Draft Account Aggregator Norms

5th March, 2016

Draft Account Aggregator Norms

Why Account Aggregator?

At present, persons holding financial assets, such as, savings bank deposits, fixed deposits, mutual funds, insurance policies, do not get a consolidated view of their financial asset holdings, especially when the entities fall under the purview of different financial sector regulators. 

Account Aggregators would fill this gap by collecting and providing the information of customers’ financial assets in a consolidated, organised and retrievable manner to the customer or any other person as per the instructions of the customer. 

The Reserve Bank will regulate and supervise the activity of account aggregation with a view to ensuring that the services provided and the terms at which these are provided conform to prescribed standards.

Regulations:

1. Only companies registered with the Reserve Bank as NBFC – AA will be able to undertake the business of an account aggregator.
2. Entities being regulated by other financial sector regulators and aggregating only those accounts relating to the financial assets of that particular sector will not need to register with the Reserve Bank.
3. The Net Owned Fund should not be less than ₹ 2 crore.
4. An account aggregator will not be able to undertake any other business 
5. Business of an account aggregator will entirely be Information Technology (IT) driven.
6. Account aggregation services will be provided under specific application by the customer for availing such services and would be backed by appropriate agreements/ authorisations.
7. Pricing of services would be as per the account aggregator’s Board approved policy.