The RBI has mandated all Account Aggregators (AAs) must be fully interoperable by December 31, 2026. This addresses a key friction point where banks were not mandated to integrate with all AAs, fragmenting customer data access. Customers will soon share financial data through any AA they choose, eliminating multiple sign-ups.
How We Got Here
The Account Aggregator framework, introduced by the RBI, has operated since 2021 as a consent-based data sharing system. However, an AA industry alliance, Sahamati, highlighted in March 2025 that Financial Information Providers (FIPs) were not mandated to integrate with all AAs, causing silos.
The Numbers
- SEBI-regulated depositories will also integrate bank deposit information into the Consolidated Account Statement (CAS).
- The RBI is forming a Technical Consultative Committee for Financial Markets to engage on policy and operational matters across money, securities, and forex markets.
- The interoperability definition implies AAs can cross-share data among involved entities, unlike the current FIP-specific integration model.
- Currently, Financial Information Providers (FIPs) cite operational and compliance challenges as hurdles to integrate with all Account Aggregators.
What Happens Next
🇮🇳 Why This Matters for India
For fintech founders in Hyderabad building lending products, this change streamlines data access, potentially shortening loan application cycles for millions of salaried professionals.
The Take
The immediate winners are smaller Account Aggregators who can now compete on features, not just FIP tie-ups. Expect larger banks to slowly adapt, likely through internal APIs rather than full third-party integrations initially.
Source:
MediaNama ↗