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)
Certificates of Deposit (CD)
Government Securities (Tradable)
Mutual Fund Units
Exchange Traded Funds
Indian Depository Receipts
CIS (Collective Investment Schemes) Units
Alternate Investment Funds (AIF) Units
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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