As on date, 94 Financial Institutions have onboarded themselves on Account Aggregator (AA) platform as Financial Information User (FIU), out of which 73 are RBI regulated, 10 Securities and Exchange Board of India regulated, 9 Insurance Regulatory and Development Authority of India regulated and 2 Pension Fund Regulatory and Development Authority regulated entities.
- This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.
- Total 26 Financial Institutions are onboard as Financial Information Provider (FIP), out of which, 12 are Public Sector Banks, 10 are Private Sector Banks, 1 Small Finance Bank and 3 are Life Insurance Companies.
- RBI vide circular dated November 23, 2022 has included Goods and Service Tax Network (GSTN) as a FIP under AA framework.
About Account Aggregator
- RBI had issued the Non-Banking Financial Company (NBFC) – Account Aggregator (Reserve Bank) Directions, on September 02, 2016 vide which the Account Aggregator (AA) network was introduced.
- Account Aggregator (AA) network is a financial data-sharing system that could facilitate investing and credit, giving consumers access and control over their financial records and expanding the potential pool of customers for financial sector entities and fintech companies.
- AA take data from one financial institution to another based on an individual’s direction and consent.
- However, registering with an AA is fully voluntary for consumers.
