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RBI releases draft guidelines on account aggregators

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The Reserve Bank of India (RBI) on Thursday said only non- banking financial companies (NBFCs) registered with the central bank could act as an account aggregator, which provides consolidated views of financial assets, such as savings bank deposits, fixed deposits, mutual funds, and insurance policies for the customer to choose from. In draft guidelines on account aggregator NBFCs, RBI said the net owned fund of such companies should not be less than Rs.2 crore and the company should not undertake any other business other than being an account aggregator. The business will be IT- driven and initially, only financial assets whose records are stored electronically and are under the regulation of the financial sector regulators, namely, RBI, Sebi, Insurance Regulatory and Development Authority of India and Pension Fund Regulatory and Development Authority shall be considered for aggregation.

Business Standard, New Delhi, 04 March 2016

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