Alongside its October monetary policy decision, the Reserve Bank of India announced three developmental and regulatory measures aimed at simplifying how customers view and share their financial information.
First, RBI is facilitating SEBI-regulated depositories to include bank deposit account details in their Consolidated Account Statements (CAS) through NBFC-Account Aggregators. The measure, operational by December 31, 2026, will let demat account holders see bank deposits alongside securities, equity and debt holdings in a single statement. Customers without demat accounts will still be able to obtain a consolidated financial view through NBFC-AAs.
Second, RBI is allowing interoperability among NBFC-Account Aggregators: customers will be able to access and share financial information held across different financial information providers through any NBFC-AA of their choice, instead of being locked to one aggregator.
Third, the central bank will constitute a Technical Consultative Committee for Financial Markets, giving market participants and other stakeholders a structured forum to engage on policy and operational matters across money, government securities and foreign exchange markets.
The announcements came as the MPC raised the repo rate by 25 bps to 5.50% and shifted the stance to 'calibrated tightening' — but the investor-facing measures are independent of the rate decision.
Why it matters for founders
One statement for bank + demat holdings plus interoperable account aggregators is a greenfield for personal-finance and wealthtech startups: consolidated-data consent journeys just got simpler, and AA interoperability removes a vendor lock-in moat — expect a wave of competitors to your AA pipeline. The new consultative committee also gives fintech founders a direct policy-engagement channel worth joining.