The Reserve Bank of India (RBI) on Thursday released a draft regulatory framework to allow the entry of a new kind of non-banking finance company (NBFC) that can act as an account aggregator.
Directions regarding Registration and Operations of NBFC
“At present, persons holding financial assets such as, savings bank deposits, fixed deposits, mutual funds and insurance policies do not get a consolidated view of their financial asset holdings, especially when the entities fall under the purview of different financial sector regulators. Account aggregators would fill this gap by collecting and providing information of customers’ financial assets in a consolidated, organized and retrievable manner to the customer or any other person as per the instructions of the customer,” RBI said in its release.
RBI releases draft framework for account aggregator companies