RBI New Rules: These rules are set to change for bank customers; shares of Pine Labs and CAMS surge..
RBI New Rules: On October 7, the Reserve Bank of India (RBI) announced a new framework, marking a significant shift in the country's financial sector. The central bank has decided to implement interoperability among Non-Banking Financial Company Account Aggregators (NBFC-AAs). The objective is to enhance customer convenience and simplify the process of sharing financial data. Following the news of this major policy decision, the stock market showed enthusiasm, with strong buying activity observed in shares of fintech-related companies.
What is the new rule, and how will customers benefit?
Under the central bank's new decision, customers will be able to access and share their data through any licensed account aggregator of their choice. A user registered with an account aggregator app—such as Finvu, OneMoney, or CAMS Finserv—can easily share data with any regulated entity across the network. This includes banks, lending institutions, and wealth managers. Technical barriers that previously existed between different apps will now be eliminated. This move will make the account aggregator system much larger and more seamless, facilitating easier access to the right financial data at the right time.
Complete details of Demat and bank accounts in one place
The RBI has also issued a significant directive regarding depositories operating under the Securities and Exchange Board of India (SEBI). Depositories are now being enabled to include information about bank deposits in their Consolidated Account Statements (CAS) via account aggregators.
Consequently, holders of Demat accounts will be able to view comprehensive details of their bank deposits alongside their shares and mutual fund holdings in a single location. Moreover, even those without a demat account can view a consolidated summary of their financial data and share it easily when needed. According to the RBI, both these reforms are expected to be fully implemented by December 31.
**Sharp Surge in Pine Labs Shares**
The most immediate impact of the RBI's announcement was seen in Pine Labs' shares in the stock market. During the day's trading, the stock rose by over 4.5 percent; by around 12:00 PM, it had gained ₹11.00, or 6.37 percent. At that time, the stock was trading around ₹184. It reached an intraday high of ₹184.70, while its 52-week high stands at ₹284.
The stock's trading volume stood at 25,119,098 shares, and the company's market capitalization was recorded at ₹21,170 crore. Looking at recent performance, Pine Labs has shown solid gains of 7.28 percent over the past week and 12.04 percent over the last month. However, the stock has slipped by 23 percent so far this year.
**Rally in CAMS Shares**
Investors also showed keen interest in the shares of CAMS, another major player in the account aggregator space. The company's stock rose by ₹3.55 (0.50 percent) to reach the ₹697 level. It touched an intraday high of ₹706, compared to its 52-week high of ₹844.
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