Guideline No. R001
Purpose To clarify the definition of “Reciprocity”
Description The term “Reciprocity” refers to an implicit obligation of a financial services institution to play two roles, in the AA network – that of an FIP and that of an FIU.Discharging this implicit obligation implies that every financial services institution wishing to join the AA ecosystem as an FIU (a “user” of information) also agrees to be an FIP (a “provider” of information).The principle of reciprocity being an obligation is to ensure citizens are benefited as also to ensure the usage of the AA network by participants is fair and equitable.Such an obligation can however only be practically implemented, if a financial institution is the custodian of one or more of the financial information types listed as part of the open API specifications (published by ReBIT).In the absence of the FIP service being practically implementable, a financial institution may still participate as an FIU, with a clear commitment to implementing its FIP service as and when applicable.

Such a commitment is codified explicitly in the AA Ecosystem Participation Terms, a legally enforceable digital commons meant to standardise behavioural expectations amongst participants.

Further, this obligation is also codified in Clause 7.7 of the RBI’s Master Direction- Non-Banking Financial Company – Account Aggregator:
“7.7 Joining the Account Aggregator Ecosystem as Financial Information User
With a view to ensure efficient and optimum utilisation of the Account Aggregator ecosystem, regulated entities of the Reserve Bank joining the Account Aggregator ecosystem as Financial Information User shall necessarily join as Financial Information Provider also, if they hold the specified financial information and fall under the definition of Financial Information Provider.”

Stage Finalised

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