The Reserve Bank of India (RBI) has announced that bank deposit information will soon be included in the consolidated account statements (CAS) of demat account holders. This new facility is expected to be operational by December 31, 2026, making it easier for customers to view their demat holdings and bank deposits in one place.
- Bank deposit details will be added to demat account consolidated statements.
- The change will be effective by December 31, 2026.
- Customers can access and share financial information more easily across providers.
- Interoperability among NBFC-Account Aggregators will be implemented.
- Non-demat account holders will also benefit from consolidated financial views.
What changes will the RBI introduce regarding bank deposits and demat accounts?
The RBI will facilitate SEBI-regulated depositories to include information about bank deposit accounts in the consolidated account statement (CAS) that demat account holders receive. This means customers will be able to see their bank deposits and demat holdings together in one statement.
How will this benefit customers?
This integration will simplify the process of tracking financial assets by providing a consolidated view. Customers will no longer need to check separate statements for their bank deposits and demat holdings, making financial management more convenient.
What is the timeline for implementing these changes?
The RBI expects the facility to be operational by December 31, 2026. This timeline was announced during the central bank's bi-monthly monetary policy update on October 7, 2026.
Will fixed deposits be included in this consolidation?
The RBI announcement refers broadly to "bank deposit accounts" without specifically mentioning fixed deposits (FDs). Therefore, it is likely that various types of bank deposits, including fixed deposits, will be included, but the exact details have not been specified yet.
What is the Account Aggregator framework mentioned by the RBI?
The Account Aggregator framework is a system that allows customers to access, consolidate, and share their financial information securely across different financial service providers. The RBI plans to enhance this framework by implementing interoperability among Non-Banking Financial Company-Account Aggregators (NBFC-AAs), allowing customers to use any NBFC-AA to access their financial data.
How will interoperability among NBFC-Account Aggregators affect customers?
Currently, customers may need to use a specific account aggregator to access their financial information. With interoperability, they will be able to share and access their data through any NBFC-AA of their choice, increasing flexibility and convenience.
Will customers without demat accounts benefit from these changes?
Yes. The RBI has clarified that the benefit of consolidated financial information will not be limited to demat account holders. Customers without demat accounts will continue to receive consolidated views of their financial information and can share it through the NBFC-AA ecosystem.
What is the overall impact of these RBI measures?
These measures aim to improve customer convenience by making it simpler to access, consolidate, and share financial information across multiple service providers. This can help customers manage their finances more effectively and make informed decisions.
