Reserve Bank of India allows bank deposits in CAS and enables account aggregator interoperability

Key facts

• The Reserve Bank of India (RBI) allowed bank deposit details to be included in the Consolidated Account Statement (CAS) provided by entities registered with the Securities and Exchange Board of India (SEBI), enabling customers to view deposits alongside securities and mutual fund investments in a single statement.
• RBI enabled interoperability among NBFC-account aggregators (AAs), allowing individuals to access and share financial information through any account aggregator of their choice; the framework is consent-based and both measures are to be implemented by December 31, 2026.
• Depositories such as National Securities Depository Ltd (NSDL) and Central Depository Services (India) Ltd (CDSL) currently provide CAS covering securities and mutual fund investments linked to a customer's Permanent Account Number (PAN).
• There are currently 17 account aggregators, including CAMSFinServ and Protean; per Sahamati, 338 million accounts were linked through the AA framework by August, up 15% from 294.4 million in April, and cumulative consents fulfilled rose 26% to 566.3 million from 450.7 million in April.