The Reserve Bank of India, in exercise of the powers conferred under section 45JA of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, issued Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 for compliance of the same by every non-banking financial company undertaking the business of Account Aggregator. These directions shall come into force with effect from the date of notification, by the Bank in the Official Gazette, of a non-banking institution that carries on ‘the business of an account aggregator’ to be a non-banking financial company, under sub-clause (iii) of clause (f) of section 45I of the Act. These directions provide a framework for the registration and operation of Account Aggregator in India.
To read the Directions, click HERE
Reserve Bank of India
