The Reserve Bank of India (RBI) introduced the Account Aggregator (AA) framework in September 2016 to facilitate the secure and seamless exchange of financial information. This framework operates through Non-Banking Financial Company-Account Aggregators (NBFC-AAs), which act as intermediaries between Financial Information Providers (FIPs) and Financial Information Users (FI-Us).
These entities function under the regulatory oversight of various Financial Sector Regulators (FSRs), including the Reserve Bank of India, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA). Additionally, the Department of Revenue serves as the regulator for the Goods and Services Tax Network (GSTN) within the AA ecosystem.
Need for a self-regulatory organisation
The AA ecosystem involves the exchange of data among multiple regulated entities operating under different regulatory frameworks. This complexity requires frequent coordination to address key operational challenges such as dispute resolution, standard agreements, and shared services. To streamline operations and support the ecosystem’s growth, the RBI has proposed the establishment of a Self-Regulatory Organisation for Account Aggregators (SRO-AA).
RBI issues framework for recognising SRO-AA
The Department of Regulation, RBI, has issued the “Framework for Recognising Self-Regulatory Organisation(s) for the Account Aggregator Ecosystem (SRO-AA).” This document provides comprehensive guidelines covering eligibility criteria, governance structure, responsibilities, and operational procedures for the proposed SRO-AA.
Call for applications for SRO-AA recognition
The RBI has invited applications from entities seeking recognition as an SRO-AA. Interested applicants must submit their applications through the PRAVAAH portal by June 15, 2025.
Applications must be complete and comply with the instructions outlined in the SRO-AA Framework. The final decision on granting recognition will be based on an evaluation of all eligible applications received during the application period. The RBI’s decision on the matter will be final.
SRO-AA’s role within the AA ecosystem
The SRO-AA will operate within the regulatory framework established by the RBI for the AA ecosystem. However, the technical specifications for the ecosystem will continue to be developed and published by Reserve Bank Information Technology Private Limited (ReBIT).
