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Overview of NBFC Account Aggregator License

Account Aggregators are such kind of entities which acts as a consent broker that enables sharing of the financial data among the financial institutions in the financial sector. Hence, Account Aggregation is the gathering of all the financial data that includes assembling of all the information on a single platform from different accounts like the investment accounts, bank accounts, consumer accounts, business accounts and other related financial accounts.

Account Aggregators are the financial organizations that grant structured allocation of financial data from the Financial Information Providers to the Financial Information Users. For transmitting this information, the approval request is taken from the users. The right of administering and revoking the assent lies with the users.

What is NBFC Account Aggregator?

NBFC Account Aggregator is that financial entity which functions as the Account Aggregator for the customers of NBFC. NBFC-AA accumulates and provides information concerning multiple accounts which are held by the customers in various NBFC entities. The information of the customer account information will be in the form of organized, consolidated and retrievable data that would reveal the financial engagement of the customer in different NBFC products like mutual funds, insurance etc.. This was conceptualized by the RBI in the year 2015. For Non-Banking Finance Companies - Account Aggregators (NBFC-AA), RBI has declared master directions.

NBFC-AA (NBFC Account Aggregator) is a kind of budgetary element which is involved in the process of giving data to NBFC clients identified with accounts held by clients in various NBFCs. Such data will be in a united and sorted out way. The data will be related to the financial involvement of the customer with the various products of NBFC.

For Your Better Understanding Let Us Clarify The Importance Of Both The Terms:

Financial Information Provider (FIP):

These are those financial organizations that grant user’s account information upon the request of another individual or organization and are harmonized under the financial sector.

Financial Information User (FIU):

These organizations need information regarding the users from the FIP for many purposes such as customer analysis, market evaluation, etc. This includes both individuals and organizations. These entities are regulated by the financial sector regulators such as RBI, IRDA, SEBI, PFRDA.

The sharing of the Financial Information has to be according to the direction issued by the RBI-DNBR.

What constitute the Financial Information?

Financial Information consists of the following information:

  • Deposits with NBFCs
  • Structured Investment Product (SIP)
  • Commercial Paper (CP)
  • Certificates of Deposits (CD)
  • Government Securities (Tradable)
  • Equity Share
  • Bonds Debentures
  • Mutual Funds
  • Exchange Traded Funds (ETF)
  • Indian Depository Receipts
  • Collective Investment Schemes (CIS)
  • Alternative Investment Fund
  • Insurance Policies

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Benefit of NBFC Account Aggregator

  • The principle function of the NBFC-Account Aggregator is to give data with respect to the accounts held by clients. Data is held in a sorted, merged and retrievable way. For a client, it is totally purposeful to enjoy the services of the account aggregator.
  • The NBFC-AA performs IT-oriented activities which imply that client will get advanced data. The primary job of NBFC-AA (NBFC Account Aggregator) is collection of account and in this way they will not go into the monetary resources exchange with its clients, unlike other NBFCs. An aggregator is allowed to convey investible surplus in instruments and not for exchanging. Board-affirmed approach of the record aggregator will choose the estimating of administrations. Such rules and approach embraced by the account aggregator must be transparent and accessible in the public space.
  • The administrations rendered by the NBFC-AA (NBFC Account Aggregator) must ensure regarding the suitability of understanding between the aggregator, client and financial service provider. The terms and states of the permit must be followed by NBFC-AA (NBFC Account Aggregator) like insurance of client, corporate governance, complaint redressal, data security, audit control, and risk management framework. The Financial Stability and Development Council (FSDC) support the function of NBFC-AA.
  • Absolutely, NBFC-AA (NBFC Account Aggregator) gathers data in regards to the client's monetary resources and gives it to the clients in a sorted, merged and retrievable way. The set of rules drafted by the RBI which must be tracked by them properly.

Requirements for NBFC-AA Registration

  • There is a minimum requirement of Rs. 2 crore for NBFC-AA (NBFC Account Aggregator) license. Nonetheless, the company will be having a time period of 12 months after obtaining the principle approval of RBI for the purpose to raise money. No other services can be provided by NBFC-AA (NBFC Account Aggregator) other than for account aggregation.
  • After receiving the approvals from the regulator, NBFC-AA will have time duration of 12 months to set up all the essential technologies and tie-ups that are compulsory to carry out the business of aggregation.
  • NBFC-AA will give information to the financial user concerning the customer. NBFC-AA is not competent to do fund based activity like the other NBFCs. Prima facie it cannot be considered as NBFCs. NBFC Account Aggregators cannot use the information of the customer’s financial assets for any different purpose.
  • According to RBI, an entity which is involved in aggregating accounts of a particular financial sector which is regulated by the other regulators can be given exemption from obtaining RBI’s approval. These types of entities are not permitted to carry financial activities like other NBFCs.

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