Master Direction for Non-Banking Financial Company – Account Aggregator
This Master Direction outlines the guidelines for Account Aggregators, which are non-banking financial companies that provide the service of aggregating financial information of customers.
The directions are applicable to all Account Aggregators, and they shall come into effect immediately.
Scope: The directions cover the registration, duties, and responsibilities of Account Aggregators, as well as the consent architecture and sharing of financial information.
Definitions: The directions define key terms such as “Account Aggregator,” “Financial Information,” and “Financial Information Provider.”
Registration: Account Aggregators must register with the Reserve Bank of India (RBI) and meet certain eligibility criteria. The registration process involves submitting an application, paying a fee, and meeting certain fit and proper criteria.
Duties and Responsibilities: Account Aggregators must comply with certain duties and responsibilities, including maintaining confidentiality, ensuring data security, and providing customer grievance redressal mechanisms.
Consent Architecture: The directions outline the consent architecture for sharing financial information, which involves obtaining customer consent through a valid consent artefact.
Sharing of Financial Information: Financial Information Providers must share financial information with Account Aggregators upon presentation of a valid consent artefact.
The directions also cover other aspects, including investment from FATF non-compliant jurisdictions and the use of information by Account Aggregators.
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