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Informist, Wednesday, Mar. 12, 2025

--RBI invites applications for self-regulatory body for Account Aggregators 

--RBI seeks Account Aggregators self-regulatory body applications by Jun 15

--RBI issues norms to recognise self-regulatory bodies for acct aggregators 

NEW DELHI – The Reserve Bank of India Wednesday invited applications for the recognition of self-regulatory organisations for the account aggregator ecosystem by Jun. 15, the central bank said in a release. The RBI also issued the framework for recognising self-regulatory organisations for the account aggregator ecosystem. 

Account aggregators collect specified financial information from financial information providers under the purview of various financial sector regulators such as the RBI and the Securities and Exchange Board of India. After collecting specified information, account aggregators consolidate and present it to customers or financial information users.

In the account aggregator system, the transfer of information involves multiple entities regulated by various financial sector regulators, which makes the ecosystem complex and unique, the RBI said. "Owing to idiosyncrasies of the AA (account aggregator) ecosystem and the need to strike a balance between regulation and innovation, it is felt that a self-regulatory organisation for the AA ecosystem could play an important role," the RBI said.

The self regulatory organisation should adopt objective, well-defined and consultative processes to make rules relating to the conduct of its members, and be able to monitor the compliance of these rules, the central bank said. The body should also collect and share relevant information with the RBI to help in policymaking.

An applicant for the self regulatory organisation for account aggregators should be set up as a not-for-profit company. The applicant should also have or demonstrate to achieve a minimum net worth of INR 20 million within a period of one year after recognition as a self regulatory body or commencement of operations as the regulatory body, whichever is earlier.

"Thereafter, the SRO-AA (self-regulatory organisation for the account aggregator ecosystem) shall maintain the minimum required net worth on an ongoing basis," the RBI said. "The shareholding of the SRO-AA should be sufficiently diversified and no entity shall hold 10% or more of its paid-up share capital, either singly or acting in concert."  End

Reported by Shubham Rana

Edited by Avishek Dutta

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