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Overview Roles Benefits Procedure DocumentsCheck Points Faqs Schedule Meeting NBFC Account Aggregator License- An Overview An NBFC Account Aggregator License is your regulatory passport to India’s consent-based data-sharing economy, where financial information flows securely with customer approval. It is a registration that enables companies to consolidate financial data from multiple accounts into a single overview. The account aggregator is licensed by the RBI, and it bridges the gap between: Financial Information Providers (FIPs): These include banks and financial institutions that hold the data. Financial Information Users (FIUs): These include users of the information, such as banks, NBFCs, digital lenders, and insurance companies. Roughly 80-90 million users are using the AA service Roughly 80-90 million users are using the AA service Facilitated loans worth Rs 1.6 lakh crore Contributes to product innovation Reduced documentation Boost to financial inclusion Secure an NBFC AA License with Enterslice Get Enterslice expert-led support and obtain an NBFC AA license to become the leader of India’s fintech sector, which ranks third globally. Get Started Now What is NBFC Account Aggregator? NBFC Account Aggregators are financial data-sharing entities which create an ecosystem for the aggregation/ sharing of financial information across different financial sector organizations. In a broader sense, it is a legal entity extracting all the financial information of users (individual financial data) and providing information in such a manner that allows the reader to simplify, understand and analyze the various financial data and holdings of individuals. Furthermore, the Reserve Bank of India has issued a master direction on NBFC Account Aggregator with the intent to safeguard the interest of the NBFC clients having accounts with other financial institutions. However, the Account Aggregators are prohibited from sharing financial information without obtaining the consent of the user. Participants in NBFC Account Aggregator License System Find out the participants in the NBFC account aggregator license system, as explained below: Financial Information Provider (FIP) An FIP is the original holder of the information who facilitates the transfer upon request from an individual or an artificial person. Some examples include asset management corporations and pension funds. Financial Information User (FIU) The FIUs receive digitally signed data from the FIPs through account aggregators for market analysis and customer evaluation. Technology Service Provider (TSP) This participant uses the RBI’s AA framework to acquire data from banks and institutions through APIs. They further partner with FIPs and FIUs to provide AA services. Benefits of Obtaining NBFC AA License Discover the various benefits of the NBFC AA license, including compliance with RBI, promoting India’s digital sufficiency, and acting as a bridge between financial intermediaries. Increases Consumer Trust With a NBFC AA license, you can build and increase credibility in the market amongst the consumers, financial institutions, and related AA ecosystem players. Integration to Financial Data Ecosystem A registered NBFC with an AA license provides a direct link with financial institutions, including banks, insurance companies, mutual funds, lending platforms, and wealth management firms. Revenue Generation With an account aggregator license from the RBI, you can generate profits by providing subscription-based models and API services. Business Expansion After obtaining the NBFC account aggregator license, you can partner with fintech and digital lenders to provide faster approval of loan services through your consent-driven data services. Access to Capital You can avail and raise capital after obtaining an account aggregator license from the RBI because investors trust companies that are registered. Business Recognition With the license, you can establish your brand identity amongst the fintech industry market, setting a competitive edge. It is one of the benefits of NBFC account aggregator license. Process for NBFC Account Aggregator License Understand the process of NBFC account aggregator license with Enterslice’s expert guidance: Step 1: Register Your Company The first step is to legally register your company under the Companies Act of 2013. We’ll help draft your MOA, AOA, and other mandatory certificates to incorporate your company with the MCA. Step 2: Maintain Net Owned Fund Requirement As per the Reserve Bank of India, any legal entity seeking an NBFC account aggregator license should have a minimum of INR 2 crore as net owned funds. Step 3: Documentation Once we’ve registered your company with the Ministry of Corporate Affairs (MCA). We’ll gather all the necessary documents, including the business plan, business incorporation certificate, bylaws agreements, lease agreements, net-worth certificate, and ID proof of all the directors and shareholders. Step 4: Application filing for the account aggregator license by the RBI We’ll apply for an NBFC account aggregator license with the necessary documents to the Reserve Bank of India (RBI). Step 5: Evaluation by the RBI The authority will review your application and supporting documents. Upon satisfaction, they’ll approve your license in principle. Step 6: Grant of Certificate After the approval, the RBI will issue the NBFC account aggregator license. Once you’ve received the certificate, you’re required to establish the mandatory framework and operating system within 12 months. Step 7: Establish IT Infrastructure To be able to function as an account aggregator, you must’ve a proper IT system. We’ll help you set up a secure API, consent management system, cloud hosting, encryption, firewalls, security operations centre (SOC), and data flow system. Step 8: Final Registration Once you’ve complied with the RBI Master Directives on NBFC AA license, the authority will conduct a final review to check if you’ve established the mandatory IT systems. Upon successful audit, the authority will issue the final registration certificate with indefinite validity, subject to compliance. Timeline for NBFC Account Aggregator License by RBI The total timeline is in the range of 14 to 16 months. Given below is the bifurcated timeline for the NBFC account aggregator license by RBI- Company Registration (3–5 Days) Draft the MOA & AOA and register your company with the Ministry of Corporate Affairs (MCA). Application Submission (1 Day) Submit the application with mandatory documents to the RBI. Examination (4–8 Weeks) The RBI evaluates your application and verifies the submitted documents. In-Principle Approval (1–2 Weeks) RBI grants an in-principle approval, valid for 12 months. Establishment of Structures (Within 12 Months) Set up the required IT and governance infrastructure and comply with all post-approval RBI conditions. Final Certificate of Registration (4–8 Weeks) RBI issues the final Certificate of Registration after verifying system readiness and compliance. Documents Needed to get an NBFC AA License The documents required to get an NBFC AA license are as follows: Certificate of Incorporation KYC Details of Promoters KYC Details of Directors Net Worth Certificates of Directors and Shareholders Bankers’ Report Business Plan Report on the Company’s IT Infrastructure Audited Financial Statement Fit and Proper Declaration Other Documents Is NBFC Account Aggregator License Eligible for Renewal? No, the NBFC account aggregator license doesn’t require any type of renewal because it is valid for a lifetime once registered by the RBI. However, it can be cancelled if the competent authority finds out that your company: Has failed to comply with the RBI’s Master Directions for NBFC AA of 2016. Is not able to maintain the INR 2 crore Net Owned Fund requirement. Has not complied with annual and quarterly return mandates. Has failed to furnish a statutory auditor’s compliance certificate. Has been involved/engaged in unlawful transfer/breach of data. Is providing services outside the purview or beyond the scope of the license. Financial Information as per Account Aggregator License by RBI Financial information in accordance with the master direction for the account aggregator license by RBI, as mentioned below: Certificates of Deposit (CD) Commercial Paper (CP) Deposits with Banks and NBFCs Systematic Investment Plan (SIP) Government Tradable Securities Equity Shares Bonds and Debentures Mutual Fund Units Real Estate Investment Fund Units (REITs) Goods and Services Tax Returns (GST) Insurance Policies Exchange Traded Funds (ETFs) Indian Depository Receipts (IDRs) Collective Investment Scheme (CIS) Infrastructure Investment Trust (InvITs) Balance from National Pension Fund (NPS) Requirements for NBFC Account Aggregator License Scroll down and find the basic criteria and requirements for NBFC account aggregator license as mentioned below: A company seeking an NBFC AA license must have a Net Owned Fund of at least INR 2 crore. The proposed company must be registered/incorporated under the Companies Act of 2013. The name of the entity must include “AA” in it. A well-structured business plan, detailing the company’s human resources, business acquisitions, IT systems, and finances. Fit and proper declarations of all directors, partners, shareholders, and related authorized personnel. The applicant must draft a covenant deed and get it signed by its board of directors and shareholders in accordance with the RBI Master Direction. The application must be made via Form A. The company must declare its business objectives, primarily to AA-related activities only. The applying legal entity must submit documents, including the MOA, AOA, board resolution, and details & identification of directors & shareholders. The applicant must file a net-worth certificate as authenticated by a Chartered Accountant. Proper implementation of a secure and encrypted IT infrastructure for secure data transfer. All companies must ensure an extensive background check of all their personnel. Compliance After Obtaining NBFC AA License with Enterslice Find out how Enterslice will assist you in fulfilling your compliance obligations after obtaining an NBFC AA license: We’ll help you draft website policies, including a privacy policy to demonstrate your handling of client-sensitive information. Store and share financial information in accordance with the RBI guidelines. The company’s authorized personnel must ensure that you use the client data only to facilitate a smooth transfer between the FIPs and FIUs. We’ll help you implement, maintain, and store the RBI’s mandated consent architecture for audit and dispute resolution purposes. In case there are any changes in your directors or shareholders, then we’ll assist you in informing the Reserve Bank of India in the prescribed manner. Our compliance associates will help you file quarterly or annual returns within deadlines. We’ll help you submit annual audited financial statements to avoid late filings. Enterslice will assist you in filing the annual statutory auditor’s certificate, ensuring compliance with the RBI’s AA directives. You must continuously monitor your Net Owned Funds (NOF) to ensure it doesn’t fall below INR 2 crore. We’ll help you implement a secure IT infrastructure for safe data transfer. Our audit team will help you in conducting regular audits via CISA-certified auditors. As an NBFC account aggregator services provider, we’ll ensure you comply with RBI’s cybersecurity regulations. Our specialized consultants will help you appoint a “Nodal Grievance Officer” for dispute resolution. Our auditors will facilitate internal and external audits on periodic intervals. Our KYC-AML compliance associates will ensure smooth client onboarding after you obtain an NBFC AA license. Why Trust Enterslice for NBFC Account Aggregator Services? At Enterslice, we bring over a decade of experience in the compliance industry. With fast turnaround time, end-to-end client support, risk management, and transparency in costs, we provide a stress-free experience. Check the points below to see why you should trust Enterslice for NBFC account aggregator services: Complete assistance in the preparation of financial indexes and projections Guaranteed compliance support after obtaining the license 24/7 customer support team for queries and concerns 100% compliance with the RBI – avoid penalties Team of 400+ lawyers, CA, and CS professionals to handle your paperwork Help you manage/reduce risk for hassle-free acquisition of the NBFC account aggregator license Complete legal documentation support in accordance with RBI guidelines Provides real-time updates on your application for the NBFC account aggregator license No hidden charges – full, straightforward pricing structure: pay no additional charges Tailored solutions as per your business requirements and model Assistance in filing annual returns with ease on time Frequently Asked Questions on NBFC AA License What is an NBFC account aggregator license? An NBFC account aggregator license is an RBI-approved permit that allows a company to share financial data with financial institutions/credit companies after obtaining consent from its clients. What are Enterslice’s NBFC account aggregator services? Enterslice will help you with the following: Register your company Apply to the RBI Draft and assemble mandatory legal documents Prepare lease and rental office agreements Provide internal, external, KYC-AML, and financial audit services File your annual returns Help you maintain compliance with the RBI Prepare annual accounting statements and balance sheets Provide uninterrupted legal support How do I obtain an NBFC AA license? The process for acquiring an account aggregator license by the RBI is as follows: The first step is to draft and prepare all the mandatory documents Followed by company incorporation with the MCA Then apply to the RBI as per Annexure 4 of the RBI regulations Wait for the approval by the Reserve Bank of India Obtain the 12-month interim approval by the RBI, provided you set up an appropriate IT infrastructure (if approved) Set up the prescribed infrastructure to get the final certificate of registration to operate as an NBFC account aggregator What is the cost of an NBFC account aggregator license? There’s no official governmental fee for obtaining an NBFC AA license in accordance with the RBI Master Direction of 2016. The applicant must have a minimum of INR 2 crore as NOF. Who governs and provides the NBFC account aggregator license? The Reserve Bank of India is the primary registering authority that facilitates the enrolment of an NBFC account aggregate license. What documents are needed for an account aggregator license by the RBI? The list of documentation requirements for the NBFC AA license is as follows: A copy of the certificate of business incorporation ID and address proof of the directors and shareholders Certified copies of the net worth of the applicant A detailed business plan MOA and AOA Charter of the company Audited financial statements Fit and proper declarations of all directors and shareholders PAN card of the entity and main personnel Who can obtain an NBFC AA license? Any company with at least INR 2 crore of net owned funds can apply for the license. The list of entities that are eligible for obtaining an account aggregator license by the RBI in India: Fintech corporations registered as NBFCs Financial institutions Investment management companies Wealth and asset management Credit rating service providers What is the minimum limit for net owned fund (NOF) for obtaining an NBFC account aggregator license? The applicant company must have at least INR 2 crore of net owned funds for acquiring an NBFC AA license. What is the primary function of an NBFC account aggregator license company? The main function of an NBFC AA is to act as a mediator/intermediary between a financial institution that provides loan and credit facilities in India. Who can become an account aggregator licensor by the RBI? Any company that is registered as a non-banking financial company with the Reserve Bank of India and has a net owned fund of INR 2 crore. What is the difference between a FIP and FIU in the Account Aggregator license by RBI ecosystem? Find out the basic distinction between an FIP and FIU as described below: Basis Financial Information Provider (FIP) Financial Information User (FIU) Meaning Organizations that hold information Institutions that use information Main Function Main holder of the data User of the data Examples Banks, NBFC, AMC, Pension Fund, and Insurance Companies SEBI and Insurance Regulatory and Development Authority (IRDAI) Role in AA Facilitate information transfer after obtaining explicit consent from the customers FIUs data requests from the FIPs upon consent from clients What are the key responsibilities of an NBFC account aggregator? The main responsibilities of an NBFC Account Aggregator are as follows: An account aggregator manages user consent for data transfer. They are under an obligation to decline any request for information sharing without the consent of the user. An AA manager merely transfers the financial data. They don’t have the right to read, use, or process any part or whole of information. The data shared between FIPs and FIUs is shared via an encrypted server. They’re responsible for putting the users/clients in complete control of their data, meaning the users decide what data must be shared and to what extent with whom. The NBFC account aggregators play a major role in digital data sharing, enabling faster loan decisions, enhanced wealth management, and customized services.
An NBFC Account Aggregator License is your regulatory passport to India’s consent-based data-sharing economy, where financial information flows securely with customer approval. It is a registration that enables companies to consolidate financial data from multiple accounts into a single overview. The account aggregator is licensed by the RBI, and it bridges the gap between:
Financial Information Providers (FIPs): These include banks and financial institutions that hold the data.
Financial Information Users (FIUs): These include users of the information, such as banks, NBFCs, digital lenders, and insurance companies.
Roughly 80-90 million users are using the AA service
Facilitated loans worth Rs 1.6 lakh crore
Contributes to product innovation
Reduced documentation
Boost to financial inclusion
Get Enterslice expert-led support and obtain an NBFC AA license to become the leader of India’s fintech sector, which ranks third globally.
NBFC Account Aggregators are financial data-sharing entities which create an ecosystem for the aggregation/ sharing of financial information across different financial sector organizations. In a broader sense, it is a legal entity extracting all the financial information of users (individual financial data) and providing information in such a manner that allows the reader to simplify, understand and analyze the various financial data and holdings of individuals.
Furthermore, the Reserve Bank of India has issued a master direction on NBFC Account Aggregator with the intent to safeguard the interest of the NBFC clients having accounts with other financial institutions. However, the Account Aggregators are prohibited from sharing financial information without obtaining the consent of the user.
Find out the participants in the NBFC account aggregator license system, as explained below:
An FIP is the original holder of the information who facilitates the transfer upon request from an individual or an artificial person. Some examples include asset management corporations and pension funds.
The FIUs receive digitally signed data from the FIPs through account aggregators for market analysis and customer evaluation.
This participant uses the RBI’s AA framework to acquire data from banks and institutions through APIs. They further partner with FIPs and FIUs to provide AA services.
Discover the various benefits of the NBFC AA license, including compliance with RBI, promoting India’s digital sufficiency, and acting as a bridge between financial intermediaries.
With a NBFC AA license, you can build and increase credibility in the market amongst the consumers, financial institutions, and related AA ecosystem players.
A registered NBFC with an AA license provides a direct link with financial institutions, including banks, insurance companies, mutual funds, lending platforms, and wealth management firms.
With an account aggregator license from the RBI, you can generate profits by providing subscription-based models and API services.
After obtaining the NBFC account aggregator license, you can partner with fintech and digital lenders to provide faster approval of loan services through your consent-driven data services.
You can avail and raise capital after obtaining an account aggregator license from the RBI because investors trust companies that are registered.
With the license, you can establish your brand identity amongst the fintech industry market, setting a competitive edge. It is one of the benefits of NBFC account aggregator license.
Understand the process of NBFC account aggregator license with Enterslice’s expert guidance:
The first step is to legally register your company under the Companies Act of 2013. We’ll help draft your MOA, AOA, and other mandatory certificates to incorporate your company with the MCA.
As per the Reserve Bank of India, any legal entity seeking an NBFC account aggregator license should have a minimum of INR 2 crore as net owned funds.
Once we’ve registered your company with the Ministry of Corporate Affairs (MCA). We’ll gather all the necessary documents, including the business plan, business incorporation certificate, bylaws agreements, lease agreements, net-worth certificate, and ID proof of all the directors and shareholders.
We’ll apply for an NBFC account aggregator license with the necessary documents to the Reserve Bank of India (RBI).
The authority will review your application and supporting documents. Upon satisfaction, they’ll approve your license in principle.
After the approval, the RBI will issue the NBFC account aggregator license. Once you’ve received the certificate, you’re required to establish the mandatory framework and operating system within 12 months.
To be able to function as an account aggregator, you must’ve a proper IT system. We’ll help you set up a secure API, consent management system, cloud hosting, encryption, firewalls, security operations centre (SOC), and data flow system.
Once you’ve complied with the RBI Master Directives on NBFC AA license, the authority will conduct a final review to check if you’ve established the mandatory IT systems. Upon successful audit, the authority will issue the final registration certificate with indefinite validity, subject to compliance.
The total timeline is in the range of 14 to 16 months. Given below is the bifurcated timeline for the NBFC account aggregator license by RBI-
Draft the MOA & AOA and register your company with the Ministry of Corporate Affairs (MCA).
Submit the application with mandatory documents to the RBI.
The RBI evaluates your application and verifies the submitted documents.
RBI grants an in-principle approval, valid for 12 months.
Set up the required IT and governance infrastructure and comply with all post-approval RBI conditions.
RBI issues the final Certificate of Registration after verifying system readiness and compliance.
The documents required to get an NBFC AA license are as follows:
Certificate of Incorporation
KYC Details of Promoters
KYC Details of Directors
Net Worth Certificates of Directors and Shareholders
Bankers’ Report
Business Plan
Report on the Company’s IT Infrastructure
Audited Financial Statement
Fit and Proper Declaration
Other Documents
No, the NBFC account aggregator license doesn’t require any type of renewal because it is valid for a lifetime once registered by the RBI. However, it can be cancelled if the competent authority finds out that your company:
Financial information in accordance with the master direction for the account aggregator license by RBI, as mentioned below:
Certificates of Deposit (CD)
Commercial Paper (CP)
Deposits with Banks and NBFCs
Systematic Investment Plan (SIP)
Government Tradable Securities
Equity Shares
Bonds and Debentures
Mutual Fund Units
Real Estate Investment Fund Units (REITs)
Goods and Services Tax Returns (GST)
Insurance Policies
Exchange Traded Funds (ETFs)
Indian Depository Receipts (IDRs)
Collective Investment Scheme (CIS)
Infrastructure Investment Trust (InvITs)
Balance from National Pension Fund (NPS)
Scroll down and find the basic criteria and requirements for NBFC account aggregator license as mentioned below:
Find out how Enterslice will assist you in fulfilling your compliance obligations after obtaining an NBFC AA license:
At Enterslice, we bring over a decade of experience in the compliance industry. With fast turnaround time, end-to-end client support, risk management, and transparency in costs, we provide a stress-free experience. Check the points below to see why you should trust Enterslice for NBFC account aggregator services:
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
-- Testimonials
“Thanks to Enterslice, securing our NBFC Account Aggregator license was smooth. Their team handled NOF & IT infrastructure requirements clearly and professionally. Recommend them for fintech startups needing secure data ecosystems.”
Verified Customer
“Our AA-license approval came faster than expected thanks to Enterslice. They handled document preparation, board resolutions and tech-audit support with clarity. Excellent service for companies in the regulated data-sharing space!”
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