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.
Glossary:
- 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