NBFC Account Aggregator (NBFC AA) License Services

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NBFC Account Aggregator License (NBFC AA)

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It is important to know about the term Account Aggregator While looking for an NBFC Account Aggregator License or Permit. (NBFC AA). Account Aggregators are the necessary elements which enable the sharing of financial information through financial institutions while maintaining and keeping a record and obtaining prior consent. Any business within the country seeking to register as an NBFC Account Aggregator must require the net owned fund of INR 2 cores.

We at Enterslice Offer expert guidance and assistance on NBFC account aggregator license or permit. Our team is well-versed in Industry knowledge and provides you with complete online guidance on the NBFC AA licensing process. We work closely from the initial stage of filing an application to finishing the entire process and engage till the certificate of NBFC AA (Account Aggregator) is received. We provide end-to-end RBI compliance for NBFC AA.

NBFC Account Aggregator License (NBFC AA)

NBFC Account Aggregators (NBFC AA) are financial data-sharing entities that facilitate the sharing of financial Knowledge across different financial sector organizations and work as 'Consent Brokers'' which means the intermediate data transfer network among the financial institutions where the user have their accounts. NBFC Account Aggregators (NBFC AA) are prohibited from sharing financial information without obtaining the consent of the user. NBFC Account Aggregators are the sort of elements that work as assent agents and share financial information on money-related concerns among several financial institutions. However, the sharing of financial information must be moved with the consent or assent of the user in the most secure manner. The Reserve Bank of India exercised its conferred power under Section 45JA of RBI Act, 1935 issued a master direction on NBFC Account Aggregator (NBFC AA) DNBR.PD.009/03.10.119/2016-17 on 2nd September 2016 which defines the terms of NBFC Account Aggregator (NBFC AA) operations and requisite guideline need to be followed by Non-banking financial companies who operate in the NBFC Account Aggregator (NBFC AA) landscape.

NBFC Account Aggregator (NBFC AA) is involved in the process of sharing financial information and giving data to NBFC clients who have accounts with other financial institutions (NBFCs) existing within the network of an NBFC Account Aggregator (NBFC AA). Such data are going to be united and sorted in a way as the information is going to be associated with the financial status of clients with diverse NBFC products and services.

In a broader sense, an account aggregator is a legal entity which works to extract all the financial information of users (individual financial data) and provide information in such a manner that allows the reader to simplify, understand and analyze the various financial data and holdings of individuals. At present, the financial holdings of an individual are scattered across various financial institutions, with different financial intermediaries that come under the purview of verified and regulated financial regulators.

Suppose individuals may have several investments in fixed deposits with ABC bank that come under the RBI, open-end fund investments with EFG AMC come under SEBI, and life assurance cover with HIJ insurance corporation comes under IRDAI.

NBFC Account Aggregator (NBFC AA) collects all scattered financial information or data from diverse investments and consolidates a proper submission to a financial organization where an individual has applied for the loan. This task may be time-consuming and seems to be a more confusing task for private entities. Thus, the Reserve Bank of India has formulated the structure of the NBFC Account Aggregator (NBFC AA) with the intent to help safeguard the interest of individuals to provide a view of their consolidated financial holdings scattered across the ambit of various regulatory bodies' financial sectors.

Our professionals at Enterslice have in-depth Knowledge and years of experience to help you in getting an NBFC account aggregator (NBFC AA) License. Although the structure for NBFC AA was launched in 2016, several entities applied for a license. We will give advice concerning the NBFC AA license and keep our coordination and cooperation with the department until the certificate of registration is received successfully.

Requisite Eligibility of NBFC AA Promoters

  • A company seeking an NBFC Account Aggregator license is required to build a plan to identify whether the promoters are suitable in accordance with RBI rules and regulations.
  • A declaration needs to be received from the company CEO, managing directors, and other relevant directors.
  • Need to furnish a detailed annual clarification of management changes, including CEO, directors, and managing director, must be supported by legislative Auditors within a period of 15 days from the closing of the financial year associated with the fit and proper requirement.
  • Accordingly, the company, under specified order, need to provide an arrangement deed, which might be received from the CEO, managing directors and another director of the company.

NBFC AA Registration Requirements

  • To get an NBFC account aggregator license, it is mandatory to have a minimum requirement of INR 2 core. However, the agencies will have a set funding duration after getting extensive approval from the Reserve Bank of India. It is strictly prohibited to continue any services without having a NBFC AA license.
  • After getting approval from the end of the regulatory authority (NBFC AA), the NBFC Account Aggregator will have a specified time duration to establish all the necessary business design and operational bindings to carry out the business.
  • As per the Reserve Bank of India, an entity that works to consolidate financial sector-related accounts held by different regulators will be excluded from the purview to obtain RBI approvals. The RBI directs the NBFC Account Aggregator (NBFC AA) and is strictly prohibited from covering money-related tasks as other NBFCs commence to operate.
  • NBFC Account Aggregator (NBFC AA) facilitate important financial data to financial users associated with the clients and is disallowed to carry out any financial fund-related activities as the other NBFC performs. NBFC Account aggregators are not allowed to use the financial data of clients or users for any other purpose.

Important aspects Based on NBFC AA License

It is mandatory to understand the usage of the NBFC account Aggregator (NBFC AA) while proceeding with obtaining an NBFC account aggregator license application procedure. However, by getting approval from RBI and keeping the financial records in such a manner, the NBFC Account Aggregator is allowed to pass and circulate the financial information through different financial institutions. It showcases a simple sharing of financial information from the financial information provider (FIP) to the Financial information User (FIU), known as the recipient of such financial information. We need to know about these two words in depth

Financial Information Provider (FIP)

As per the master direction of RBI, it acts like a bank, including non-banking companies, asset management companies, insurance repositories, and pension funds, along with other entities specified by Apex Bank. It is an entity which provides monetary-related services and is regulated under the budgetary area.

Financial Information User (FIU)

The scope of a financial information user is wider, and most probably it includes a customer or other NBFC entities looking for financial information related to individual holdings. This may include several institutions such as RBI, SEBI, IRDA, and PFRDA. However, the financial information duly shared through the channel of FIU and FIP is recognized and transferred as per the master direction provided by the RBI's department for Non- banking Regulations, I.e. the regulatory body for NBFC AA.

List of Definitions of Financial information under RBI Master Direction

The RBI master direction for NBFC AA has specified the financial information. The financial information includes several pieces of information related to

  • Deposits made with NBFCs
  • Information on Structured Investment Products (SIP)
  • Commercial Paper (CP)
  • Deposit certificates (CD)
  • Government-owned securities (Tradable nature)
  • Equity Share
  • Debentures bonds
  • Mutual funds information
  • Exchange-Trade funds (ETF)
  • Indian Depository Receipts
  • Collective Investment Schemes (CIS)
  • Alternative Investment Funds (AIF)
  • Insurance Policies, etc.

Why is it necessary to obtain an NBFC account Aggregator License/Permit (NBFC AA)?

It is well known that the NBFC Account Aggregator's role and responsibility is to share financial information associated with the accounts of customers. In a broader sense, the financial information is stored, combined and retrievable in a secure way. The information shared is truly based upon the consent of the customer who appropriately allowed the account aggregator services, and it is completely intentional.

The NBFC account Aggregator (NBFC AA) initiates innovative information technology operations to ensure specialized financial data is secured and stored by the customer. The NBFC account aggregator is primarily tasked to collect account information rather than other existing NBFCs who may prefer to go for collection of monetary resources. An account aggregator is allowed to transmit the surplus investment information and not transmit it for exchange. As per the board-approved process of records, the NBFC account aggregator may select only the admiration estimate. The entire process of rules and methodology to collect information by the NBFC account aggregator needs to be public, and open space must be easily available for all.

The NBFC Account Aggregators (NBFC AA) administrations should be aware of the requisite understanding of aggregators, customers, and providers of financial services. The NBFC account Aggregator (NBFC AA) license will be supported on several terms, including insurance of customers, complaint redressal, data security, corporate governance, and audit control and risk management systems.

An account aggregator (NBFC AA) works to collect financial information of individual or business entities and share such information in the most sorted, secured, and compliant way to the financial users. The Apex regulatory authority has formulated the rules and regulations which help to sort and define the functioning of these kinds of NBFC account aggregator entities.

Manager of consent for Financial Data Transfer

It is important for the NBFC account aggregator (NBFC AA) to offer customers a platform where they can easily make data payments or share financial information from various accounts to an entity where they want access to such information (FIU). A consent request can be processed with the time for asking a user request to access appropriate financial information through a verified NBFC- Account Aggregator identifier. Upon receipt of the request, MNFC-AA will guarantee the time when request information is shared after user approval is received through an NBFC AA app. This is a similar way to collect a request for a UPI application.

FIU’s financial information user data is used to offer a wide range of services to its consumers, which includes credit, personal finance, wealth management, investment offers, and futuristic financial services, including Robo banking through innovative AI. Users who have registered their accounts with the NBFC-Account aggregator (NBFC AA) have full control to permit or cancel the sharing of their financial information related to their accounts with any of the FIPs. Users are entitled to choose whether their financial data is to be exported in an organized format or not.

Roles and Responsibility of NBFC Account Aggregator (NBFC AA)

NBFC Account Aggregator (NBFC AA) is a reliable and trustworthy platform to share financial information in the most secure and safe manner. The information is shared digitally in the same manner the paper statements were previously issued to the general public. NBFC aggregator slows down the risk for financial institutions and helps collect the relevant information. This showcases that customers somehow lose their real control over their potential financial information. Thus, the RBI need to tighten regulations concerning the sharing of financial information digitally. Under the RBI master direction, the specified roles and responsibilities for the NBFC Account Aggregator (NBFC AA) are as follows

  • NBFC account aggregator must facilitate their services to specific customers who have given them consent in writing (clear customer Consent).
  • The NBFC account aggregator (NBFC AA) ensures that the services are supported through a valid agreement/authorization between NBFC AA, the client, and fips.
  • NBFC account aggregator (NBFC AA) is restricted to taking monetary benefits from customers.
  • The NBFC account aggregator (NBFC AA) is responsible for ensuring appropriate measures and steps are taken to identify customers. The information must be shared only by the customer or other FIU as duly approved by the end of the customer as per the terms and conditions of the agreement.
  • NBFC Account Aggregator (NBFC AA) is prohibited from operating any business other than an account aggregator. However, the RBI allows the deployment of investible surplus instead of trading purposes.
  • NBFC Account Aggregator (NBFC AA) is prohibited from using the acquired financial information related to customers obtained from FIP for personal benefits. No third-party services will be allowed to be used for the NBFC account aggregator.
  • NBFC Account Aggregator (NBFCAA) must owe its own formulated policy to safeguard the interest of customers. NBFC AA will not participate in the sharing of customers' financial information duly obtained through consent.
  • In case of any conflict between financial statements made by the NBFC Account aggregator and the financial information made by the financial information provider (FIP) as an FIP document, then the status revealed in FIP documents will be honoured.

Procedure of NBFC Account Aggregator (NBFC AA) registration

The procedure to register the NBFC Account aggregator (NBFC AA) is described in the RBI master directions, and NBFC AA registration is carried out in the same manner. It is stated that no public funds and some kind of user interface are allowed to form the registration of the NBFC Account Aggregator (NBFC AA). Following the measures to secure a license for NBFC Account Aggregator registration (NBFC AA) is mandatory.

  • The initial registration phase starts with the company/entity registration under the Companies Act 2013.
  • Certain specified basic assets are required to initiate a certain type of services for NBFC AA.
  • The company must develop an acceptable business strategy to meet the satisfactory capital requirement to adopt the requirements of the NBFC account aggregator (NBFC AA). Need to mention the proper resources to provide services to customers.
  • The company is required to possess management that is not prejudicial towards the public interest.
  • The company must have a well-defined, robust information technology system to share information.
  • Need to maintain at least a leverage ratio exceeding 7. To secure the certificate of registration (COR), the applicant must make an application to the RBI.
  • It is mandatory to follow the specified conduct of activities to secure a certificate of registration for the NBFC account aggregator (NBFC AA license).
  • A minimum net-owned fund of INR 2 crore is required to apply for an NBFC account aggregator license.
  • The promoters of the NBFC account aggregator must be sound, fit and proper.

NBFC Account Aggregator (NBFC AA) need to follow during the in principle Approval period

After the successful submission of the application for an NBFC account aggregator license, once the department of Non-banking within RBI is satisfied, then it may grant in-principle approval to the company looking for an NBFC AA license to operate the business and a period of 12 months will be given to full fill the legitimacy phase and complete all other required documentation to commence business as NBFC account aggregator (NBFC AA). However, RBI can cancel the certificate of registration on account of non-compliance with requisite documentation.

  • RBI can cancel if the company is allowed to operate as NBFC AA is no longer capable of operating.
  • If the company fails to comply with the rules and regulations by RBI for NBFC Account aggregator (NBFC AA) as mandatory.
  • RBI found that the company was not able to hold the COR certificate of NBFC AA.
  • If it fails to have the proper resources, technological assistance, leverage ratio, etc., RBi can cancel the NBFC AA license.
  • If the company fails to produce the records of account books, fails to maintain them, or publishes or cannot disclose the financial status per RBI laws, then the NBFC AA license may be cancelled.
  • If RBI finds entities do not follow the guidance issued or fail to investigate accounts books, etc., then RBI can cancel the NBFC AA license.

The standard guideline for NBFC account aggregators on Data Security

NBFC Account aggregator business is truly based upon innovative technology systems, thus ensuring that the collected data or financial information is safe and secured. NBFC Account Aggregator (NBFC AA) need to comply with the Information Technology Act 2000 along with reasonable data security practices and sensitive personal data) rules 2011. NBFC AA must ensure the customer credentials in their system can be recovered or stored.

  • Ensure unapproved entry, modification, degradation, disclosure or transmission of financial records and customer database.
  • Must equipped with innovative methods or approaches to secure monetary related data and financial information.
  • Need to adapt vital measures to mitigate financial risk.
  • Must undergo a financial data system Audit through an external auditor accredited by CISA.

The RBI formulated the rules and regulations in 2016 for the NBFC account aggregator (NBFC AA) as it was the need for hours. However, these entities cannot be named as NBFC as aggregators are not directly involved in monetary business operations.

NBFC Account Aggregator (NBFC AA) Grievance Mechanism

NBFC account aggregator (NBFC AA) must have a properly established customer grievance mechanism to resolve their customer dispute in accordance with RBI master direction.

  • NBFC Account Aggregator (NBFC AA) must adopt a board-approved policy to settle disputes.
  • Resolve the customer dispute as specified in the board-approved policy within a period of 1 month.
  • The official website must display customer-related information in an easily stable language such as English, Hindi, or the local language.
  • Must mention toll-free number and nodal officer details to raise a dispute in case of unresolved grievance; customers feel free to reach them.

Cancellation of NBFC AA (Aggregator) Registration certificate

The Department of Non-Banking Regulation, Reserve Bank of India (RBI-DNBR) may cancel the certificate or license of the NBFC account aggregator (NBFC AA) if any of the below stated terms and conditions are met

  • The entity stopped running the NBFC account aggregator business in India.
  • If it fails to comply with any of the requisite terms and conditions on which a certificate of registration or NBFC AA license is permitted.
  • If RBI (apex bank) seems that the company can no longer hold an NBFC account aggregator (NBFC AA) license or permit.
  • If the company surpass any requisite terms and conditions to secure or obtain an NBFC AA registration certificate.

If the company fails to follow

  • Fails to follow the guidance and instruction laid by RBI.
  • Fails to keep accounts or publish financial information or disclose it as directed by the apex bank under applicable Indian law.
  • Fails to submit the accounts or other requisite documents for RBI inspection.

Frequently Asked Questions

NBFC account aggregators are the entities that facilitate data sharing across various organizations within the financial sector and act as a 'consent Broker", I,e. prior to obtaining the consent of the customer, transmitting or intermediate the data sharing between financial organizations, including the FIP and FIU.

An applicant or candidate can easily avail of the NBFC account aggregator (NBFC AA) license through online mode. However, you will need an NBFC AA expert to make an application and complete the requisite documentation for NBFC AA. To know more, you can visit Enterslice.com.

The NBFC Account Aggregator (NBFC AA) license cost depends on the services you might opt for. To know more about the NBFC aggregator's license, you can contact NBFC AA experts like Enterslice.com.

The important documents include the phone number, email ID and residence of the applicant, along with other requisite documents required to secure an NBFC account aggregator license. To know more, you can connect with Enterslice.com for expert assistance.

To get more detailed information related to the procedure to get an NBFC Account Aggregator (NBFC AA) license, you must require to refer section 4.2 of RBI master direction on NBFC Account Aggregator (NBFC AA). It is advised to get assistance from experts to streamline the entire process of obtaining an NBFC AA license.

However, RBI mentioned that all existing record aggregator organizations should apply for listing as NBFC AA within a period of 30 days from the date of the issuance of RBI master direction on NBFC account aggregators.

The supreme bank in India, RBI, takes control over the records of the NBFC account aggregator (NBFC AA) and ensures their activities are in accordance with the specified guidelines.

The regulatory entities, including the RBI (Reserve Bank of India), SEBI (Securities Exchange Board of India), IRDAI (Insurance Regulatory and Development Authority of India), and PFRDAI (Pension Fund Regulatory and Development Authority) are the active organizations that can easily participate in the entire AA ecosystem of NBFC.

Account aggregators are primarily assigned the task of collecting or gathering financial data on customers' money-related resources on the basis of customer consent. They keep sharing the financial data in a unified, sorted, retrievable manner in accordance with consent guidelines.

No, it is not necessary to have a net-owned fund of INR 2 cores at the time of applying for an NBFC account aggregator license. Subsequently, after obtaining the certificate of registration from the apex body, the candidate is required to follow the same net-owned funds.

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