RBI further updates Master Direction on Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 as on 2018-03-01

Mar 01, 2018 | by Avantis RegTech Legal Research Team

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The Reserve Bank of India has updated Master Direction on Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016. These directions provide a framework for the registration and operation of Account Aggregator in India.

a.       No entity other than a company shall undertake the business of an Account Aggregator.

b.       No company shall commence or carry on the business of an Account Aggregator without obtaining a certificate of registration from the Bank. Provided that, entities are regulated by other financial sector regulators and aggregating only those accounts relating to the financial information pertaining to customers of that particular sector will be excluded from the above registration requirement.

c.        Subject to the above proviso, entities that are undertaking the business of an Account Aggregator, as defined at paragraph 3(iv) of these directions, as on the date of effect of these directions, shall apply for registration as an Account Aggregator, in compliance with these directions, to the Bank within a month from that date. Such companies, which have applied to the Bank for registration as an NBFC - Account Aggregator, shall be permitted to continue the business of an Account Aggregator till their application for issue of Certificate of Registration is rejected or twelve months from date of the application, whichever is earlier.

d.       Every company seeking registration with the Bank as an Account Aggregator shall have a net owned fund of not less than Rs. 2 crore, or such higher amount as the Bank may specify.

[RBI/DNBR/2016-17/46 Master Direction DNBR.PD.009/03.10.119/2016-17]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD46859213614C3046C1BF9B7CF563FF1346.PDF


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