RBI Account Aggregator Update: Easier Financial Data Sharing Expected by December 2026

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The government news announcement dated 7 October 2026 confirms that NBFC Account Aggregators will become interoperable. Customers will be able to access and share records held by different Financial Information Providers through their chosen aggregator. For borrowers, the change addresses platform-related obstacles when submitting financial information to lenders. 

The expected benefit is less effort in getting authorised records to a financial institution. Once the platforms are connected, customers should be able to share records through their chosen aggregator, even when the receiving institution uses another. Industry representatives have also called for tighter controls over customer information and how it is handled. Customer permission will still govern sharing. 

How Will Account Aggregator Interoperability Help Borrowers?

An Account Aggregator carries financial information between institutions with the customer’s permission. The October decision changes how separate aggregator platforms connect. Customers should face fewer restrictions because their chosen aggregator and a financial institution use different connections. The purpose is to make existing records easier to access and share, including information used during loan assessment.

Our view is that the practical gain lies in the paperwork stage of borrowing. Getting authorised records to a lender with fewer platform hurdles could reduce repeated effort for applicants. The lender still makes the approval decision, however. Easier access to bank statements does not change the income or repayment obligations shown in them. 

What Do Banking Leaders Say About The Change?

State Bank of India chairman C S Setty welcomed the Account Aggregator measures in comments reported on 7 October 2026. He saw them as progress towards connecting financial services through customer consent. For Paisabazaar chief executive Santosh Agarwal, processing customer information could take less time and effort, with lower operational costs. The lower operating costs Agarwal discussed remain a possible outcome of implementation. No savings had been reported at that stage. 

BankBazaar chief executive Adhil Shetty said there should be clear guidelines on customer data during the rollout. Security arrangements and the process by which customers can lodge complaints should also be clear, he added. He also recommended informing customers which bank would receive their records and why the information was being requested before seeking their permission to share it. A simple way to withdraw permission remains essential when sharing continues over a period. 

What Was In Place Before The October Announcement?

The Account Aggregator framework formally launched on 2 September 2021, as recorded in the Ministry of Finance’s release dated 2 September 2025, Release ID 2162953. It already supported financial data transfers based on customer consent. Interoperability extends the connections through which that service operates. 

The network had substantial reach before the latest decision. Government data as of 31 March 2026 separately reports the number of accounts enabled for data sharing and those already linked by users.

The Department of Financial Services attributes these figures to Sahamati. They represent accounts, not individual customers. Availability on the network also does not mean the account holder has authorised information to be shared. 

Who Controls Access To Financial Records?

Customers retain the choice to register, accept a sharing request or refuse it. The Ministry of Finance’s explanation published on 10 September 2021, Release ID 1753713, states that recurring consent can also be revoked.

That guidance explains that Account Aggregators cannot read the information they transfer. Information leaves the sender in encrypted form, with decryption restricted to the recipient. When customers give consent, they are shown how long that recipient will have access. Connecting more platforms does not replace those permissions. 

Conclusion

The Account Aggregator update targets the difficulty of sharing records across separate platforms. Implementation is expected by 31 December 2026. Customers would have more freedom to select an aggregator while retaining the decision over whether their financial information is shared.

Frequently Asked Questions

1. When Is Account Aggregator Interoperability Expected?

Implementation is expected by 31 December 2026, following the announcement on 7 October 2026.

2. What Does Interoperability Change For Customers?

Customers will be able to access and share information across different Financial Information Providers through an NBFC Account Aggregator of their choice.

3. Are Account Aggregators RBI Approved?

NBFC Account Aggregators operate under a registration framework. The Department of Financial Services lists companies granted registration to provide Account Aggregator services.

4. Is It Safe To Share Bank Statements Through An Account Aggregator?

The framework uses encrypted transfers and customer consent. Permission applies to the specified sharing arrangement; it does not give every connected institution access.

5. Can Customers Withdraw Account Aggregator Consent?

Yes. Customers can reject sharing requests and revoke permission for recurring transfers, according to the Ministry of Finance’s guidance.