Pine Labs Ltd. SHARE, CAMS SHARES RISE ON7 OCT

The Reserve Bank of India on October 7 announced the implementation of interoperability among non-banking financial company Account Aggregators, a move aimed at improving customer convenience and expanding access to financial information. Under the new framework, customers will be able to access and share their financial information with different Financial Information Providers through any NBFC Account Aggregator of their choice. This means customers will no longer be restricted by which Account Aggregator a particular bank, lender or financial institution uses. The RBI said the move will also allow demat account holders to view information related to their demat holdings and bank deposit accounts at a single place through the Consolidated Account Statement. Customers without demat accounts will also continue to be able to obtain a consolidated view of their financial information and share it through NBFC Account Aggregators. Interoperability essentially means that a customer registered with one licensed Account Aggregator, such as Finvu, OneMoney or CAMS Finserv, can seamlessly share financial data with regulated financial institutions connected to the network, even if those institutions use a different Account Aggregator. The RBI said both measures are expected to be implemented by December 31. The move is expected to make the Account Aggregator ecosystem more integrated, expand the availability of financial data and make data-sharing more seamless for customers. Following the announcement, shares of Pine Labs and CAMS gained in the market. Pine Labs rose around 4.5%, while CAMS gained more than 1%.