RBI floats draft framework for account aggregator NBFCs

04 March, Mumbai

RBI has come out with a draft regulatory framework for new kind of Non-Banking Financial Companies (NBFC) which would act as an account aggregator to help people view their accounts across financial institutions in a common format.

Only companies registered with the RBI as NBFC-AA would be able to undertake the business of an account aggregator.

The regulatory framework draft said, the entities being regulated by other financial sector regulators and aggregating only those accounts relating to the financial assets of that particular sector would not need to register with RBI.

The RBI has sought comments on the ‘Draft Regulatory Framework for Account Aggregator Companies’ to facilitate consolidated viewing of financial assets holdings till the 18th of this month. The proposal said, an account aggregator will not be able to undertake any other business other than account aggregation.