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Worried about the regulatory hurdles in obtaining an NBFC Account Aggregator license? Let our experts reduce your worry and ease the licensing process. Gear up to join the AA ecosystem that includes over 600 financial institutions.
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An NBFC Account Aggregator License is your regulatory passport to India’s consent-based data-sharing economy, where financial information flows securely with customer approval. It is a registration that enables companies to consolidate financial data from multiple accounts into a single overview. The account aggregator is licensed by the RBI, and it bridges the gap between:
Financial Information Providers (FIPs): These include banks and financial institutions that hold the data.
Financial Information Users (FIUs): These include users of the information, such as banks, NBFCs, digital lenders, and insurance companies.
Roughly 80-90 million users are using the AA service
Facilitated loans worth Rs 1.6 lakh crore
Contributes to product innovation
Reduced documentation
Boost to financial inclusion
Get Enterslice expert-led support and obtain an NBFC AA license to become the leader of India’s fintech sector, which ranks third globally.
NBFC Account Aggregators are financial data-sharing entities which create an ecosystem for the aggregation/ sharing of financial information across different financial sector organizations. In a broader sense, it is a legal entity extracting all the financial information of users (individual financial data) and providing information in such a manner that allows the reader to simplify, understand and analyze the various financial data and holdings of individuals.
Furthermore, the Reserve Bank of India has issued a master direction on NBFC Account Aggregator with the intent to safeguard the interest of the NBFC clients having accounts with other financial institutions. However, the Account Aggregators are prohibited from sharing financial information without obtaining the consent of the user.
Find out the participants in the NBFC account aggregator license system, as explained below:
An FIP is the original holder of the information who facilitates the transfer upon request from an individual or an artificial person. Some examples include asset management corporations and pension funds.
The FIUs receive digitally signed data from the FIPs through account aggregators for market analysis and customer evaluation.
This participant uses the RBI’s AA framework to acquire data from banks and institutions through APIs. They further partner with FIPs and FIUs to provide AA services.
Discover the various benefits of the NBFC AA license, including compliance with RBI, promoting India’s digital sufficiency, and acting as a bridge between financial intermediaries.
With a NBFC AA license, you can build and increase credibility in the market amongst the consumers, financial institutions, and related AA ecosystem players.
A registered NBFC with an AA license provides a direct link with financial institutions, including banks, insurance companies, mutual funds, lending platforms, and wealth management firms.
With an account aggregator license from the RBI, you can generate profits by providing subscription-based models and API services.
After obtaining the NBFC account aggregator license, you can partner with fintech and digital lenders to provide faster approval of loan services through your consent-driven data services.
You can avail and raise capital after obtaining an account aggregator license from the RBI because investors trust companies that are registered.
With the license, you can establish your brand identity amongst the fintech industry market, setting a competitive edge. It is one of the benefits of NBFC account aggregator license.
Understand the process of NBFC account aggregator license with Enterslice’s expert guidance:
The first step is to legally register your company under the Companies Act of 2013. We’ll help draft your MOA, AOA, and other mandatory certificates to incorporate your company with the MCA.
As per the Reserve Bank of India, any legal entity seeking an NBFC account aggregator license should have a minimum of INR 2 crore as net owned funds.
Once we’ve registered your company with the Ministry of Corporate Affairs (MCA). We’ll gather all the necessary documents, including the business plan, business incorporation certificate, bylaws agreements, lease agreements, net-worth certificate, and ID proof of all the directors and shareholders.
We’ll apply for an NBFC account aggregator license with the necessary documents to the Reserve Bank of India (RBI).
The authority will review your application and supporting documents. Upon satisfaction, they’ll approve your license in principle.
After the approval, the RBI will issue the NBFC account aggregator license. Once you’ve received the certificate, you’re required to establish the mandatory framework and operating system within 12 months.
To be able to function as an account aggregator, you must’ve a proper IT system. We’ll help you set up a secure API, consent management system, cloud hosting, encryption, firewalls, security operations centre (SOC), and data flow system.
Once you’ve complied with the RBI Master Directives on NBFC AA license, the authority will conduct a final review to check if you’ve established the mandatory IT systems. Upon successful audit, the authority will issue the final registration certificate with indefinite validity, subject to compliance.
The total timeline is in the range of 14 to 16 months. Given below is the bifurcated timeline for the NBFC account aggregator license by RBI-
Draft the MOA & AOA and register your company with the Ministry of Corporate Affairs (MCA).
Submit the application with mandatory documents to the RBI.
The RBI evaluates your application and verifies the submitted documents.
RBI grants an in-principle approval, valid for 12 months.
Set up the required IT and governance infrastructure and comply with all post-approval RBI conditions.
RBI issues the final Certificate of Registration after verifying system readiness and compliance.
The documents required to get an NBFC AA license are as follows:
Certificate of Incorporation
KYC Details of Promoters
KYC Details of Directors
Net Worth Certificates of Directors and Shareholders
Bankers’ Report
Business Plan
Report on the Company’s IT Infrastructure
Audited Financial Statement
Fit and Proper Declaration
Other Documents
No, the NBFC account aggregator license doesn’t require any type of renewal because it is valid for a lifetime once registered by the RBI. However, it can be cancelled if the competent authority finds out that your company:
Financial information in accordance with the master direction for the account aggregator license by RBI, as mentioned below:
Certificates of Deposit (CD)
Commercial Paper (CP)
Deposits with Banks and NBFCs
Systematic Investment Plan (SIP)
Government Tradable Securities
Equity Shares
Bonds and Debentures
Mutual Fund Units
Real Estate Investment Fund Units (REITs)
Goods and Services Tax Returns (GST)
Insurance Policies
Exchange Traded Funds (ETFs)
Indian Depository Receipts (IDRs)
Collective Investment Scheme (CIS)
Infrastructure Investment Trust (InvITs)
Balance from National Pension Fund (NPS)
Scroll down and find the basic criteria and requirements for NBFC account aggregator license as mentioned below:
Find out how Enterslice will assist you in fulfilling your compliance obligations after obtaining an NBFC AA license:
At Enterslice, we bring over a decade of experience in the compliance industry. With fast turnaround time, end-to-end client support, risk management, and transparency in costs, we provide a stress-free experience. Check the points below to see why you should trust Enterslice for NBFC account aggregator services:
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Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
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