94 Financial Institutions onboarded on Account Aggregator (AA) platform as Financial Information User (FIU)
As on date, 94 Financial Institutions have onboarded themselves on Account Aggregator (AA) platform as Financial Information User (FIU), out of which 73 are RBI regulated, 10 Securities and Exchange Board of India regulated, 9 Insurance Regulatory and Development Authority of India regulated and 2 Pension Fund Regulatory and Development Authority regulated entities. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.
The Minister further stated that 26 Financial Institutions are onboard as Financial Information Provider (FIP), out of which, 12 are Public Sector Banks, 10 are Private Sector Banks, 1 Small Finance Bank and 3 are Life Insurance Companies.
In addition to above, the Minister stated, RBI vide circular dated November 23, 2022 has included Goods and Service Tax Network (GSTN) as a FIP under AA framework.
Further, the Minister stated that Reserve Bank of India (RBI) has informed that they have granted Certificate of Registration to six companies as Account Aggregator (AA), as on date. The name of the companies are:
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- Finsec AA Solutions Private Limited,
- Cams Financial Information Services Private Limited,
- Cookiejar Technologies Private Limited,
- National E-Governance Services Limited (NESL) Asset Data Limited,
- Perfios Account Aggregation Services Private Limited and
- Yodlee Finsoft Private Limited.
Giving background information, the Minister stated that the RBI had issued the Master Direction viz Non-Banking Financial Company (NBFC) – Account Aggregator (Reserve Bank) Directions, dated September 02, 2016 (updated upto October 05, 2021) vide which the Account Aggregator (AA) network was introduced as a financial data-sharing system that could facilitate investing and credit, giving consumers access and control over their financial records and expanding the potential pool of customers for financial sector entities and fintech companies. AA take data from one financial institution to another based on an individual's direction and consent. However, registering with an AA is fully voluntary for consumers.