By BillCut
Last updated: 22 October 2026
Account Aggregator interoperability means you should be able to access and share your financial information through any NBFC-Account Aggregator you choose. The Reserve Bank of India announced it on 7 October 2026 and expects it to be in place by 31 December 2026. Your consent rules do not change.
What did the RBI announce on 7 October 2026 ₹
In its Statement on Developmental and Regulatory Policies of 7 October 2026, the RBI listed two measures under the Account Aggregator (AA) framework. Both aim to make things more convenient for customers, and both are expected to be implemented by 31 December 2026.
| Measure | What the RBI said | Who it affects |
|---|---|---|
| Interoperability among NBFC-AAs | Customers can access and share financial information through any NBFC-AA of their choice | Anyone who uses an AA, for example to share bank statements with a lender |
| Bank deposits in the demat CAS | SEBI-regulated depositories are being enabled to include bank deposit account information in their Consolidated Account Statement (CAS) through NBFC-AAs | Demat account holders, who can see demat holdings and bank deposits in one place |
The RBI also said that customers without a demat account can continue to get a consolidated view of their financial information, and share it, through NBFC-AAs.
What is an Account Aggregator, in short?
An Account Aggregator is a company registered with the RBI that moves your financial information from one regulated entity to another, only with your consent. The rules sit in the RBI’s Master Direction for NBFC-Account Aggregators. Banks, NBFCs and other entities that hold your data are called financial information providers. Lenders and others that receive it are called financial information users.
According to the Department of Financial Services’ Account Aggregator framework page, 17 companies hold RBI certificates as AAs, and signing up with an AA is voluntary. For a fuller explainer on what you can share, see BillCut’s guide to the AA framework and what data you can share.
What does Account Aggregator interoperability change for you?
In plain terms, you should be free to pick the NBFC-AA you use to access and share your data. The RBI statement sets out the goal and the target date, but not the technical detail, so how each app shows this may differ.
| Area | What interoperability is meant to do | What stays the same |
|---|---|---|
| Choice of AA | You can use any NBFC-AA of your choice | Signing up with an AA stays voluntary |
| Consent | Your chosen AA handles the consent request | No data moves without your explicit consent |
| Data visibility | Data still flows from the provider to the user you approve | The AA cannot keep your financial information |
| Loan decision | You can share bank data with a lender through the AA you prefer | Rates, approval and terms remain the lender’s call |
The benefit is convenience and choice. The risk is that more apps may ask you to link accounts, so it becomes more important to read each consent request before you approve it.
How does AA data sharing compare with uploading statements?
Here is an illustrative example. Say you want to compare personal loan offers from 3 lenders, and each wants 6 months of statements from your 2 bank accounts.
- Uploading PDFs: 2 statements per lender, so 6 files in total, each one a full copy of your transactions that you cannot pull back once sent.
- Using an AA: 3 consent requests, each showing the purpose, the recipient and an expiry date, as the Master Direction requires in the consent artefact.
The AA route gives you a record of who asked and why. It does not stop a lender from keeping the data it has already received for the purpose you agreed to, so share only with lenders you are seriously considering.
Faster checks can also make it easier to take on a new loan quickly. If you are already juggling several EMIs or card dues at high rates, it may be worth checking whether one structured EMI would cost less in total before you add more. Check your options with BillCut.
Do the consent rules change with interoperability?
No. Under the Master Direction, no financial information can be retrieved, shared or transferred by an AA without your explicit consent. The AA must give you a way to revoke consent, and it must let you see a record of the consents you gave and who received your information.
The AA also cannot ask for or store your passwords or PINs, and the financial information it accesses must not reside with it. The government’s PIB explainer on the AA network adds that data is encrypted by the sender and can be decrypted only by the recipient, so the AA cannot see it.
What should you do before and after 31 December 2026 ₹
- Check which AA app you already use, and review its list of active consents.
- Revoke consents you no longer need, such as one given to a lender you did not borrow from.
- When a new app asks you to link accounts, check the purpose, the recipient and the expiry date before you approve.
- Never share an OTP or PIN with a caller claiming to be from an AA. Report suspected fraud on the National Cyber Crime portal or call 1930.
- If a lender’s AA check fails, read why some AA apps still fail before you try again.
- Learn how lenders use AA data in BillCut’s explainer on AA for loans and faster bank checks.
How BillCut can help
BillCut is a balance transfer and debt reduction platform. It works with lending partners to help eligible borrowers move high interest dues, such as credit card balances and personal loan EMIs, into one structured EMI. BillCut earns from helping borrowers refinance, so it has an interest in this option. Approval and terms depend on the partner lender. To see how shared bank data can affect a credit decision, read about Account Aggregators and credit access.
Frequently asked questions
What is Account Aggregator interoperability?
It means customers can access and share their financial information through any NBFC-Account Aggregator of their choice, as announced by the RBI on 7 October 2026.
When will Account Aggregator interoperability start?
The RBI said the measure is expected to be implemented by 31 December 2026.
Do I need to change my Account Aggregator app?
No action is required by the announcement itself, and signing up with an AA remains voluntary. You can keep reviewing and managing consents in the app you already use.
Can an Account Aggregator see my bank data?
According to the government’s PIB explainer, data is encrypted by the sender and can be decrypted only by the recipient, so the AA cannot see it.
Can I revoke consent given through an Account Aggregator?
Yes. The RBI Master Direction requires AAs to give customers a way to revoke consent, after which a fresh consent artefact is shared with the data provider.
What is the bank deposit change for demat holders?
The RBI said depositories are being enabled to include bank deposit account information in their Consolidated Account Statement through NBFC-AAs, so holdings and deposits can be seen in one place.
Does using an Account Aggregator improve my loan approval chances?
Not by itself. It can make bank checks quicker, but approval, rate and terms still depend on the lender’s own assessment.
Disclaimer: this article is for general information only and is not financial advice. The example figures are illustrative. Check your documents and app settings, and speak to your lender or a qualified professional before making decisions.
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