New RBI Rules: On October 7, the Reserve Bank of India (RBI) made major changes to the country’s financial sector and announced a new system. The Central Bank has decided to implement interoperability among Non-Banking Financial Company Account Aggregators (NBFC-AA). It aims to enhance customer convenience and make the process of sharing financial data easier than ever. As soon as the news of this major policy decision came out, the stock market saw euphoria and the shares of fintech related companies saw strong buying.

What is the new rule, what benefits will consumers get?

After the Central Bank’s new decision, any customer can now access and share their data through any licensed account aggregator of their choice. If a user is registered on any account aggregator application like Finvu, OneMoney or CAMS Finserv, he can easily share data with any regulated company across the network. These include banks, lending institutions and asset managers. The technical barriers that existed earlier between different apps will now be removed. The move will make the account aggregator system bigger and simpler than before, making it easier to get the right financial data at the right time.

Complete details of demat and bank accounts will be available at one place

RBI has also issued a major notification regarding depositories working under the Securities and Exchange Board of India (SEBI). Depositories are now being facilitated by account aggregators to add bank deposit information to their Consolidated Account Statement (CAS).

Now demat account holders can view complete details of their shares and mutual funds as well as bank deposits at one place. Not only this, even people who don’t have a demat account can see a consolidated view of their entire financial data and can easily share it when needed. According to RBI, both these reforms are expected to be fully implemented by December 31.

Big boom at Pine Labs

The biggest impact of this RBI announcement was seen on shares of Pine Labs in the stock market. The stock rose over 4.5 percent in intraday trading and around 12 noon it was trading at Rs. 11.00 i.e. an increase of 6.37 percent was observed. Currently the share is Rs. was trading around 184. Its daily high during trading was Rs. 184.70, while its 52-week high was Rs. There are 284.

During this period, the trading volume of the shares was 25,119,098 shares and the market cap of the company was Rs. 21,170 crore was recorded. If we look at the past records, Pine Labs has shown a good growth of 7.28 percent in the last one week and 12.04 percent in the last one month. However, the stock has fallen 23 percent so far this year.

Shares of CAMS also rose

Investors also showed good interest in shares of CAMS, another leader in the account aggregator space. Shares of the company Rs. 3.55 or 0.50 percent with an increase of Rs. has reached the level of 697. In day trading it was Rs. 706, while hitting its 52-week high of Rs. is 844.