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.
What you must do
- Review your current AA ecosystem participation status to confirm if you are only an FI-U.
- If you hold specified financial information and are not yet a FIP, initiate onboarding as a FIP immediately.
- Update internal data-sharing policies and technical infrastructure to support FIP obligations.
- Coordinate with your compliance and IT teams to align with the amended Master Direction.
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
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.