RBI Makes Account Aggregators Interoperable, Facilitating Easier Access to Financial Info

RBI governor Sanjay Malhotra has introduced two key measures to enhance financial transparency. This includes the interoperability of account aggregators and the inclusion of bank-deposit information in the monthly consolidated account statement (CAS). This move is expected to have a significant impact on the lives of individuals.

Particularly those who may have been previously excluded from the formal financial system.

Interoperability will enable customers to access and share financial information held across different banks and financial institutions through any account aggregator. Reducing fragmentation and improving data consistency. This will provide a more unified financial dashboard for personal-finance apps and lenders, enabling them to assess creditworthiness more efficiently.

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The RBI is working to incorporate bank deposits into the CAS through account aggregators. This allows demat holders to view their securities and bank deposits together. At the same time, it providing a consolidated view of financial information for those without demat accounts. This initiative aims to promote financial inclusion and provide a more comprehensive view of financial assets for individuals.

Particularly those who may have unclaimed deposits or limited access to financial information.

With the implementation of these measures, RBI governor Sanjay Malhotra has expressed his commitment to enhancing financial transparency and facilitating easier access to financial information for individuals, thereby promoting a more inclusive and equitable financial system. The RBI's efforts to improve financial transparency and accessibility are expected to have a positive impact on the lives of individuals.

As the RBI continues to implement these measures, it is likely to have a significant impact on the financial lives of individuals in Mumbai and beyond. The city's residents may soon find it easier to see their financial assets in one place.

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This move is a significant step towards promoting financial inclusion and providing a more comprehensive view of financial assets for individuals.

AIQ, a popular financial planning platform, is already exploring ways to leverage these new measures to provide its users with a more unified financial dashboard.

Particularly in the wake of the COVID-19 pandemic. Thereby promoting a more inclusive and equitable financial system.