Joining the Account Aggregator Ecosystem as Financial Information User -
🔖 1. Please refer to the RBI Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016.
🔖 2. It has been observed that certain entities, which are eligible to join Account Aggregator (AA) ecosystem as Financial Information Provider (FIP), have onboarded as Financial Information User (FI-U) only. Consequently, such entities are accessing financial information from other FIPs but are not providing the financial information held by them. As such, with a view to ensure efficient and optimum utilisation of the AA ecosystem, it has been decided that regulated entities of the Bank joining the AA ecosystem as FI-U shall necessarily join as FIP also, if they hold the specified financial information and fall under the definition of FIP.
🔖 3. The RBI Master Direction – Non-Banking Financial Company (#NBFC) - Account Aggregator (Reserve Bank) Directions, 2016, is being modified accordingly.
RBI/2023-24/77
DoR.FIN.REC.53/03.10.123/2023-24
October 26, 2023
Email: ask@nbfc.in
- rbicompliance.com
