The Reserve Bank of India has ordered all account aggregators to enable full interoperability by December 31, 2026. This policy allows customers to manage financial data across institutions through a single platform, replacing the current fragmented system. Additionally, the RBI is introducing a new fee structure to improve the ecosystem's profitability, a key development for investors tracking the financial services sector.
The Reserve Bank of India (RBI) has initiated a major structural change in the country's financial data-sharing landscape. On October 7, 2026, the regulator mandated that all non-banking financial company-account aggregators (NBFC-AAs) must achieve full interoperability by December 31, 2026. This move is designed to simplify how consumers share their financial information, allowing them to access and manage accounts across different financial institutions through a single account aggregator platform of their choice.
Currently, the account aggregator ecosystem is fragmented. Customers often have to sign up for multiple platforms or providers depending on which financial institution they use, which creates operational friction and drives down user engagement. By forcing interoperability, the RBI intends to make the process as seamless as using a unified payment interface. This should theoretically reduce the cost for financial institutions to acquire and manage data, while also making the service more attractive for end-users.
Alongside the push for technical integration, the RBI is shifting the ecosystem toward a more sustainable economic model. The regulator is working on a structured fee framework. In this new system, charges will apply when data is successfully retrieved, with payments split between a digital public infrastructure utility fee, a provider fee, and management charges. This is a critical development because, for years, the primary challenge for account aggregator companies has been finding a way to make the business profitable. Many providers have struggled to balance high upfront integration costs with limited revenue generation.
There are approximately 17 licensed account aggregators currently operating in India, including established names like CAMSfinserv. While the regulatory push for interoperability and fee transparency is a positive step toward scale, the path to profitability remains challenging. Industry observers are watching closely to see if the new fee structure provides enough revenue to cover the high costs associated with maintaining secure and efficient data management systems.
The primary risks for investors to track involve execution. The industry has a strict timeline to complete this technical overhaul by the end of 2026. Any delay in integrating systems across banks and financial institutions could impact the speed at which this ecosystem matures. Additionally, as the network becomes more interconnected, data privacy and security will remain top-tier concerns for the regulator. Investors may monitor how quickly these platforms can transition to the new fee model and whether the streamlined user journey actually leads to a higher volume of data transactions, which is essential for the long-term viability of these businesses.