What changed
Clearing Corporation of India Limited (CCIL) has been officially designated as a Financial Information Provider under the Account Aggregator framework. This allows CCIL to share financial information on Government Securities held by retail investors in their Retail Direct Gilt accounts. The Master Direction on NBFC-Account Aggregator (2016) has been amended to reflect this inclusion.
What it means for you
Banks and lenders can now access consolidated data on retail investors' Government Securities holdings through the Account Aggregator system, improving credit assessment and risk profiling. This expands the scope of financial information available under the AA framework, potentially enabling more accurate lending decisions and wealth management services. It also strengthens the integration of the RBI Retail Direct Scheme with the broader digital financial ecosystem.
What you must do
- Update internal systems to recognize CCIL as a valid Financial Information Provider under the AA framework.
- Train credit and risk teams on leveraging Government Securities data from CCIL for enhanced customer profiling.
- Review and amend data-sharing agreements with Account Aggregators to include CCIL as a data source.
- Monitor RBI updates for any further modifications to the Master Direction on NBFC-Account Aggregator.
Who it affects
All regulated entities (banks, NBFCs, etc.) using Account Aggregator services, Retail investors holding Government Securities under the RBI Retail Direct Scheme, Account Aggregator non-banking financial companies
What is the role of CCIL as a Financial Information Provider?
CCIL will now share financial information on Government Securities held by retail investors in their Retail Direct Gilt accounts with Account Aggregators, subject to user consent.
Does this change affect existing Account Aggregator operations?
Yes, the Master Direction on NBFC-Account Aggregator has been amended to include CCIL, so all regulated entities must update their systems and processes accordingly.
When did this notification take effect?
The notification was issued on February 22, 2024, and is effective from that date.