RBI Circular

CCIL as a Financial Information Provider under AA by RBI

CCIL as a Financial Information Provider under AA by RBI

The recent circular by RBI outlines that certain entities are eligible to join the Account Aggregator (AA) system as Financial Information Providers. These entities can access financial information from other financial information providers, but on November 21,2021, the RBI launched a scheme of the Retail Direct Scheme, which allows retail investors to invest in government securities. This scheme enables individuals to open Retail Direct Gilt Accounts with the bank to access the government securities market and to facilitate the aggregation of financial information on government securities held by the retail investor in their accounts under the scheme. The RBI included the Clearing Corporation of India Limited as a financial information provider.

The objective of the Retail Direct Scheme

The Retail Direct Scheme was launched by the Reserve Bank of India on November 12th, 2021, made access to the government securities market to empower retail investors to participate directly by providing the individual with the opportunity to open a Retail Direct Gilt Account with the bank to simply the process of investing in the government securities which made easy for the investors to gain direct access to the markets for direct securities when before it was only accessible to institutional investors. This scheme increases the greater participation in retail and enhances financial inclusion. Account aggregators enable the financial information on government securities held by retail investors, which enhances transparency, helps investors make informed decisions, and contributes to the development of financial markets.

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RBI’s Latest Update Modification in MD-NBFCs-Account Aggregator Direction, 2016

This direction provides a framework for the Account Aggregator’s registration and operation in India and as the Master Direction-Non Banking Financial Company-Account Aggregator Direction, 2016, paragraph 3 (xi) of the Master Direction states the definition of Financial Information Provider which states the entities identified by the bank as the financial information provider such as a bank, banking company, non-banking financial company, asset management, company, depository, depository participant, insurance company etc., related with the securities market has also added Clearing Corporation of India Limited as a financial information providers on government securities taken by the retail investors in their Retail Direct Gilt Accounts under the Retail Direct Scheme.

Categories of Participants in the Account Aggregator Framework

The categories of participants in the framework of Account Aggregator are given below:

Account Aggregator

The AA acts as an intermediary between the Financial Information Provider and Financial Information Users to help in the transfer of financial information securely and efficiently while ensuring compliance with the guidelines or the requirements of the regulations.

Financial Information Provider

The financial information provider entities gather and hold financial information of individuals from various financial institutions, including banks, banking companies, non-banking financial companies, asset management, companies, depositories, depository participants, insurance companies, etc., related to the securities market added Clearing Corporation of India Limited as a financial information provider.

Financial Information User

The financial information user entities or individuals authorized by the account holder to access their financial information through the Account Aggregator should be a fintech company, financial institution, or credit rating agency. AIFs etc.

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Regulatory Bodies

Regulatory bodies such as RBI and the SEBI regulate the framework of Account Aggregators to ensure transparency, security and compliance with other laws or guidelines.

Account Holders

The individual who has an account with the financial institution and requires or wishes to access and share their financial information securely transfers it through the account aggregators.

Ecosystem of Account Aggregator as a Financial Information User

As the circular RBI/ 2023-24/77 DoR FIN.REC.53/03.10.123/2023-24 issued on October 26, 2023, issued that as per the modification under paragraph 7.7 of the circular of RBI/DNBR/2016-17/46 Master Direction DNBR.PD.009/03.10.119/2016-17 for MD-NBFCs-Account Aggregator Direction, 2016 to ensure efficient and optimum utilization of the ecosystem of the account aggregator, the entities regulated by the RBI as Financial Information User is also joined as a Financial Information Provider.


The framework of the Account Aggregator is an important aspect of India’s ecosystem of financial areas to foster greater transparency and security in accessing and sharing financial information. The recent update brings the participants of the account aggregators together. The inclusion of Clearing Corporation in India Limited as a financial information provider is a step towards enhancing the effectiveness and accessibility of India’s financial market. The integration of CCIL is expanding access to financial information on government securities through the Retail Direct Gilt Account. The RBI, by this circular, promotes transparency to empower individual investors in the financial landscape. The modification also reflects the evolution of the regulatory authorities to adapt to the changing needs of the financial sectors.


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