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NBFC Account Aggregator (NBFC-AA) License

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It is important to grasp the term “Account Aggregator” before moving to the NBFC Account Aggregator permit. Account aggregators are elements of this kind that allow the exchange of financial information through financial institutions rather than maintaining a record and obtaining consent.Any business seeking to register as an account aggregator must have an INR 2 Cores Net Owned Fund.
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Definition
Eligibility
Procedure
Cancellation
FAQ

NBFC Account Aggregator License (NBFC-AA)


NBFC Account Aggregators are entities that facilitate the sharing of knowledge across various financial sector organizations and act as “consent brokers”, i.e., the intermediate data transfer amongst the financial organizations with the consent of the user. This was declared by RBI in September 2016 stating master directions for a replacement class of NBFC’s called Account Aggregators. NBFC Account Aggregator is those sorts of elements which set about as assent agent who will empower financial information sharing among financial institutions within the money related part. Though, the knowledge must be moved with the assent of the client. This was conceptualized by the RBI within the year 2015. The RBI has announced master directions for Non-Banking Finance Companies – Account Aggregators (NBFC-AA).

NBFC-AA (NBFC Account Aggregator) may be a quite budgetary element that is involved within the process of giving data to NBFC clients identified with accounts held by clients in various NBFCs. Such data are going to be in a united and sorted out way. the info is going to be associated with the financial involvement of the customer with the varied products of NBFC.

To provide a simple understanding, an Account Aggregator is an entity that will pull and consolidate all of an individual’s financial data and present an equivalent in a manner that permits the reader to simply understand and analyze the various financial holdings of an individual. at the present, our financial holdings are scattered across various financial instruments, with various financial intermediaries, which come under the purview of varied financial regulators.

For example, a private may have investments in fixed deposits with ABC Bank which comes under the purview of RBI, open-end fund investments with EFG AMC which comes under the purview of SEBI, and life assurance cover with HIJ Insurance Corporation (which comes under the purview of IRDAI).

Collecting all the scattered data from each of those investments and consolidating an equivalent for submission to a financial organization while applying for a loan, may convince be a time-consuming and rather confusing job for a private. The NBFC-AA structure was preceded with the intent to help individuals get a consolidated aspect of their financial holdings spread across the purview of different financial sector regulators.

Recently we’ve seen a pointy boost within the interest of getting an NBFC-AA license. Ever since the Structure was launched in 2016, around 8 entities have applied for the Account Aggregator License out of which one has been given the Certificate of Registration while the others are granted in-principle. Apart from the above, we’ve seen interest from the new age digital lending or app-based NBFCs.

Eligibility of NBFC AA Promoters


NBFC-AA Registration Requirements


Important Aspects of NBFC AA License


We must understand the usefulness of the account aggregator before understanding the NBFC AA license application process. Apart from receiving approval and holding the record in a fixed format, the NBFC Account aggregators are empowered to exchange financial information through institutions. This results in the simple sharing of data from the financial information provider (FIP) to the recipient of financial information (FIU). In the following section, let us understand in-depth these two words.

Definition of Financial Information under Master Directions


Master Directions Have Defined The Financial Information As:

Financial Information consists of the following information:

Why to take NBFC-Account Aggregator License?


The key role of the NBFC-Account Aggregator is to provide data in relation to the accounts kept by customers. In a sorted, combined, and retrievable way, data is stored. It is completely intentional for a customer to appreciate the account aggregator’s services.


The NBFC-AA conducts IT-oriented operations that enable specialized data to be collected by the customer. The primary task of NBFC-AA (NBFC Account Aggregator) is account collection; unlike other NBFCs, they would not go into monetary resource exchange with their customers in this way. An aggregator is authorized to transmit the surplus of investment in instruments and not for exchange. In the Board-affirmed method of the record, the aggregator will pick the administration’s estimate. The rules and methodology adopted by the account aggregator must be open and public space available.


The NBFC-AA (NBFC Account Aggregator) administrations must be aware of the required understanding/between the aggregator, customer and provider of financial services. The terms and states of the permit must be trailed by NBFC-AA (NBFC Account Aggregator) including insurance of customer, complaint redressal, data security, corporate governance, audit control, and risk management system. The Financial Stability and Development Council (FSDC) supports the NBFC-AA option.


Completely, NBFC-AA (NBFC Account Aggregator) collects information about the monetary resources of the business and delivers it in a merged, sorted out and retrievable way to the customers. The RBI drafted a set of rules that must be tracked by these kinds of substances.


Roles of NBFC Aggregator (NBFC-AA)


The functions and responsibilities of the NBFC-AA are as follows:

Aggregators Accounts are certainly a reliable platform for sharing information digitally, unlike the paper statements previously issued to the public. NBFC-AA has certainly reduced the risk for financial institutions as relevant customer information can be easily collected. However, this also means that customers have lost real control over their potentially dangerous financial data and created low-level data. Therefore, the RBI needs to tighten regulations related to the sharing of digital financial information digitally.

Procedure of NBFC Account Aggregator Registration


On the basis of master directions provided by the RBI, NBFC-AA registration is carried out. There will not be public funds and some kind of user interface for this form of substance. The Accompanying Measures should be followed for NBFC-AA (NBFC Account Aggregator) Registration:

NBFC-AA Needs to do During the In-Principle Approval Validity Period


The company will prepare for a data innovation platform during the legitimacy phase and complete all the legal documentation that is necessary for doing activities. However, RBI can drop the CoR of NBFC-AA on Account Of Non-Compliance:

Standards for Data Security by NBFC Account Aggregator Registration


NBFC-AA must have a legal IT system since they convey a lot of monetary data from various customers. The covered stockpiling and transition of information from money-related data providers to budgetary data customers would be solely responsible for these kinds of elements. They will also need to ensure the customer credentials in their system can not be recovered or stored.

As we would like to think, directing such types of elements is an excellent move taken by the RBI. RBI submitted the NBFC Account Aggregators rules for this in 2016. It is not desirable, however, to call them NBFCs as they do not transmit any kind of money-related operation.

Cancellation of NBFC-AA Registration Certificate


RBI-DNBR may cancel the Aggregator Account Registration Certificate if any of the following conditions are met:

The company failed to do the following:

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Frequently Asked Questions


NBFC Account Aggregators are institutions that allow data sharing across multiple organizations in the financial sector and function as “consent brokers,” i.e., with the consent of the consumer, they intermediate data transfer between financial organizations.

NBFC Account Aggregator (NBFC-AA) License can be easily applied online. But you will need an expert to create the application process or consultation. For more information visit the website Legalraasta or call us on 8750008881.

NBFC Account Aggregator (NBFC-AA) License cost usually starts from Rs.3,000 and goes beyond according to the service you choose. For more major details visit our website Legalraasta or you can call us on 8750008881.

The main important documents are phone number, mail id, and address proof of the applicant. Also mentions the for more details call us on 8750008881.

For full information on having an Account Aggregator license, please refer to Section 4.2 of the Master Directive issued by the RBI (NBFC-AA license).

Indeed, all the existing record aggregator organizations were required to apply for enlistment within a period of one month from the date of issue by RBI of ace bearings. On the second of September 2018, RBI donated bearings.

The RBI can take care of the actions of record aggregators and to ensure that the activities are close to the guidelines suggested.

The entities include RBI (Reserve Bank of India), SEBI (Securities Exchange Board of India), IRDAI (Insurance Regulatory and Development Authority of India) and PFRDAI (Insurance Regulatory and Development Authority of India) (Pension Fund Regulatory and Development Authority).

Record aggregators collect data on the money-related resources of clients and provide the data in a unified, sorted and retrievable manner based on the client’s guidelines. Financial experts will have the ability to conduct their own circumspection of the management of record aggregators.

No, before applying for NBFC AA Registration, it is not mandatory to have NOFs of Rs 2 crores. However, when obtaining the Certificate of Registration from RBI, the applicant must have the same.

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