RBI Introduces Interoperability for NBFC Account Aggregators to Streamline Financial Data Sharing — October 7, 2026

In a major step toward unifying India’s open finance infrastructure, the Reserve Bank of India (RBI) has decided to enable interoperability among Non-Banking Financial Company Account Aggregators (NBFC-AAs). The announcement, unveiled by RBI Governor Sanjay Malhotra during the central bank's monetary policy review, aims to dismantle platform silos and create a frictionless, consent-based financial data-sharing architecture.

Following the announcement, shares of ecosystem players saw positive market traction, with Computer Age Management Services (CAMS) climbing around 1.5% and fintech player Pine Labs advancing 3.4%.

Breaking Down the UPI-Style Framework for Data

An Account Aggregator is an RBI-regulated entity holding an NBFC-AA license that acts as a secure digital bridge between Financial Information Providers (FIPs)—such as banks, mutual funds, insurance companies, and depositories—and Financial Information Users (FIUs), including lenders and wealth management firms. The AA framework operates entirely on explicit customer consent, encrypting data during transit without storing customer credentials or personal financial files.

Prior to this regulatory intervention, the ecosystem suffered from network fragmentation. If a retail borrower or enterprise registered on one AA platform (such as CAMS Finserv or Finvu) while the lending bank or fintech lender was tied to another (such as OneMoney), the customer often encountered onboarding friction or had to register on a new aggregator app from scratch.

With interoperability, the AA network will operate along lines similar to the Unified Payments Interface (UPI). A customer registered on any single licensed Account Aggregator will be able to grant consent and share financial statements across any regulated institution, regardless of which aggregator the recipient bank or NBFC is integrated with.

Key Benefits for Indian Customers and Borrowers

The introduction of interoperability brings concrete operational advantages to retail consumers and small businesses alike:

• Elimination of Multiple Registrations: Customers no longer need to download different AA applications or maintain separate login credentials for each bank or loan application.
• Faster Loan Approvals: Frictionless data sharing removes underwriting bottlenecks, enabling lenders to verify cash flows and bank statements instantly for unsecured personal loans, MSME credit, and home loans.
• Granular Consent Management: Users retain full control over what information is shared, for what duration, and with whom, alongside the ability to revoke data-access consent at any time from a single interface.
• Democratising Wealth Services: Beyond lending, seamless aggregation empowers wealth management platforms and insurance underwriters to design tailored investment portfolios and risk policies.

Impact on Financial Institutions and Fintechs

For financial institutions, interoperability is set to reduce technical redundancy. Banks, NBFCs, and digital lenders will no longer need bilateral technical integrations across multiple AAs to guarantee customer reach.

The scale of the ecosystem has expanded significantly, with over 170 Financial Information Providers, hundreds of Financial Information Users, and nearly 300 million linked accounts across India. By unlocking full interoperability among licensed aggregators, the RBI expects user drop-off rates during digital loan onboarding to decline sharply, advancing digital inclusion and credit penetration across Tier-2, Tier-3, and rural markets.

Tags: Reserve Bank of India Account Aggregator NBFC CAMS Finvu Banking Sector