RBI Compliance for NBFC Account Aggregators
An NBFC Account Aggregator (AA) is a consent-based financial data sharing entity regulated by the
Reserve Bank of India under the NBFC-AA Master Directions.
Account Aggregators facilitate secure flow of financial information between Financial Information
Providers (FIPs) and Financial Information Users (FIUs) without storing or using customer data.
NBFC-AAs must comply with strict RBI norms relating to governance, technology, data privacy,
reporting, and ongoing regulatory oversight.
ND Savla & Associates provides end-to-end compliance support for NBFC Account Aggregators.
Key Compliance Obligations for NBFC Account Aggregators
Consent Architecture
Implementation of RBI-compliant consent management and customer authorization framework.
Data Security & Privacy
Zero data storage, encryption standards, and adherence to information security norms.
Regulatory Reporting
Submission of periodic returns and disclosures to RBI.
Mandatory Compliance Requirements
- Registration with RBI as NBFC – Account Aggregator
- Minimum Net Owned Fund (NOF) as prescribed by RBI
- Appointment of Principal Officer and Grievance Redressal Officer
- IT audit and system readiness certification
- Compliance with RBI Master Direct