply a customer’s account records to a lender evaluating a loan application. The customer’s consent connects the two.
The Department of Financial Services describes AA registration as voluntary and sharing as dependent on explicit consent. A customer can choose the information to share and agree to a defined purpose and access period. This replaces some of the work of collecting statements and delivering them separately.
The Finance Ministry’s framework explainer describes encryption from the sending institution to the recipient: the AA cannot read the financial data travelling through it. Its role is to facilitate consent and transmission. A customer can refuse a request or revoke permission for future recurring sharing. Information already received by another institution is a separate matter from stopping the next transfer.
What interoperability changes
Interoperability means different providers can work together. The RBI’s announcement says customers will be able to access and share information across Financial Information Providers using their AA of choice.
The practical aim is greater choice of the service that connects a customer to their records. If someone has accounts at several institutions, the usefulness of their chosen AA depends on its ability to connect to the institutions holding those records. The RBI plans to improve that connection across AA providers.
The announcement sets the objective and expected implementation date. How customers use the changes will depend on the participating institutions and their interfaces.
How bank deposits fit into an investment statement
A demat account holds securities in electronic form, such as shares. A depository maintains those records. A Consolidated Account Statement, or CAS, brings investment information into one document; NSDL’s guide describes it as a consolidated view of investments including equities, mutual funds and bonds.
The new measure facilitates depositories regulated by the Securities and Exchange Board of India (SEBI) adding bank-deposit account information to CAS through Account Aggregators. A demat customer could then see deposit information alongside demat holdings in one place.
Consider a saver who has shares in a demat account and a deposit at a bank. A combined statement would bring the records into the same view. The deposit stays at the bank, and the securities stay in the demat account. Sharing their records does not move money, change the deposit’s terms or merge the accounts’ ownership.
| Route | What the RBI’s announcement envisages |
|---|---|
| Depository CAS for a demat customer | Bank-deposit information alongside demat holdings, through AAs |
| AA access for a customer without demat | Continued consolidated viewing and sharing of financial information |
A demat account is therefore relevant to the depository statement, but it is not a prerequisite for using an Account Aggregator. The RBI expressly says customers without demat accounts can continue consolidated viewing and sharing through AAs.
Why a better view can be useful
A combined view helps someone see records that would otherwise sit in separate statements. Consent-based sharing can also help a regulated lender examine cash flows when assessing a loan application. Bank transaction records can show receipts and spending more directly than a customer manually assembling documents. The lender still makes its own credit decision.
The common thread in both changes is access to information: more choice in the channel, and more relevant records in the view. As the December target approaches, customers can look for which institutions are connected, which records a consent request covers, who will receive them and how long permission lasts. Those details explain what they are agreeing to share.