RBI Invites Applications for SROs in Account Aggregator Ecosystem

Mumbai, Mar 12 (PTI) The RBI on Wednesday came out with a framework for recognising self-regulatory organisations for the account aggregator ecosystem which provides for eligibility criteria, and governance related aspects of SRO-AA.

Under the aegis of SRO-AA framework, the RBI also invited applications for recognition of self-regulatory organisation for the account aggregator ecosystem (SRO-AA).

"Interested applicants may submit their application through PRAVAAH portal, latest by June 15, 2025," the central bank said.

RBI had introduced the account aggregator (AA) framework in September 2016. The AA framework facilitates secure and seamless exchange of specified financial information through Non-Banking Financial Company-Account Aggregators, which act as intermediaries between Financial Information Providers (FIPs) and Financial Information Users (FI-Us).

These FIPs and FI-Us fall under the purview of different financial sector regulators -- RBI, Sebi, Irdai and Pfrda.

Further, Department of Revenue is deemed to be the regulator for Goods and Services Tax Network for the purpose of onboarding the AA ecosystem.

The RBI said the AA ecosystem is distinct in its complexity, involving exchange of data among a diverse array of Regulated Entities (REs) operating under varied regulatory environments.

"This complexity necessitates frequent coordination among these REs to address various operational issues such as dispute resolution, standardised agreements, common services," it said.

Given its inherent diversity and to support its smoother adoption and stabilisation, RBI added it is desirable to have a dedicated SRO for the account aggregator ecosystem.

According to the framework, primary responsibility of the SRO-AA towards its members would be to promote best business practices and controls.

The SRO-AA will have to establish minimum benchmarks and conventions for professional market conduct amongst its members.

"The SRO-AA is expected to operate with transparency, professionalism and independence, in order to foster greater confidence in the integrity of the ecosystem," it said.

Compliance with the highest standards of governance as prescribed in the Companies Act, 2013 is a pre-requisite for an effective SRO-AA.