Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025
UR
- Applies toFinance companies
- StatusIn force
- IssuedNov 28, 2025
- Amendmentsnone tracked
- Length27 points in 3 sections · 3 min read
The four dates on this rule
- PublishedNov 28, 2025The day RBI put this document out. This is the same day as the Issued date on this rule.
- Starts to applyNov 28, 2025The day this rule starts to apply, as RBI's own text states it.
- Time to get readyNoneIt starts to apply on the day it was published.
- Last date to actNot statedNo date to act by was found in this document. Other dates may sit inside single paragraphs.
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Chapter I. Preliminary
Must know
1. Starts when RBI posts it
These rules start the day RBI puts them on its own website.
2. Who this book covers
This book covers every account aggregator company registered with RBI.
3. Smallest regulatory layer
RBI always places an account aggregator company in its smallest, lightest-touch layer.
4. Carries data, never owns it
It collects a customer's financial data and passes it on, with consent.
5. Never its own data
The customer's financial information never becomes the company's own property.
6. Two crore, at least
A new company needs a net worth of at least two crore rupees to register.
7. Seven times, no more
Its outside borrowings may never run past seven times its own funds.
BankPulse example. A company's outside borrowings, apart from loans from its own group, come to 63 crore rupees. Its own funds come to 9 crore rupees. 63 divided by 9 is 7 -- exactly at RBI's ceiling, the most it may ever borrow against those funds.
8. One year to go live
An approved company gets twelve months to build its systems and go live.
Do it
9. Apply through RBI's own portal
A company applies for registration through RBI's own PRAVAAH portal.
Background
10. Other RBI rules still apply
RBI's other NBFC rulebooks still apply, where they do not clash with this one.
Chapter III. Scope of Activities
Must know
1. No trading for customers
It may never carry out a transaction for a customer.
2. One business only
It may run no business at all besides account aggregation.
3. No data storage here
No financial information collected for a customer may sit stored with it.
4. A standard consent form
Every consent it takes from a customer follows one standard written form.
5. No passwords, ever
It may never ask for or store a customer's own passwords or PINs.
6. One month to fix complaints
A customer complaint must be settled within one month of being received.
7. RBI steps in, one month
A customer may go to RBI if a complaint stays unsettled past one month.
Do it
8. A way to cancel consent
Every customer gets a way to cancel their consent at any time.
9. Security check every two years
Its computer systems are checked by an outside certified auditor every two years.
10. Auditor's report, one month
That auditor's report reaches RBI's local office within one month.
11. Post the complaints officer's name
The complaints officer's name and contact details are posted on its website and offices.
Chapter IV. Corporate Governance
1. RBI's word first on takeovers
RBI's written permission comes first, before any change of control or ownership.
2. A three-member board panel
The board forms its own panel of at least three directors to check who is fit to lead it.
3. A board panel for risk
The board also forms a panel of at least three directors to watch its risks.
4. Directors checked, every year
A yearly statement on its directors reaches RBI within fifteen days of year end.
Chapter V. Miscellaneous Instructions
1. RBI can inspect any time
RBI may inspect its books and systems at any time it chooses.
Chapter VI. Repeal and Other Provisions
1. The old circular is gone
The older circular that governed account aggregators before this one no longer applies.
Other RBI rules for NBFCs
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