RBI Executive Director Kesavan Ramachandran warns aggregators to get consent
The Reserve Bank of India (RBI) just sent a clear message to account aggregators: don't use or sell people's financial data without their direct OK.
Speaking at Samvaad 2026, Executive Director Kesavan Ramachandran reminded everyone that sharing data needs explicit customer consent, as required by the Digital Personal Data Protection Act.
It's all about keeping your information safe and making sure the system stays trustworthy.
RBI to standardize financial data sharing
The RBI is also working on making it easier for different financial apps and platforms to talk to each other by standardizing how they handle your data.
This should help smaller players compete fairly and make sharing information between banks and apps more seamless.
Plus, these changes are part of a bigger push (like with UPI and JAM) to help more people, especially those usually left out, get better access to digital finance.