RBI Allows Bank Deposit Details in Consolidated Account Statements to Enhance Financial Transparency

In a move that could give consumers a more complete picture of their finances and help lenders process loans faster, the Reserve Bank of India (RBI) on Wednesday allowed bank deposit details to be included in the consolidated account statement (CAS) provided by entities registered with the Securities and Exchange Board of India (SEBI) . The move will enable customers to view their bank deposits alongside securities and mutual fund investments in a single statement. Banks and other financial institutions can also, with customer consent, access the information, potentially making credit assessment and loan processing faster and easier. The RBI also enabled interoperability among NBFC -account aggregators (AAs), allowing individuals to access and share their financial information through any account aggregator of their choice rather than being restricted to a particular platform. RBI Governor Sanjay Malhotra said that the move will help customers to get an overview of all their financials. “ Some of you may be getting a CAS (consolidated account statement), it does not have information on bank deposit, which is a missing piece. So, we are now trying to facilitate that information relating to bank deposits across all banks, whichsoever are onboarded with any one of the account aggregator to get available to you through CAS,” he said in the post policy MPC press conference. Since the AA framework is consent-based, customers will have to explicitly authorise the sharing of their financial information. Both measures are expected to be implemented by December 31, 2026. C S Setty, chairman of State Bank of India , welcomed the measures. “The developmental measures on interoperability among Account Aggregators and integration of bank deposit information into Consolidated Account Statements are important steps towards a more seamless, consent driven and integrated financial ecosystem.” At present, depositories such as National Securities Depository Ltd (NSDL) and Central Depository Services (India) Ltd (CDSL) provide CAS to investors with demat accounts, covering securities and mutual fund investments linked to their Permanent Account Number (PAN). The addition of bank deposit information will give individuals a more comprehensive view of their investments and deposits in one place, making it easier to track their overall financial position. Customers without demat accounts will also be able to obtain a consolidated view of their financial information and share it through NBFC-account aggregators. Experts said the CAS could become even more useful if it eventually includes other financial products such as the National Pension System (NPS), Employees’ Provident Fund (EPF), insurance policies and loans. For banks and other financial institutions, interoperability could improve the efficiency of accessing and processing customer information. Santosh Agarwal, CEO of Paisabazaar, said interoperability could reduce time, effort and operational costs, enabling faster and smoother decision-making. “For financial institutions, a more consolidated view can also support smoother servicing and financial planning,” she said. However, experts stressed the need for safeguards around customer data and consent. Customers should have clear visibility into what information is being shared, with whom and for what purpose, and should be able to withdraw consent easily. Adhil Shetty, CEO of BankBazaar, said robust safeguards would be critical as the framework expands. “Clear rules on data handling, adequate security controls and a simple mechanism for raising complaints would be important to build trust as the system is rolled out,” he said. Account aggregators are RBI-regulated non-banking financial companies that facilitate the secure transfer of customers’ financial information, with their consent, from financial information providers (FIPs), which hold the data, to financial information users (FIUs), which use it to provide financial services. There are currently 17 account aggregators, including CAMSFinServ and Protean. According to Sahamati, the industry alliance for the AA ecosystem, 338 million accounts had been linked through the framework by August, up 15% from 294.4 million in April. The cumulative number of consents fulfilled rose 26% to 566.3 million at the end of August from 450.7 million in April.