We owe our financial stability to Dr-NBFC. Their cash flow management service helped us maintain liq..
Happy Customer
CA & Lawyers
Offices
What we will do
Collecting documents & submitting an application
Initial application review by the RBI
Due diligence process & detailed RBI evaluation
In-principle approval & completing other formalities
Meeting compliance after receiving Certificate of Registration
An existing NBFC or business seeking to operate as an account aggregator must follow the guidelines set by the Reserve Bank of India. Businesses can apply for NBFC AA license to serve as consent brokers, enabling them to share financial information with financial institutions operating in this sector. NBFC Account Aggregator registration allows them to serve as consent-based data-sharing platforms.
Account aggregators share financial data, such as bank statements or loan history, between banks and other financial institutions; however, not without user approval. They are not eligible to manage money or investments, nor can they indulge in exchanging or trading any financial instruments. Their core business activity includes transferring user data from one financial institution to another safely. Account aggregators can only share the data that users agree to share.
NBFC AA license is the gateway for account aggregators to facilitate data service exchanges for consent-based sharing of financial data and information like credit history, bank statement, wealth, insurance, and GST data. However, account aggregators encounter various challenges during this process, including fulfilling strict compliance requirements.
Get your service-specific brochure here
NBFC AA registration is a pathway that facilitates financial institutions in India to share and access customer data in an encrypted manner, and its benefits include the following:
NBFC account aggregator registration in India is a complex process, requiring businesses to follow a step-by-step procedure. Applicants must adhere to stringent regulatory requirements, meet specialized infrastructure norms, and exhibit the expertise to handle the responsibilities. They must maintain a minimum net owned fund amount of ₹2 crore and ensure fit-and-proper management.
The first step in the process of obtaining an NBFC AA license is to incorporate a company under the Companies Act, 2013. However, businesses must note that it is mandatory to maintain a minimum amount of ₹2 crore as net owned fund (NOF). At DrNBFC, we help you register a company online.
The next step in the process for NBFC AA registration is to accurately fill out the application form and collect all relevant documents to be submitted along with it. These documents include the MoA, AoA, board resolutions, fit-and-proper declarations, a detailed business plan, and an IT/data security blueprint. Our experts extend documentation support to you.
The next step in the online NBFC AA registration process is to file the application through the RBI's PRAVAAH portal. The application must be filed with the Department of Non-Banking Regulation in Mumbai, along with all the required documents. Don’t worry, as we will help you submit the application online.
Once the application for NBFC account aggregator registration is submitted, the RBI conducts due diligence background checks. If the RBI is satisfied with the evaluation of the applicant's capital, management, and IT setup, it issues an in principle approval with a validity of 12 months.
If the applicants manage to implement the IT platform, complete legal agreements, and submit compliance reports within 12 months, the RBI proceeds to grant the Certificate of Registration (CoI), facilitating the business to start operations legally in India.
Experience a quick & 100% RBI-compliant NBFC AA License process with industry-recognized experts!
Trusted by 99% of AA license seekers,DrNBFC guides you through the complex process to manage ₹2 Cr NOF requirement by
offering end-to-end process support in 5 easy steps!
| S.No | Aspect | FIP | FIU |
|---|---|---|---|
| 1 | Full Form | Financial Information Provider | Financial Information User |
| 2 | Role | Hold and provide financial information of customers through AA | Request and consume data from FIPs to deliver financial services |
| 3 | Regulatory Mandate |
|
|
| 4 | Data Flow | Must answer AA’s data fetch requests by transferring encrypted information | Sends consent requests through the AA platform, seeking permission to access specific financial data |
| 5 | Certification |
|
|
| 6 | Examples | Banks, insurance registries, pension fund repositories, mutual funds, GSTN | Lenders, wealth managers, insurers, NBFCs seeking data for credit/wealth management |
Businesses with NBFC account aggregator licenses serve as data intermediaries to retrieve and transfer the financial data of the customers with their digital consent.
NBFC AA license holders do not engage in holding funds or credentials or storing customer data. Their role is to transmit encrypted financial data.
NBFC AA registration permits businesses to share data only through granular consent, which empowers the users to give step-by-step permission to share specific financial information.
NBFC account aggregator registration mandates businesses to comply with the criteria outlined in the RBI's Master Direction of 2016, including ₹2 crore NOF, fit and proper management, robust IT systems, and grievance mechanisms.
Online NBFC AA registration provides user-friendly dashboards that help customers manage consent, view their data sharing history, and access linked accounts seamlessly.
NBFC AA license enables businesses to integrate with various financial service apps, allowing data sharing to access services, including loans, investments, and insurance.
NBFC Account Aggregator setup requires businesses to implement core technical/API standards framed by ReBIT (under RBI), with community governance and frequent recommendations enabled by Sahamati.
NBFC AA regulatory framework enables the license holders to connect banks, NBFCs, insurance, mutual funds, and pension funds, enabling them to act as Financial Information Providers (FIPs) or Users (FIUs) across financial sector regulators.
NBFC Account Aggregator Setup requires businesses to fulfil RBI standards, technical norms, and compliance benchmarks to enable secure data sharing.
Businesses seeking NBFC AA license must register under the Companies Act, 2013 and submit a formal application along with documents such as the MoA, AoA, and detailed business and IT plan to the RBI.
NBFC AA registration requires the company to maintain a minimum net owned fund of ₹2 crore or higher, aligning with the bank's specific guidelines.
NBFC account aggregator registration must ensure that the promoters and directors fulfil the fit-and-proper criteria of the RBI. Businesses must also set up audit, risk, and nomination committees.
NBFC account aggregator license mandates businesses to build robust and secure IT systems equipped with encryption and disaster recovery. It is also important to conduct an information systems (IS) audit by a CISA-certified auditor every 2 years.
As per the NBFC AA regulatory framework, it is important for businesses to implement ReBIT-prescribed APIs and data schemas. They must also fulfil the system readiness using Sahamati’s sandbox and community guidelines.
NBFC Account Aggregator setup facilitates user-controlled, granular consent flows, which ensures encrypted data is shared without storage or manual access.
NBFC AA registration requires businesses to share policies for data handling, grievance redressal, and pricing transparency, ensuring supervision by the board and occasional reviews.
It is important for businesses holding an NBFC account aggregator license to sign relevant agreements with FIPs and FIUs and submit compliance proof within 12 months to facilitate registration with the RBI.
Businesses seeking NBFC AA license in India must submit various documents along with their application, including the following:
NBFC AA regulatory framework mandates businesses to adhere to the following eligibility requirements as specified under the Non-Banking Financial Company- Account Aggregator (Reserve Bank) Directions, 2016, also known as the Master Direction:
One of the important requirements to obtain an NBFC AA license mandates business registration under the Companies Act of 2013.
Applicant businesses seeking NBFC AA registration are required to include 'AA' (Account Aggregator) in the official business or company name.
Businesses operating in sectors such as fintech, banks, credit rating agencies, investment platforms, insurance firms, loan providers, and compliance firms are eligible to apply for NBFC account aggregator registration in India.
One of the key requirements for businesses seeking an NBFC account aggregator license is to maintain a minimum net owned fund of ₹2 crore or an amount specified by the bank.
NBFC Account Aggregator setup requires the businesses to submit disclosures on management changes. However, updates, such as director resignations or appointments, must be submitted no later than 15 days after the end of the fiscal year and certified by legislative auditors.
Another significant eligibility requirement for an NBFC AA license is to obtain a Covenant Deed signed by key company officials, including directors, managing directors, and CEO, in a format prescribed in Annexure 6 of the RBI Master Direction.
An applicant seeking an NBFC AA license must have a robust IT system in place to support the NBFC AA operations seamlessly.
NBFC AA registration requires applicants to have a detailed business plan ready. The plan holds strategic importance, helping businesses manage and forecast operations without any legal hassles.
Another significant requirement to obtain an NBFC account aggregator license is to ensure that promoters fulfil the fit and proper criteria specified in the Non-Banking Financial Institution- Account Aggregator (Reserve Bank) Directions, 2016.
Various businesses that handle financial data and are regulated by the Reserve Bank of India (RBI) or other regulatory bodies are eligible to apply for NBFC AA license, including:
NBFCs that are registered in India with the Reserve Bank of India (RBI) that fulfil the regulatory compliance requirements, such as a minimum NOF amount of ₹2 crore and a robust IT system to support consent-based data sharing are eligible to apply for NBFC AA license.
Banks and financial institutions regulated by the RBI are eligible to serve as FIPs or FIUs within the NBFC AA regulatory framework or ecosystem to share customer data securely.
Credit rating agencies, such as CRIF High Mark, with a clean credit record and history, are eligible to serve as FIPs by seeking NBFC AA registration in India.
Investment platforms such as Perfios Account Aggregation Services, Finvu, and Setu that have implemented ReBIT APIs and obtained Sahamati certification are eligible to operate as NBFC account aggregators in India.
Insurance companies regulated by IRDAI can serve as FIPs after obtaining NBFC account aggregator registration. Such companies are eligible to share policy and premium data through account aggregator compliant APIs.
NBFCs or banks that provide loans to customers are eligible to serve as FIUs after obtaining an NBFC account aggregator license. Such companies can access the financial data of customers from FIPs via account aggregators, however, with user consent.
SEBI-regulated wealth management firms and FIUs that can access the financial data of consumers with their consent are eligible to apply for online NBFC AA registration.
Regulatory and compliance firms that offer advisory on AA implementation and have aligned their systems with RBI’s framework can apply for NBFC AA license.
In the sphere of fintech, DrNBFC has established its wings. That’s the main reason entrepreneurs from the fintech industry are looking for NBFC Account Aggregator License. Given below are the reasons why it’s better to join hands with DrNBFC for online NBFC AA registration:
An NBFC AA license is the legal permit given by the Reserve Bank of India to an NBFC, authorizing it to serve as a consent-based data broker to retrieve, consolidate, and transfer financial information of users without storing it.
Global Incorporation
International
Branches
SLA Delivery
Customer Rating
99% Success Rate
Quick Turnaround Time
No Hidden Charges
Dedicated Experts
