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RBI proposes account aggregators

The Reserve Bank is proposing to set up a new breed of NBFCs which would act as account aggregator to help people see their accounts across financial institutions in a common format. RBI will put in place a regulatory framework to allow this entity, which could act as account aggregator. Governor Raghuram Rajan, announced this after RBI’s board meeting. The new NBFC would enable the common man to see all his accounts across financial institutions in a common format, he said. The idea of such an NBFC had emanated from the Financial Stability and Development Council (FSDC), RBI said in a release. RBI also proposes to recommence the Financial Inclusion Advisory Committee (FIAC) to take the financial inclusion agenda forward. RBI would request all financial sector regulators as well as government, some Self-Regulatory Organisations, research organisations, Unique Identification Authority of India (UIDAI), National Payments Corporation of India (NPCI), the release said.

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