The Reserve Bank of India (RBI) has announced a measure that will allow SEBI-regulated securities depositories to include information about bank deposit accounts in Consolidated Account Statements (CAS), bringing investments and bank deposits closer to a single financial view. The change is expected to be implemented by December 31, 2026.
The move is part of a broader effort by the central bank to make financial information easier for customers to access and share. At the same time, the RBI is introducing interoperability among non-bank financial company Account Aggregators (NBFC-AAs), allowing customers to access and share information held by different financial institutions through an Account Aggregator of their choice.
Key takeaways
- RBI will facilitate SEBI-regulated depositories in adding bank deposit information to CAS.
- Demat investors will be able to see their securities holdings and bank deposits in one consolidated statement.
- The change is expected to be operational by December 31, 2026.
- The information will be integrated through the NBFC Account Aggregator (AA) framework.
- Customers without demat accounts can continue using Account Aggregators to obtain and share a consolidated view of their financial information.
- RBI is also introducing interoperability among NBFC Account Aggregators.
- India had 338.04 million accounts linked through the AA framework as of August 2026.
- The change could simplify loan applications, financial planning and other situations where customers need to share information from multiple financial accounts.
What RBI has changed
A Consolidated Account Statement is designed to bring a customer’s investment information together rather than requiring investors to track every security through separate statements.
The RBI’s latest decision expands that concept.
Under the new framework, SEBI-regulated depositories will be facilitated to include information related to bank deposit accounts in the CAS through NBFC Account Aggregators.
This means an eligible investor could eventually see information relating to their demat holdings and bank deposits in the same consolidated statement.
The RBI said the objective is to enhance customer convenience, with implementation expected by December 31, 2026.
The change does not mean that a depository becomes a bank or takes control of a customer’s deposits.
Instead, the framework creates a mechanism for relevant financial information to be brought together through the Account Aggregator ecosystem.
What is a Consolidated Account Statement?
A CAS is essentially a consolidated record of an investor’s holdings across participating securities and investment accounts.
For a person holding shares, mutual funds or bonds through different financial institutions, the consolidated statement can provide a more convenient picture than checking individual statements separately.
The RBI’s new measure expands that financial picture by enabling bank deposit information to be included alongside investment information.
For example, a customer could potentially have the following information presented together:
| Financial information | Current CAS role | Expanded framework |
|---|---|---|
| Shares | Included | Included |
| Mutual funds | Included | Included |
| Bonds/debt securities | Included | Included |
| Demat holdings | Included | Included |
| Bank deposits | Generally separate | Can be included |
| Other financial information | Via relevant systems | Can be shared through AAs |
The precise format and implementation details will depend on the framework developed by the relevant institutions.
What this means for investors
The biggest benefit is convenience.
Today, a person trying to understand their overall financial position may need to look at several sources:
- Bank account statements
- Fixed-deposit records
- Demat statements
- Mutual fund statements
- Insurance documents
- Other financial accounts
The new framework can reduce that fragmentation.
For an investor, the combination of securities and bank deposits in a consolidated statement provides a more complete view of financial assets.
It could also make routine financial planning easier.
Someone assessing how much money they have invested, how much remains in bank deposits and how much is available for a new investment could potentially obtain that information through a more unified system.
The Account Aggregator system is the key infrastructure
The RBI’s announcement is closely linked to India’s Account Aggregator framework.
Account Aggregators are RBI-regulated entities that act as consent-based intermediaries for sharing financial information.
They do not simply provide unrestricted access to a customer’s financial records.
Instead, the system is designed around customer consent.
A Financial Information Provider holds the customer’s financial information, while an Account Aggregator facilitates its transfer to a Financial Information User when the customer authorises the sharing.
That distinction is important because the new CAS framework is about financial information portability and consolidation, not simply creating a central database that anyone can access.
Business Standard reported that Account Aggregators facilitate the secure transfer of digitally signed financial information from Financial Information Providers to Financial Information Users.
RBI is also making Account Aggregators interoperable
The CAS change is only one part of the RBI’s announcement.
The central bank is also introducing interoperability among NBFC Account Aggregators.
Currently, customers may interact with individual Account Aggregator platforms. Under the new approach, financial information can be accessed and shared across different Financial Information Providers through any NBFC-AA of the customer’s choice.
This is designed to reduce friction in the system.
A customer should not have to repeatedly establish separate relationships simply because different financial institutions or information providers are connected through different Account Aggregators.
The RBI said both measures are expected to be implemented by December 31, 2026.
Why Account Aggregator interoperability matters
Consider a borrower applying for a loan.
A lender may need information about:
- Bank balances
- Deposits
- Investment holdings
- Income
- Other eligible financial assets
If that information is scattered across different providers, collecting it can become time-consuming.
An interoperable Account Aggregator framework can potentially make the process more straightforward.
The customer gives consent for the required information to be shared, and the relevant data can then be accessed through the connected financial-information ecosystem.
This could reduce paperwork while also giving financial institutions better-quality digital information.
The RBI’s framework therefore has implications beyond investment statements.
It can potentially improve digital lending, wealth management, insurance and other financial services that depend on verified customer information.
The system is already growing rapidly
The Account Aggregator ecosystem is no longer a small pilot infrastructure.
Business Standard reported that 338.04 million accounts were linked through the framework as of August 2026, up from 272.46 million in February.
During August alone, 11.72 million accounts were linked and 27.94 million new customer consents were fulfilled.
The cumulative number of consents fulfilled had reached 566.26 million by August.
The system delivered 352.48 million data sets during August, the highest monthly figure between February and August.
These numbers show why the RBI’s interoperability decision could become significant.
The more financial institutions and consumers use the AA framework, the more valuable interoperability becomes.
What happens to customers without demat accounts?
The measure is not limited entirely to stock-market investors.
The RBI specifically said customers who do not have demat accounts can continue to obtain a consolidated view of their financial information and share it through NBFC Account Aggregators.
That means the broader policy objective is not simply to make CAS more useful for equity investors.
It is part of a larger push toward making India’s financial-data infrastructure more connected.
A person without a demat account can still use the Account Aggregator framework for permitted financial-information sharing.
Will banks automatically share all your information?
The change should not be interpreted as RBI creating automatic unrestricted access to everyone’s bank accounts.
The Account Aggregator framework is based on consent.
Financial information is shared when the customer authorises the relevant transaction or data-sharing request.
This distinction is especially important because bank deposits contain highly sensitive financial information.
The regulatory framework therefore needs to balance convenience with privacy, consent management and data security.
The RBI’s latest announcement provides the policy direction, while the operational implementation will determine exactly how the information appears in CAS and how customers interact with it.
Why this could help with loans
One of the most practical applications could be credit underwriting.
A customer applying for a loan may need to demonstrate financial capacity through bank balances, deposits, income or investment assets.
Today, this information can require multiple documents and verification steps.
A consent-driven digital financial-data framework can make it easier for lenders to receive information directly from participating institutions.
That could reduce manual paperwork and potentially speed up parts of the lending process.
For customers, it could mean fewer documents to download, upload and repeatedly submit.
For lenders, structured digital information can potentially reduce manual processing and improve verification.
The actual impact will depend on how financial institutions integrate the framework into their lending systems.
Wealth management could also benefit
The measure could be useful for wealth-management and financial-advisory services.
An adviser trying to understand a customer’s complete financial position needs more than a list of stocks and mutual funds.
Bank deposits can represent a significant part of household wealth, particularly for conservative investors.
Bringing deposits and securities into a more unified financial-information ecosystem can give advisers a better picture of asset allocation.
For example, a customer might appear heavily invested in equities when viewed through a demat statement alone but have substantial fixed deposits or savings accounts outside that view.
A broader financial picture can improve planning decisions.
CDSL and NSDL are central to the implementation
India has two SEBI-regulated securities depositories: National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).
These institutions maintain securities in dematerialised form.
The RBI’s decision facilitates SEBI-regulated depositories in incorporating bank deposit information into CAS through the Account Aggregator system.
This creates an important connection between India’s securities-market infrastructure and banking-data infrastructure.
Rather than forcing customers to manage these systems as completely separate worlds, the new framework moves toward greater interoperability between them.
Privacy will remain a critical issue
Greater financial-data integration also increases the importance of privacy and cybersecurity.
A consolidated financial view can be extremely useful, but it can also contain a highly detailed picture of a person’s wealth and financial activity.
The Account Aggregator framework’s consent mechanism is therefore particularly important.
Customers need to understand what information they are authorising, who is requesting it, why it is needed and for how long the permission applies.
Financial institutions and Account Aggregators will also need strong security controls to prevent unauthorised access.
The success of the new system will therefore depend not only on convenience but also on how effectively the ecosystem protects customer data.
RBI is also creating a financial markets committee
The CAS and Account Aggregator changes were announced alongside another institutional measure.
The RBI said it will constitute a Technical Consultative Committee for Financial Markets.
The committee will provide a forum for structured engagement with market participants and stakeholders on policy and operational matters involving the money market, government securities, foreign exchange markets and their derivatives and related infrastructure.
The composition and terms of reference will be notified separately.
The measure reflects the RBI’s recognition that India’s financial-market infrastructure is becoming increasingly complex and technology-driven.
The bigger picture
The RBI’s CAS decision is part of a broader shift in Indian financial services from fragmented account records toward consent-based, interoperable financial data.
For consumers, the immediate attraction is simple: fewer places to look for information. A future CAS can potentially combine investments and bank deposits, while the Account Aggregator ecosystem can make it easier to share verified financial information with lenders, insurers, wealth managers and other authorised financial institutions.
For the financial industry, the implications are larger. Interoperability can reduce friction between providers, improve digital onboarding and create a more connected financial-data infrastructure. At the same time, the expansion makes consent, privacy and cybersecurity increasingly important.
FAQs
When will bank deposit details appear in CAS?
The RBI expects both the bank-deposit CAS measure and Account Aggregator interoperability measures to be implemented by December 31, 2026.
Will I be able to see bank deposits and investments together?
Yes, the RBI’s stated objective is to enable demat account holders to view information relating to their demat holdings and bank deposit accounts in one place through the CAS framework.
Can people without demat accounts use the new system?
Yes. The RBI said customers without demat accounts can continue to obtain a consolidated view of their financial information and share it through NBFC Account Aggregators.
Does this mean anyone can access my bank information?
No. The Account Aggregator framework is based on consent-driven financial-information sharing. The RBI’s announcement does not create unrestricted public access to bank-account information.
Looking Ahead
The next step is implementation. By December 31, 2026, the RBI expects the new CAS and Account Aggregator measures to become operational, after which the practical experience of customers, banks, depositories and financial-information users will show how seamlessly the systems work together.
For consumers, the significance is straightforward: India’s financial ecosystem is moving closer to a model where investments, deposits and other eligible financial information can be viewed and shared through connected digital infrastructure. The bigger test will be ensuring that this convenience comes with equally strong consent, privacy and security protections.
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