Account Aggregator Framework

The Account Aggregator (AA) framework is a secure, consent-based system for sharing financial data.

• Launch: September 2, 2021
• Regulation: The Reserve Bank of India (RBI) issued master directions for the Account Aggregator ecosystem in 2016.
• Recognition: In 2023, the Account Aggregator framework was recognized as a foundational Digital Public Infrastructure.
• An Account Aggregator is a non-bank financial company (NBFC) regulated by the RBI. It helps an individual securely and digitally access and share information from one financial institution to another. Data cannot be shared without the individual’s consent.

Key Features :

• The framework allows users to collect their financial information (such as bank accounts, investments, and loans) from various sources and share it with service providers (like lenders, wealth managers etc.) for services like loan applications or financial planning.
• Account Aggregators act as intermediaries, ensuring data privacy and user control through encrypted, permission-based data sharing.
• Account Aggregator replaces the long terms and conditions form of ‘blank cheque’ acceptance with a granular, step by step permission and control for each use of your data.