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Account Aggregator (AA) network was introduced as a financial data-sharing system by Reserve Bank of India (RBI) when it issued the Master Direction viz Non-Banking Financial Company (NBFC) - Account Aggregator (Reserve Bank) Directions, dated September 02,2016.

Account Aggregator (AA) is a Non-Bank Finance Company (NBFC) engaged in the business of providing the service of retrieving or collecting financial information pertaining to the customer. No financial information of the customer is retrieved, shared or transferred by AA framework without the explicit consent of the customer. AA transfers data from one financial institution to another based on an individual's instruction and consent. Registering with an AA is fully voluntary for consumers.

Entities may enrol themselves on AA framework as Financial Information Provider (FIP) viz. banking company, NBFC, asset management company, depository, depository participant, insurance company, insurance repository, pension fund etc. and as Financial Information User (FIU) which is an entity registered with and regulated by any financial sector regulator. At present, RBI has granted Certificate of Registration to fourteen companies as AA.

Progress Update of Account Aggregator: (as on 30.06.2024)

The Account Aggregator framework has been growing in market adoption across banking, securities, insurance, and pension sectors with the following developments:

  • 94 Financial Institutions have gone live both as FIP and FIU.
  • 60 Financial Institutions have gone live as FIP.
  • 353 Financial Institutions have gone live as FIU.
  • More than 2.12 billion financial accounts are enabled to share data on AA.
  • 77.27 million users have linked their accounts on the AA framework.