At a glance
An Account Aggregator (AA) is a special type of NBFC, licensed by the RBI, that fetches a customer's financial information from one institution and passes it to another, but only after the customer gives explicit, digital consent. The AA is a "data pipe": it cannot see, store, sell or use the data for itself. The framework lets a borrower share bank statements with a lender, for example, without paper or passwords.
Key facts
- Regulator: Reserve Bank of India
- Legal basis: Master Direction on NBFC-Account Aggregator (Reserve Bank) Directions, 2016
- Entity type: NBFC-AA, a separate NBFC category
- Data provider: Financial Information Provider (FIP), e.g. a bank, insurer, depository or pension fund
- Data user: Financial Information User (FIU), e.g. a lender, wealth manager or insurer
- Regulators covered: RBI, SEBI, IRDAI and PFRDA entities can act as FIPs/FIUs
- Industry body: Sahamati, a non-profit alliance of AAs and ecosystem members (not a regulator)
- Policy idea: Data Empowerment and Protection Architecture (DEPA), from NITI Aayog
- Scale (March 2026, RBI): about 2.88 billion accounts enabled to share data; about 284.6 million accounts linked by users
- Interoperability deadline: 31 December 2026
How it works
- The FIU (say, a lender) asks the customer for data through an AA.
- The customer approves a consent artefact on the AA app, stating what data, for what purpose, for how long and how often.
- The AA requests the data from the FIP, which sends it encrypted. The AA only relays it; it is "data-blind".
- The customer can see and revoke consents at any time.
| Role | Who | Example |
|---|---|---|
| FIP | Holds the data | Bank, depository, insurer |
| AA | Carries the data with consent | Licensed NBFC-AA |
| FIU | Uses the data | NBFC lender, mutual fund distributor |
AAs cannot carry on any other business, and they are not allowed to keep or sell customer data.
Timeline
- 2016: RBI issues the NBFC-AA Master Direction
- 2021: AA network goes live with a first set of banks
- 2026: RBI announces interoperability across AAs (7 October)
Recent developments
- 07 Oct 2026: In its Statement on Developmental and Regulatory Policies, the RBI said customers will be able to reach their data at any FIP through the AA of their choice (interoperability among AAs). SEBI-regulated depositories will also be able to show bank deposit details in their Consolidated Account Statement (CAS), sourced through AAs. Both are to be in place by 31 December 2026.
Exam traps
- An AA is an NBFC regulated by the RBI, even though it serves SEBI, IRDAI and PFRDA entities too.
- Sahamati is an industry alliance, not the regulator or licensing body.
- An AA does not lend, and it does not store or process the data it carries.
- Do not confuse AAs with credit information companies (CICs) such as CIBIL, which do store credit data under the CICRA, 2005.
- FIP gives data; FIU uses data. Many banks are both.
Quick check
- Q: Under which regulator are Account Aggregators licensed? A: The RBI, as NBFC-AAs.
- Q: What is the digital permission a customer gives called? A: A consent artefact.
- Q: What did the RBI's 7 October 2026 policy statement change for AAs? A: It made AAs interoperable across FIPs, by 31 December 2026.
Sources
- https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63743
- https://newsonair.gov.in/rbi-announces-series-of-developmental-and-regulatory-measures-for-customer-convenience/
- https://www.policyedge.in/p/rbi-plans-to-let-customers-use-any-account-aggregator-to-share-financial-data
- https://sahamati.org.in/
In the news
Every time this topic has appeared in our current affairs, newest first:
- Week of 1–7 October 2026Account Aggregators made interoperable; bank deposits to appear in the depositories' CAS