An Account Aggregator is an NBFC registered with the RBI that enables consent-based sharing of financial information between financial institutions. It cannot store, read or sell the data it transfers. Applicants must be companies meeting net owned fund requirements, with robust technology aligned to the AA technical standards and RBI's Master Direction on NBFC-Account Aggregators.
Role of an AA
Connects financial information providers and users through customer consent, without accessing the data.
Eligibility
- Company with net owned fund as prescribed
- Fit and proper promoters
- Technology per ReBIT standards
Process
- Apply to RBI.
- In-principle approval.
- Technology setup and audit.
- Final registration.
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Get expert help →Compliance
Data security, grievance redressal, audits and reporting.
Frequently asked questions
Can an AA lend money?
No. An AA must only carry out account aggregation business.
Who uses AA data?
Banks, NBFCs and other regulated entities with customer consent.
Is the AA service free for customers?
AAs may charge fees as permitted and disclosed.
How long does registration take?
Several months, including technology audits.
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