{
  "id": 12554295,
  "title": "RBI changes how you can share your financial data",
  "url": "https://urgent.news/2026/10/07/rbi-changes-how-you-can-share-your-financial-data",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T05:03:32.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/industry/banking/finance/rbi-opens-up-account-aggregator-network-making-financial-data-sharing-easier-for-consumers/articleshow/134756457.cms"
  },
  "original_language": "en",
  "account": "The Reserve Bank of India (RBI) has introduced a new measure to allow interoperability among Account Aggregators (AA). This change could simplify the process of sharing financial information between banks, lenders, and other financial institutions. Account Aggregators are digital platforms that enable individuals to share their financial data, such as bank statements and mutual fund holdings, with financial institutions with the customer's consent.\n\nRBI Governor Sanjay Malhotra unveiled this decision while revealing the central bank's latest monetary policy decisions. He explained that \"first, we are allowing the interoperability. There are a number of account aggregators. We are now allowing the interoperability amongst these NBFC account aggregators.\"\n\nInteroperability, in this context, can be likened to UPI. Customers no longer need to know the specific bank that holds another person's money. They can send money from one UPI app to another because these platforms are connected to the same system. The RBI aims to create a similar level of connectivity within the Account Aggregator ecosystem.\n\nFor instance, if someone applies for a home loan, the bank may request bank statements and other financial information from them. Currently, the customer would use Account Aggregator A, while the bank's system is connected to Account Aggregator B. With interoperable systems, these two platforms could work together, allowing the customer to avoid creating a separate account or switching to another platform solely because the bank uses a different Account Aggregator.\n\nHowever, it is crucial to note that interoperability does not grant Account Aggregators unrestricted access to customers' financial information. The customer's consent remains a fundamental aspect of the Account Aggregator framework. Financial information will only be shared with the customer's authorization.\n\nThe RBI's decision to implement interoperability aims to streamline the process for customers and enhance connectivity for financial institutions. This move is part of the central bank's broader initiative to make India's digital financial infrastructure more interoperable while maintaining customer consent as the cornerstone of financial data sharing.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}