The Reserve Bank of India has issued a stern warning to account aggregators, demanding strict adherence to data privacy and neutrality. Executive Director Kesavan Ramachandran emphasized that customer data must remain untainted by monetization efforts, framing the account aggregator network as a critical pillar of the nation's digital public infrastructure. The regulator is pushing for full interoperability and standardized data formats to ensure fair competition and enhanced financial access.
Protecting the Integrity of Data Flows
The Reserve Bank of India (RBI) is reinforcing its stance on data sovereignty within the account aggregator (AA) ecosystem. During the Samvaad 2026 conference, RBI Executive Director Kesavan Ramachandran signaled that the regulator will not tolerate any attempts by aggregators to capitalize on the vast volumes of sensitive financial information passing through their platforms. The core of the AA framework relies on a data-blind architecture; aggregators are explicitly prohibited from storing, decrypting, or utilizing customer data for purposes beyond those for which explicit consent was granted.
Strategic Standardization and Interoperability
Beyond privacy enforcement, the central bank is accelerating efforts to standardize technical systems. The goal is to establish full interoperability across the network, allowing seamless data exchange between financial information providers (FIPs) and financial information users (FIUs). This initiative aims to level the playing field, ensuring that smaller aggregators can compete effectively against established industry incumbents. By collaborating with Reserve Bank Information Technology (ReBIT) and Sahamati, the RBI intends to streamline over 19 active financial information categories into uniform, actionable formats.
Strengthening the Digital Infrastructure
Ramachandran positioned the account aggregator network as the fourth pillar of India's digital public infrastructure, joining the ranks of the Jan Dhan-Aadhaar-Mobile (JAM) trinity, the Unified Payments Interface (UPI), and the Unified Lending Interface (ULI). The expansion of this network now includes integrating depository data, providing users with a comprehensive view of their demat and financial holdings. As these systems evolve, the RBI is advocating for greater reciprocity. Institutions that derive value as users of financial information are increasingly expected to contribute to the ecosystem by participating as providers, fostering a more balanced and transparent financial landscape.