Account
Aggregators

Account Aggregators (AA) are non-banking financial companies, licensed by RBI, that act like a bridge, to deliver data from Financial Information Providers (FIP) that hold your personal or corporate financial data to Financial Information Users (FIU) that are providing financial services to you.

Growing network of AAs in India

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Current list of AAs Grievance Redressal Officers

Drive the Change

Account Aggregators empower users with their data by,
  • Giving them control over their financial data
  • Real-time sharing of information
  • Better and faster access to an array of new age financial services

Data Empowerment a Reality with
the AA Ecosystem

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Secure and seamless
sharing of data through
encryption

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User-controlled data sharing
with unified consent
management

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No physical document collection or submission, preventing leakage and misuse

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No sharing login credentials
with third parties reducing
security breach

How to become
an AA?

The Reserve Bank of India (“RBI”) has issued directions for registration and operations of NBFC-Account Aggregators. These include registration requirements, the process of registration and other ancillary requirements necessary to become an Account Aggregator. We briefly cover the application procedure, divided into 2 phases.

In-Principle Approval:

01
Submit application to the RBI

As per RBI master direction, no entity other than a company can become an AA. Submit an application in the prescribed format under Annexure A of the guidelines addressed to the Department of Non-Banking Regulation.

02
Provide company identification information

Submit a comprehensive overview of your business operations and model, also including company’s background information, the key managerial positions, an overview of the proposed AA framework etc

03
Provide statement of capital funds

Share details about the company’s corporate structure, capital funds, net worth, shareholding pattern, auditor’s certificates etc. An indicative list has been provided by the RBI to gauge what documents are required.

04
Submit a business plan

The business plan provides RBI a view of the business operation, product offering, mechanisms on how data flows, the consent mechanisms for users, plan for customer acquisition and retention etc.

05
Comply with RBI requirements

RBI has set certain conditions for entities to become an AA. This includes requirements related to necessary resources, capital structure, investment from Financial Action Task Force (“FATF”) etc.

06
Get application reviewed by RBI

The RBI may take up to a year to review the application, often following up with queries. After due diligence, the application is either granted an in-principle approval; sent back due to lack of information; or rejected.

Operating License

01
Comply with regulatory and technical requirements

After in-principle approval, your company has 12 months from the date of receiving such approval to comply with all the regulatory and technical requirements prescribed by the RBI.

02
Procure adequate capital

If your company is unable to meet the minimum net owned fund requirements of two (2) crore, adequate capital must be brought into the company.

03
Make technological platform operational

Ensure that the technology platform is operational and is in compliance with technical specifications. Enter into agreements with relevant stakeholders to ensure services are continued to customers.

04
Put measures to protect customer data

Ensure that you have extensive and elaborate controls, procedures, and policies in place to make sure that customer data is always protected.

Solutions by Sahamati

Use the following services offered by Sahamati to seamlessly integrate the AA
framework within your organisation.

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Sahamati Certification Frameworks

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Central Registry

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Dispute Management System

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Additional Resources

FAQs

In the AA app, users need to link with their FIPs (bank accounts) by which a user can share the data from that FIP with an FIU. The linking process requires users to enter a unique identifier by which the FIP can discover your account (e.g. PAN number, Customer Registration Number or mobile number – this is FIP specific). The FIP will verify that the user is the owner of that account by sending an OTP.

Please refer to our Resources section of the website. It has all the required technical and policy documents.

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