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ARTICLE · 01 JULY 2019

Account Aggregators - Framework On Financial Information Sharing

Tuli & Co
Tuli & Co
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Tuli & Co

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IndiaFinance and Banking
Shubhangi Pathak
Shubhangi Pathak
Anuj Bahukhandi
Anuj Bahukhandi
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Introduction

The Reserve Bank of India (RBI) had sought stakeholder comments on the "Draft Regulatory Framework for Account Aggregator Companies to facilitate Consolidated Viewing of Financial Asset Holding" of 3rd March 2016, which envisaged the creation of a new class of non-banking finance companies (NBFC) called Account Aggregators (Account Aggregators). In furtherance to the same, the "Master Directions Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions" were notified by the RBI on 2nd September 2016 (AA Master Direction). Although, the framework for Account Aggregators was conceptualised as early as March 2016, we understand from sources available in the public domain that so far, only 5 applicants have received an in-principle approval to operate as an Account Aggregator.

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