Contact Us - 0532-246-5524,25 | 9335140296
Email -

Post at: Sep 24 2021

Account Aggregators Network

Why in News?

  • On September 2, 2021, eight of India's major banks have joined the Account Aggregator network that will enable customers to easily access and share their financial data.

Account Aggregator (AA)

  • Definition : According to RBI, an account aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer.
    • It is also engaged in consolidating, organising and presenting such information to the customer or any other financial information user.
  • Created by - The AA framework was created through an inter-regulatory decision by RBI and other including SEBI,  Insurance Regulatory and Development Authority (IRDA), PFRDA and Financial Stability and Development Council (FSDC).
  • Licence - The Licence for AAs is issued by RBI.



  • AAs enable secure data flows while protecting user privacy.
    • In conjunction with other plateforms like the UPI, Account Aggregator creates in India the most cutting edge digital financial infrastructure in world.
  • An Account Aggregator is a financial utility for secure flow of data controlled by the individual.
  • An FIP is the data fiduciary, which holds customers, data.
    • It can be a bank, NBFC, mutual fund, insurance repository or pension fund repository.
  • An FIU consumes the data from an FIP to provide various services to the consumer.
    • An FIU is a lending bank that wants access to the borrower's data to determine if the borrower qualifies for a loan.
    • Banks play a dual role as an FIP and as an FIU.



  • Account Aggregators are mile-Stone to India's digital infrastructure, as it will allow banks to access consented data flows and verified data.
    • Eg. Data transmitted through the AA is encrypted while protecting user privacy.
  • It should not use the services of a third-party service provider for undertaking the business of account aggregation so user authentication, credentials of customers relating to accounts with various FIPs shall not be accessed by the AA, the RBI says.

List view
Grid view

Current News List