The Reserve Bank of India (RBI) plans to implement interoperability among account aggregators (AAs) by December 31, 2026, allowing users to access financial data across multiple institutions without needing multiple AA handles, according to Sahamati CEO BG Mahesh. This move aims to simplify user experience by removing the need to select an AA based on its institutional connections.
Sahamati, the RBI-recognised self-regulatory organisation for the AA ecosystem, explained that AAs are non-banking financial companies licensed by the RBI to facilitate consent-based data sharing between Financial Information Providers (FIPs) like banks and Financial Information Users (FIUs) such as lenders and insurance companies. Mahesh highlighted that the fundamental promise of interoperability is that customers will not require a second or new AA handle to access data from different institutions. However, whether existing handles and consents will carry over depends on the final implementation framework.
The interoperability feature addresses a key challenge in the AA ecosystem where users currently must choose an AA based on the institutions it connects with, limiting flexibility and convenience. By enabling seamless data sharing across AAs, the RBI’s plan could enhance competition and innovation within the financial data-sharing market. This aligns with broader efforts to improve digital financial infrastructure in India, potentially benefiting various stakeholders including banks, lenders, and investment advisors.
The RBI’s interoperability initiative is scheduled for rollout by the end of 2026, with Sahamati playing a key role in overseeing the AA ecosystem’s transition. The final implementation framework, including details on consent transferability, is yet to be announced, setting the stage for significant changes in how financial data is accessed and shared in India.