RBI permits account aggregator interoperability to streamline financial data access

The Reserve Bank of India has approved interoperability between account aggregators, allowing financial institutions to share customer data more seamlessly across the system.

The move is expected to ease customer acquisition and data flow in banking, insurance, pensions, stocks and loan products. Account aggregators act as intermediaries that consolidate financial information from multiple sources, giving customers a unified view of their accounts.

By enabling interoperability, the RBI aims to reduce friction in the financial ecosystem and allow smoother data exchange between different service providers, potentially lowering barriers for consumers seeking financial products.