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Are you running an NBFC and willing to operate as an account aggregator? If so, you must acquire an NBFC AA license (NBFC account aggregator license).
NBFC AA license is a permit granted to entities acting as consent brokers that enable the sharing of financial data among financial institutions in the financial sector. It allows the aggregators to convey investible surplus in instruments and not for exchange.
The entities seeking account aggregator licenses of NBFC work as data service exchanges for consent-based sharing of financial data and information like credit history, bank statement, wealth, insurance, GST data, etc. Unaware of the challenges in the path of securing an account aggregator license of NBFC? Reach out to our experts and get assistance to Apply for NBFC account aggregator license online.
NBFC Account Aggregators (NBFC AA) are those financial entities that provide information concerning multiple accounts of the customers of various NBFCs. They are the financial organizations authorized to grant structured allocation of financial data from the Financial Information Provider (FIP) to the Financial Information User (FIU).
NBFC AA is a kind of budgetary element that is involved in the process of giving data to NBFC clients identified with accounts held by clients in various NBFCs. NBFC AA is not competent to do a fund-based activity like the other NBFCs. It is considered an API-based business model/ ecosystem that aggregates relevant information in an encrypted format.
The benefits of obtaining an NBFC Account Aggregator License are as discussed below:
The entities seeking NBFC Account Aggregator License are considered an appropriate measure for operational risk management and business continuity.
The entities enrolled as an NBFC Account Aggregator, having limited credit history have enhanced credit access to products.
The NBFC Account Aggregators perform IT-oriented activities to provide advanced data to the clients and convey investible surplus in instruments and not for exchange.
The NBFC Account Aggregator ecosystem is considered a cost-efficient system for the financial institutions directly involved in collecting data from the customers.
The grant of NBFC Account Aggregator license ensures compliance with regulatory standards required for mitigating the risk associated with real-time sharing of financial information.
The grant of the NBFC Account Aggregator License crucially secures the privacy and security of the data with respect to the accounts held by the clients/ customers.
The grant of the NBFC Account Aggregator license offers better and faster access to an array of new-age financing services and consent-based data sharing.
The entities seeking an NBFC AA License from RBI must comply with the following eligibility requirements as specified under the Non-Banking Financial Company- Account Aggregator (Reserve Bank) Directions, 2016:
Checklist for NBFC Account Aggregator License
The documents required for obtaining the NBFC Account Aggregator license in India are as discussed below:
Here is the comprehensive guide that will assist you in understanding the steps to apply for NBFC account aggregator license online -
Application Filing
According to the RBI master direction, the applicant entities are initially required to submit an application in the format prescribed in Annexure A of the regulation. The application must be submitted through an online mode to the Reserve Bank of India.
Document Submission
Next, the applicant must make submission of mandatory documents like a business plan, statement of capital funds, company identification information, etc., to stay compliant with the RBI requirements for holding an account aggregator license.
Review and Due Diligence
The bank is further required to conduct a due diligence procedure for the review of registration conditions as specified under the Non-Banking Financial Company- Account Aggregator (Reserve Bank) Directions, 2016.
Grant of In-Principle Approval
Once the bank is satisfied with the review of the conditions specified in the RBI Master Direction, the in-principle approval is granted for the registration as an account aggregator with a validity period of 12 months from the date of granting such in-principle approval.
Certificate of Registration
Once the entities further comply with all the regulatory & technical requirements within the period of 12 months for commencing operations, the Bank grants the Certificate of Registration to the NBFC Account Aggregators.
Have a look over the key responsibilities of account aggregators in India, as explained below:
The active participants/ pillars existing in the NBFC account aggregator ecosystem intending to democratise data access and empower consumers with complete control of their sensitive financial information are as discussed below:
Financial Information Providers (FIP) are financial organizations that grant users account information upon the request of another individual or organization and are harmonized under the financial sector. Banks, banking companies, NBFCs, asset management companies, depository pension funds, etc., are some entities identified as FIP from time-to-time.
The Financial Information Users (FIU) are those organizations that need information regarding the users from the FIP for purposes like customer analysis, market evaluation, etc. Users include both individuals and organizations regulated by the financial sector regulators such as RBI, IRDAI, SEBI, and PFRDA.
Technology Service Providers (TSP) make use of the Account Aggregator framework for developing modules to obtain a customer’s financial information directly from the banks (through APIs). Moreover, they collaborate with FIPs and FIUs to deliver account aggregator enabled products and services.
Have a look over the progress status of the Account Aggregator license of NBFC in the current scenario:
Some of the mandatory compliances required for obtaining the NBFC Account Aggregator license from the RBI are as discussed below:
NBFC AA must comply with the disclosure requirement as specified in Section I of Annexure-VII of the Master Direction- Reserve Bank of India (Non-Banking Financial Company- Scale Based Regulations) Directions, 2023.
NBFC AA must comply with the disclosure requirement as specified in Section I of Annexure-VII of the Master Direction- Reserve Bank of India (Non-Banking Financial Company- Scale Based Regulations) Directions, 2023.
The NBFC Account Aggregators are required to obtain prior written approval/ permission from the Bank for any takeover/ acquisition of control of an Account Aggregator or any change in the shareholding of an Account Aggregator.
The NBFC Account Aggregators are required to obtain prior written approval/ permission from the Bank for any takeover/ acquisition of control of an Account Aggregator or any change in the shareholding of an Account Aggregator.
The NBFC Account Aggregators shall comply with the eligibility criteria as specified in paragraph 15A.2 of the NBFC Account Aggregator (Reserve Bank) Directions, 2016, for the declaration of dividends up to a dividend payout ratio of 50%.
The NBFC Account Aggregators shall comply with the eligibility criteria as specified in paragraph 15A.2 of the NBFC Account Aggregator (Reserve Bank) Directions, 2016, for the declaration of dividends up to a dividend payout ratio of 50%.
The Account Aggregators are required to make time-to-time submission of returns as prescribed by the Bank. Also, the NBFC AA entities must undergo a financial data system audit through an external auditor accredited by the Certified Information Auditor System.
The Account Aggregators are required to make time-to-time submission of returns as prescribed by the Bank. Also, the NBFC AA entities must undergo a financial data system audit through an external auditor accredited by the Certified Information Auditor System.
The board of Account Aggregators should constitute Nomination, Audit, and Risk Management Committees for scrutinizing the declarations and deciding upon the acceptance or otherwise of the directors.
The board of Account Aggregators should constitute Nomination, Audit, and Risk Management Committees for scrutinizing the declarations and deciding upon the acceptance or otherwise of the directors.
The NBFC Account Aggregators must comply with the duly incorporated Board Approved Policy for resolving the customer grievance and conform pricing for services.
The NBFC Account Aggregators must comply with the duly incorporated Board Approved Policy for resolving the customer grievance and conform pricing for services.
The NBFC Account Aggregator license holding entities must establish a proper grievance redressal mechanism for resolving the complaints and legal disputes among the customers.
The NBFC Account Aggregator license holding entities must establish a proper grievance redressal mechanism for resolving the complaints and legal disputes among the customers.
The NBFC Account Aggregator must make use of IT-driven technologies to secure the data from unauthorized access, alteration, destruction, disclosure, etc.
The NBFC Account Aggregator must make use of IT-driven technologies to secure the data from unauthorized access, alteration, destruction, disclosure, etc.
Every entity seeking registration as an NBFC Account Aggregator must furnish an annual clarification regarding the changes in management (including CEO, directors, and managing directors) within a period of 15 days from the closing of the financial year.
Every entity seeking registration as an NBFC Account Aggregator must furnish an annual clarification regarding the changes in management (including CEO, directors, and managing directors) within a period of 15 days from the closing of the financial year.
The difference between Financial Information Provider (FIP) and Financial Information User (FIU) are as explained below:
| S. No | Aspect | Financial Information Provider (FIP) | Financial Information User (FIU) |
|---|---|---|---|
| 1 | Meaning | Institutions that hold fiduciary data for your bank, NBFC, mutual funds, etc. | Institution which consumes data from an FIP to provide various services to the end consumers like lending bank. |
| 2 | Primary Function | Custodian/ Guardian of financial data | User of financial data |
| 3 | Examples | Bank, NBFC, AMC, Depository Participant, Insurance Company, Insurance Repository, Pension Fund, etc. | Entities, Financial Regulators like RBI, SEBI, IRDAI, PFRDA, etc. |
| 4 | Role in AA Framework | Provides financial information only upon the consent/authorization of the customers. | Requests data from FIPs based on the consent of the customer on their AA handle. |
The RBI master direction for NBFC AA has specified financial information, which comprises of the following information, as provided below:
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We ensure compliance with RBI regulations and guidelines pertaining to data privacy, security, transparency, and consumer protection.
We ensure the preparation of mandatory documents required to acquire an Account Aggregator License of NBFC.
We offer expertise and experience in record keeping services, including financial services, technology, data management, or other associated domains.
We offer instant support services, empowering you to share and control your financial data or information securely.
Reach out to our team, which is comprised of professionals and experts, to enjoy free legal services for obtaining an account aggregator license of NBFC.
We guarantee economic and fast delivery of the Account Aggregator license of NBFC, ensuring reduced hurdles along the way.
We provide an end-to-end encrypted data sharing platform for the smooth and secure aggregation of financial information from FIPs to FIUs.
We hold a team of experts/ industry professionals with knowledge and an in-depth understanding of the NBFC and matters incidental thereto.
Have a look at the answers to the most asked questions.
Legal Researcher
Written by Neha Dawra. Last updated on May 28 2026, 04:11 PM
Neha Dawra has 4+ years of experience in legal research and intellectual property advisory. Her expertise lies in analyzing IP laws, drafting structured legal content, and simplifying complex registration procedures into clear, simple insights.
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