NBFC Account Aggregator License

The NBFC Account Aggregator License Online India is governed by the Reserve Bank of India (RBI) Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016, as amended. These directions outline the regulatory framework for registration, capital requirements, and operational standards for Account Aggregators. The license is issued under Section 45-IA of the Reserve Bank of India Act, 1934, which mandates that no NBFC can commence business without obtaining a certificate of registration from the RBI.

The regulatory authority for the NBFC Account Aggregator License Online India is the Reserve Bank of India (RBI), specifically its Department of Non-Banking Supervision (DNBS). Applications are submitted through the RBI's online portal, the 'CIMS' (Centralised Information Management System). The official website for RBI is www.rbi.org.in. For specific AA-related queries, the DNBS can be contacted via the regional offices.

The application process for the NBFC Account Aggregator License Online India involves the following steps:

1. Preparation: Ensure the entity is incorporated as a public limited company under the Companies Act, 2013, with a minimum net owned fund of ₹2 crore.
2. Online Application: Submit the application through the RBI's CIMS portal, providing details of directors, business plan, and compliance with fit and proper criteria.
3. Scrutiny: RBI reviews the application and may seek additional information or clarifications.
4. In-Principle Approval: If satisfied, RBI grants an in-principle approval, valid for 12 months, during which the applicant must meet all conditions.
5. Final Registration: After fulfilling conditions (e.g., technology infrastructure, data security), RBI issues the final certificate of registration.

The key forms for the NBFC Account Aggregator License Online India include:

• Form AA-1: Application for grant of certificate of registration as an Account Aggregator.
• Form AA-2: Application for conversion of an existing NBFC into an Account Aggregator.
• Form AA-3: Application for renewal of certificate of registration.
• Board Resolution: Authorizing the application and compliance with RBI directions.
• Declaration: Regarding fit and proper status of directors and shareholders.

To be eligible for the NBFC Account Aggregator License Online India, an entity must:

• Be a public limited company registered under the Companies Act, 2013.
• Have a minimum net owned fund of ₹2 crore.
• Ensure that no director or shareholder is disqualified under the fit and proper criteria.
• Have a robust technology platform for secure data aggregation and consent management.
• Not be engaged in any other business other than that of an Account Aggregator.

The timeline for obtaining the NBFC Account Aggregator License Online India varies based on RBI's processing. After submission, RBI typically takes 3-6 months to grant in-principle approval. The final registration is issued within 12 months of in-principle approval, subject to compliance with conditions. No specific time estimates can be provided as processing depends on the completeness of the application and regulatory workload.

The fees for the NBFC Account Aggregator License Online India are prescribed by the RBI and are subject to change. The following table outlines the government-prescribed fees:

Note: These fees are non-refundable and must be paid via online mode. Additional costs may include legal and consultancy fees, but those are not part of the government fee.