RBI released Draft Directions for Non-Banking Financial Company - Account Aggregator

Last Updated: March 4, 2016

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RBI released Draft Directions for Non-Banking Financial Company - Account Aggregator
04 March 2016 Current Affairs: The Reserve Bank of India (RBI) on Thursday released a draft regulatory framework to allow the entry of a new kind of non-banking finance company (NBFC) that can act as an account aggregator.Account aggregators help in collecting and providing the information of customers’ financial assets in a consolidated, organised and retrievable manner to the customer or any other person as per the instructions of the customer. The investors will be able to avail the service of an account aggregator purely at their option.Only companies registered with the RBI as NBFC–AA will be able to undertake the business of an account aggregator and the net owned fund of such companies should not be less than R2 crore, the central bank stated.Account aggregation services will be provided under specific application by the customer for availing such services and would be backed by appropriate agreements/authorisations

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