1. What is Consent?
  • Consent is a digitally signed artefact collected by AA from a User (account holder) for the purpose of using it to request financial information from a FIP
  • Consent can be queried, paused, revoked by the User anytime
  • Consent is generated and valid for only linked accounts
  • AA acts as consent collector, FIP maintains the most recent status of Consent and verifies it before servicing FI requests
  • A Consent is always associated with a recorded Purpose
2. What financial information is available through an AA?
Practically all asset classes will be available through the AA framework in a phased manner:
  • Bank deposits including fixed deposits, savings deposit accounts, recurring deposit accounts and current deposit accounts.
  • Deposits with NBFCs
  • Structured Investment Product(SIP)
  • Commercial Paper(CP)
  • Certificates of Deposit (CD)
  • Government Securities (Tradable)
  • Equity Shares
  • Bonds
  • Debentures
  • Mutual Fund Units
  • Exchange Traded Funds
  • Indian Depository Receipts
  • CIS (Collective Investment Schemes) Units
  • Alternate Investment Funds (AIF) Units
  • Insurance Policies
  • Balances under the National Pension System (NPS)
  • Units of Infrastructure Investment Trusts
  • Units of Real Estate Investment Trusts
  • Any other information as may be specified by the Bank for the purposes of these directions, from time to time.
  • FIP – Financial Information Provider: Bank, NBFC, AMC, depository, depository participant, insurance company, insurance repository, pension fund
  • FIU – Financial information user: an entity registered with and regulated by any financial sector regulator
  • AA – Account Aggregator
  • FSR – Financial Sector regulator; RBI, SEBI, IRDAI, PFRDA
  • CR – Central Registry: A centrally hosted (under one of the FSRs) repository of Key/Certificate of FIU, FIP & AAs
  • Sahamati Foundation – A self-regulatory organization (SRO) manages operating and technical standards, evangelism
To understand how you can leverage the NBFC-AA framework with minimum tech / operational effort, get in touch with us!
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