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RBI replaces Pension Fund with CRA as FIP in AA framework

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2023-24/76 · issued 26 Oct 2023 · ~1 min read
Quick answerRBI has replaced 'Pension Fund' with 'Central Recordkeeping Agency' as the Financial Information Provider under the Account Aggregator framework, as per notification dated October 26, 2023. This change aligns with NPS architecture and PFRDA's suggestion.

What changed

RBI has amended the Master Direction on NBFC-Account Aggregators to substitute 'Pension Fund' with 'Central Recordkeeping Agency' as the Financial Information Provider. This follows PFRDA's recommendation, recognizing that CRAs hold subscriber balance data under NPS.

What it means for you

Banks and lenders using the AA framework can now access NPS subscriber data through CRAs instead of pension funds, improving data accuracy for credit assessments. This streamlines the flow of pension-related financial information, potentially enabling faster loan processing for NPS subscribers.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All regulated entities using the Account Aggregator framework, NBFC-Account Aggregators, Banks and lenders relying on NPS data for credit decisions

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the key change in this notification?

RBI has replaced 'Pension Fund' with 'Central Recordkeeping Agency' as the Financial Information Provider in the Account Aggregator ecosystem, as per notification dated October 26, 2023.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #157: DoR.FIN.REC.52/03.10.123/2023-24 — "Review of Financial Information Provider (FIP) under Account Aggregator Framework" dated October 26, 2023”
📜 Read the original circular — full text as issued by RBI
RBI/2023-24/76 DoR.FIN.REC.52/03.10.123/2023-24 October 26, 2023 All Regulated Entities of the Bank Madam/ Dear Sir, Review of Financial Information Provider (FIP) under Account Aggregator Framework Please refer to the paragraph 3(1)(xi) of Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 defining the term ‘Financial Information Provider’. 2. As per National Pension System (NPS) architecture, Central Recordkeeping Agency (CRA), registered under section 27 of the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013, acts as an interface between the different intermediaries in the NPS system. CRAs hold information pertaining to the subscribers including the balances under NPS. Accordingly, and as suggested by the PFRDA, it has been decided to replace ‘Pension Fund’ with ‘Central Recordkeeping Agency’ as the financial information provider in the AA ecosystem. 3. The Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 , is being modified accordingly. Yours faithfully, (R. Lakshmi Kanth Rao) Chief General Manager-in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-24/76 · issued 26 Oct 2023. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12557&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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