RBI invites applications for a Self-Regulatory Organisation (SRO) to oversee the Account Aggregator (AA) ecosystem.
- SRO must be a not-for-profit company with a minimum net worth of ₹2 crore within one year of recognition.
- Applications to be submitted via the PRAVAAH portal before June 15, 2025.
What is the Account Aggregator (AA) Framework?
- Introduced by RBI in 2016 as a financial data-sharing system.
- AAs are Non-Banking Financial Companies (NBFCs) that act as intermediaries between:
- Financial Information Providers (FIPs) – Banks, insurance companies, mutual funds, etc.
- Financial Information Users (FI-Us) – Lending institutions, wealth managers, etc.
🔹 Data is transferred only with the customer’s explicit consent.
Regulatory Oversight: Regulated by multiple entities:
- RBI (banks & NBFCs)
- SEBI (securities market participants)
- IRDAI (insurance firms)
- PFRDA (pension funds)
- Department of Revenue (for GST Network)
- Currently, 14 companies have received RBI’s Certificate of Registration as AAs.
(Source: Financial Express)
