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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. Securities Exchange Board of India (SEBI) published a circular on August 19, 2022 allowing its regulated entities to be part of the AA framework.

AA is a Non-Banking Finance Company (NBFC) engaged in the business of providing the service of retrieving financial information from one financial institution to another based on an individual's direction and consent.  No financial information of the individual is retrieved, shared or transferred by AA without his / her explicit consent.

Entities may enrol themselves on AA framework as FIP viz. banking company, non-banking financial company, 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 six companies as AA.

Progress Update of Account Aggregator

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

  • 23 banks, including all Public Sector Banks, have joined AA as FIPs and FIUs.
  • More than 1.1 billion bank accounts are enabled to share data on AA
  • Around 1.4 million users have linked and shared data on the AA framework.
  • 10 SEBI regulated, 7 insurance regulated and 2 PFRDA regulated entities are live on AA.
  • 72 entities are accessing data through AAs as FIP and FIU