RBI Issues Framework for Self-Regulatory Organisation (SRO) for Account Aggregators
The Reserve Bank of India (RBI) has introduced a framework for the recognition of a Self-Regulatory Organisation (SRO) for the Account Aggregator (AA) ecosystem. This initiative aims to facilitate smooth data exchange, address operational challenges, and ensure compliance across multiple regulatory entities. The move is expected to enhance coordination, standardisation, and dispute resolution within the AA framework.
Summary/Static | Details |
Why in the news? | RBI Issues Framework for Self-Regulatory Organisation (SRO) for Account Aggregators |
Framework Introduction | RBI introduced the Account Aggregator (AA) framework in 2016 for secure financial data exchange. |
New Initiative | RBI issued a framework for an SRO for AAs to enhance coordination and dispute resolution. |
Application Deadline | Interested parties must apply via Pravaah portal by June 15, 2025. |
Entities Involved | NBFC-AAs, FIPs, FIUs, regulated by RBI, SEBI, IRDAI, PFRDA, and the Union Revenue Department. |
Technical Oversight | ReBIT will frame and publish technical specifications. |
Industry Development | PhonePe exited AA business (Feb 2025), surrendering its NBFC-AA licence. |
Previous SRO Recognition | RBI recognised Fintech Association for Consumer Empowerment (Aug 2024) as an SRO for fintech. |
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