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Perfios Account Aggregation Services Pvt Ltd. has received an in-principle approval from the Reserve Bank of India for implementing and providing NBFC-AA (Account Aggregation).

An AA is bound by the following conditions

  • AAs are data fiduciaries that manage customer consent
  • AAs fetch, consolidate, aggregate data from Financial Information Providers (FIPs) and present it to the customer
  • Basis explicit customer consent, present these data to Financial Information Users (FIUs)
  • AAs can charge a fee for the service (commercial model WIP)
  • AAs cannot undertake any other business
  • AAs cannot store customer data
We are grateful to the RBI, ReBIT, industry bodies and thought-leaders for giving us the opportunity to provide inputs to develop the NBFC-AA platform specifications since the time the Master Directions Document was released in 2016; we are delighted that we could contribute our decade-old experience of account aggregation services to help shape these specifications.
To understand how you can leverage the NBFC-AA framework with minimum tech / operational effort, get in touch with us!
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