The Reserve Bank of India (RBI) has expanded its Consolidated Account Statement (CAS) framework to include bank deposit information alongside investments in shares and mutual funds. The move will allow customers to view more of their financial information in one place and share it securely with authorised financial institutions.
The changes, developed in consultation with the Securities and Exchange Board of India (SEBI), are expected to come into effect in December 2026.
What Has RBI Changed?
Until now, the Consolidated Account Statement mainly provided information about investments in securities and mutual funds.
Under the expanded framework, customers will also be able to include their bank deposit details in the same statement.
This means a person with money in bank accounts, mutual funds and securities will have a more complete view of their finances without having to collect separate statements from different institutions.
The RBI has also allowed customers to access and share this information through NBFC Account Aggregators.
The change is intended to make financial information easier to access, improve transparency and help financial institutions process customer information more efficiently.
What Is an Account Aggregator?
An Account Aggregator (AA) is an RBI-regulated non-banking financial company that helps customers securely share their financial information between institutions.
For example, a customer may have a savings account with one bank, deposits with another and investments in mutual funds.
Instead of separately collecting financial statements from each institution, the customer can use an Account Aggregator to share the required information with an authorised financial service provider.
The Account Aggregator acts as a secure channel for transferring information. It does not independently decide which financial institution can receive a customer’s data.
The framework operates through two types of institutions.
Financial Information Providers (FIPs) hold customer financial information. Financial Information Users (FIUs) receive that information when the customer provides permission.
The system is designed to give customers control over the sharing of their financial records.
How Will Customers Benefit?
The expanded framework could make it easier for individuals to understand their overall financial position.
A person with several bank accounts and investments may find it difficult to calculate how much money is held across different financial products.
By including bank deposits in the Consolidated Account Statement, customers will be able to see a broader picture of their savings and investments.
RBI Governor Sanjay Malhotra said the change would help customers obtain an overview of their financial information.
He explained that the CAS previously did not contain bank deposit information, creating a gap in the overall financial picture.
The updated system will allow customers to make this information available through an Account Aggregator of their choice.
It could also help customers when applying for financial services that require information about their income, deposits or investments.
Instead of repeatedly submitting financial records, customers may be able to share the necessary information digitally through the consent-based framework.
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Will Customers Without Demat Accounts Benefit?
Yes. One important feature of the change is that customers without demat accounts will also be able to access a consolidated view of their financial information.
Currently, depositories such as National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) provide consolidated investment information to customers holding demat accounts.
These statements cover securities and mutual fund investments linked to the customer’s Permanent Account Number (PAN).
The addition of bank deposit information will broaden the scope of the statement.
Customers who do not hold securities or maintain demat accounts will also be able to obtain a consolidated view of their financial information and share it through Account Aggregators.
This could make the system useful to a larger group of banking customers, including those whose financial holdings are primarily in bank deposits.
How Will Banks and Financial Companies Benefit?
The change is expected to make accessing and processing customer information more efficient for banks and other financial institutions.
Financial service providers often require information about a customer’s financial position before offering certain products or services.
When information is spread across multiple banks and investment platforms, collecting and reviewing it can take additional time.
A consolidated financial statement could reduce this difficulty by allowing institutions to access relevant information through a common framework, subject to customer consent.
C S Setty, chairman of State Bank of India, welcomed the expansion, saying the inclusion of bank deposits would support a more seamless and integrated financial ecosystem.
Experts suggested that the framework could become more useful if it eventually included additional financial products such as National Pension System (NPS) accounts, Employees’ Provident Fund (EPF), insurance policies and loans.
However, these products were identified as possible future additions rather than confirmed parts of the current expansion.
How Will Customer Data Be Protected?
The Account Aggregator framework is based on customer consent.
This means customers must explicitly authorise the sharing of their financial information before it can be transferred to another institution.
The system is intended to prevent financial information from being shared without the customer’s permission.
However, experts have stressed that expanding access to financial information must be accompanied by strong safeguards.
Customers should have clear information about what data is being shared, which institution will receive it and why the information is required.
They should also have a simple way to withdraw their consent.
These measures would be important for building trust in a system that allows financial information from different institutions to be accessed through a common framework.
How Widely Is the Account Aggregator System Used?
The Account Aggregator framework has expanded considerably in India.
There are currently 17 Account Aggregators, including CAMSFinServ and Protean.
According to figures from the industry alliance for the Account Aggregator ecosystem, approximately 338 million accounts had been linked through the framework by August 2026.
This represented an increase of 15% from 294.4 million accounts in April.
The number of fulfilled consent requests also increased during the same period.
By the end of August, cumulative fulfilled consents had reached 566.3 million, compared with 450.7 million in April, representing growth of 26%.
These figures indicate increasing use of consent-based financial data sharing.
The inclusion of bank deposit information in the Consolidated Account Statement could further expand the framework’s usefulness by making it relevant to customers who do not necessarily invest in securities or mutual funds.
The420 Insight: “One Financial Statement, But Customer Consent Must Come First”
The RBI’s decision could make financial information easier to access by bringing bank deposits and investments into a single consolidated view. However, the expansion also increases the importance of protecting sensitive customer data.
Customers should understand which financial institution is requesting their information, what details will be shared and why access is needed. As Account Aggregators become more widely used, clear consent, strong security controls and simple complaint mechanisms will be essential to maintaining trust in digital financial services.
About the author — Ayesha Aayat writes on cybercrime, digital safety, and emerging online threats. Her work focuses on public awareness, legal clarity, and technology-driven risks.
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