Mumbai, Oct. 7 -- With an objective to enhance customer convenience, the Reserve Bank of India on Wednesday announced that it will facilitate interoperability among NBFC-Account Aggregators, enabling customers to access and share their information across different financial service providers through any account aggregator of their choice.
Under the initiative, customers will be able to access and share their financial information across different financial service providers through any NBFC-Account Aggregators (NBFC-AA), instead of being restricted to a particular account aggregator.
"We are also facilitating SEBI-regulated depositories to include information related to deposit accounts in their consolidated account statement (CAS)," Reserve Bank of India Governor Sanjay Malhotra said while announcing the bi-monthly monetary policy.
This will allow demat account holders to view information on their demat holdings and bank deposit accounts at one place in the CAS, he said.
Customers who do not have demat accounts will also continue to be able to obtain a consolidated view of their financial information and share it through NBFC-AAs.
Both measures are aimed at improving customer convenience and will be operational by December 31, 2026, he said.
RBI Governor further said that the central bank has decided to constitute a Technical Consultative Committee for Financial Markets against the backdrop of rapidly evolving financial markets and infrastructure.
The committee will provide a forum for structured engagement with market participants and other stakeholders on policy and operational matters relating to money, government securities and foreign exchange markets, as well as their respective derivatives markets and infrastructure, he said.
The composition of the committee and its terms of reference will be notified separately, he added.
Published by HT Digital Content Services with permission from Millennium Post.