RBI Governor Sanjay Malhotra announced on Wednesday that it would make the 15 existing account aggregators interoperable and allow bank‑deposit data to appear in the monthly consolidated account statement (CAS). The move expands the CAS, which already tracks shares, mutual funds and pensions, to include deposits held in banks.
Malhotra said the current fragmentation of data across banks and other financial‑information providers hampers consumers, insurers, asset managers and lenders. By linking the aggregators, customers can use any aggregator to access and share their financial information with consent, streamlining the flow of data.
Account aggregators let users securely pull data from multiple banks and other institutions, then share it. The consolidated view benefits lenders, who can quickly assess income, cash flows and liabilities, and personal‑finance apps, which can display a single dashboard instead of piecemeal data.
The new framework will make it easier for survivors of deceased account holders to locate hidden assets and reduce the number of unclaimed deposits. Banks are slated to roll out the interoperability and CAS additions in the coming weeks, giving consumers a unified view of their holdings.