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RBI Mandates Dual Role for Account Aggregator Participants

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2023-24/77 · issued 26 Oct 2023 · ~2 min read
Quick answerRBI now requires regulated entities joining the Account Aggregator ecosystem as Financial Information Users to also onboard as Financial Information Providers if they hold eligible data, ensuring data reciprocity and ecosystem efficiency.

What changed

Previously, some eligible entities joined the AA ecosystem only as FI-Us to access data without sharing their own. RBI now mandates that any regulated entity joining as FI-U must also become a FIP if it holds specified financial information and meets the FIP definition. The Master Direction on NBFC-Account Aggregator is being amended accordingly.

What it means for you

Banks and other regulated entities can no longer cherry-pick roles in the AA ecosystem; they must both give and receive data. This levels the playing field and ensures the AA network has comprehensive data coverage. Lenders that only consumed data must now invest in FIP capabilities, which may increase compliance and operational costs but improves data symmetry.

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 (banks, NBFCs, etc.) currently in the AA ecosystem as FI-Us only, Entities planning to join the AA ecosystem as FI-Us, Account Aggregator service providers

❓ Common questions

Regulatory timeline

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

What happens if my entity is already an FI-U but not a FIP?

You must now also onboard as a FIP if you hold the specified financial information and meet the FIP definition. Failure to comply may result in regulatory action.

Does this apply to all regulated entities or only certain types?

It applies to all regulated entities of RBI that join the AA ecosystem as FI-U and hold specified financial information, as per the FIP definition in the Master Direction.

What is the deadline for compliance?

The circular does not specify a separate deadline; compliance is expected immediately upon issuance. Entities should act promptly to avoid non-compliance.

📜 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 #158: DoR.FIN.REC.53/03.10.123/2023-24 — "Joining the Account Aggregator Ecosystem as Financial Information User" dated October 26, 2023”
📜 Read the original circular — full text as issued by RBI
RBI/2023-24/77 DoR.FIN.REC.53/03.10.123/2023-24 October 26, 2023 All Regulated Entities of the Bank Dear Sir/ Madam, Joining the Account Aggregator Ecosystem as Financial Information User Please refer to the Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 . 2. It has been observed that certain entities, which are eligible to join Account Aggregator (AA) ecosystem as Financial Information Provider (FIP), have onboarded as Financial Information User (FI-U) only. Consequently, such entities are accessing financial information from other FIPs but are not providing the financial information held by them. As such, with a view to ensure efficient and optimum utilisation of the AA ecosystem, it has been decided that regulated entities of the Bank joining the AA ecosystem as FI-U shall necessarily join as FIP also, if they hold the specified financial information and fall under the definition of FIP. 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/2023-24/77 · 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=12558&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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