Reserve Bank Allows Account Aggregator Interoperability, to Set Up Technical Consultative Panel for Financial Markets

Mumbai, Oct 7: The Reserve Bank of India (RBI) announced two additional measures on Wednesday at the end of its monetary policy statement, one on data sharing and one on market engagement. Governor Sanjay Malhotra said the steps respond to rapidly evolving developments in financial markets and are meant to strengthen the country’s financial ecosystem. The announcement came on the same day the Monetary Policy Committee raised the repo rate by 25 basis points to 5.50 per cent. 

Measure One: Interoperability Among Account Aggregators 

The RBI is allowing interoperability among the NBFC account aggregators operating in the country, of which there are a number. Users will be able to share their financial information with all account aggregators by onboarding on only one of them, which enables aggregation of information across the entire network. The central bank is also facilitating depositories to include information on deposit accounts in the consolidated account statement. As a result, people will now receive a consolidated statement covering not only securities, equity and debt but also their bank deposit accounts, and the measures will be implemented by the end of this year. 

Measure Two: Technical Consultative Committee for Financial Markets 

• As stated by the Governor, the RBI will have a Technical Consultative Committee for Financial Markets. This would be a step in the right direction, as we can expect more developments in the financial markets space. It is important for the RBI to keep itself informed about these developments. If global debt markets continue to remain volatile, this committee could prove useful. It would help the RBI interact with the market and various stakeholders in an organised manner. The committee could also provide insights into issues pertaining to financial markets and their operations.

Probable Effects of Interoperability in India 

• Lending: With one click, users can onboard to all account aggregators. More consent-based data can then be used by lenders, which could result in higher credit disbursal and support economic growth. Banks, NBFCs and fintech companies could grow at a faster rate. 

• Brokerage and Asset Management: Account statements, including deposits, can allow investors to know the total amount of money they have lying in their accounts. This information can be used by brokers and asset management companies to provide better returns and encourage investors to invest more in the stock market. 

• Impact on brokerage shares and data privacy: It remains to be seen whether this will have an impact on brokerage shares. People will also have to be careful about the amount of information they share with these aggregators. We can only wait and see how smoothly the process works by the end of the year, which the RBI has set as the deadline. 

Probable Impact of the Technical Consultative Committee on Indian Markets 

• Smoother policy communication: A structured forum lets market participants flag operational concerns before rules are finalised. This may reduce surprises for banks, brokers and treasuries, which usually helps keep volatility in check during uncertain periods. 

• Deeper and more liquid markets: Regular dialogue on bonds, currency and derivatives could help the RBI spot frictions in market functioning early. That matters at a time of elevated bond yields, when bond-sensitive lenders and primary market participants are watching liquidity closely. 

• Confidence for investors: The mandate and membership have not been spelt out yet, so the market effect will depend on those details. Even so, a standing channel with the regulator may add to the sense of policy predictability that foreign and domestic investors prize, particularly during periods of global stress. 

RBI Flags Global Risks, Stresses Domestic Resilience 

Summing up, the Governor said the West Asia conflict, trade-related uncertainties, elevated bond yields and the risk of an unwieldy correction in valuations of AI stocks are keeping global economic sentiment edgy, with a risk to sentiment towards emerging market economies. He said these factors weigh adversely on the domestic growth and inflation outlook. Despite this, the inherent resilience and strength of the Indian economy are helping it navigate these challenging times, Malhotra said. The RBI will continue to implement policies that add to this strength and will strive for price as well as financial stability, which it believes are both essential for sustainable growth in the long run. 

The two measures came alongside the rate hike and the shift to calibrated tightening, making it a policy day that combined monetary action with reforms to the plumbing of financial markets. Market participants will now wait closely for the RBI to issue formal, detailed guidelines on both measures and their implementation timelines. 

Source

• RBI Governor Sanjay Malhotra’s monetary policy statement, Oct 7, 2026.