Account Aggregator is an entity that acts as a consent collector for the Customer and mediates the Financial Information data flows from the FIP to the recipient FIU/Customer. The financial information pertaining to the customer shall not be the property of the Account Aggregator, and not be used in any other manner.

A consent artefact is a machine-readable electronic document that specifies the parameters and scope of data sharing that a Customer consents to in any data sharing transaction.

Financial Information refers to information about a Customer's financial products such as Bank Deposits, Structured Investment Products (SIP), Mutual Fund Units, Equity Shares, Insurance Policies and other information as specified by the Bank. It is obtained from Financial Information Providers.

“Financial Information Provider” means bank, banking company, non-banking financial company, asset management company, depository, depository participant, insurance company, insurance repository, pension fund and such other entity as may be identified by RBI for the purposes of these directions, from time to time Examples of FIPs under different regulators:

• Central Record Keeping Agency (CRA)

• Banks
• NBFCs

• Insurance Companies
• Insurance Repositories
  • CDSL Insurance Repository Limited (CDSL IR)
  • Karvy Insurance repository Limited
  • National Insurance-policy Repository by NSDL Database Management Limited

• Depository
  • NSDL and CDSL have information of shares, Bonds, Gsec and other such securities such as certificate of deposit, Commercial papers etc. held by investors in dematerialised form
• Stock Exchange
• Issuers and Issuances
• RTAs (Registrar and Transfer Agents)
• Mutual fund holding and transactions information
  • CAMS
  • KARVY
• Some Mutual funds may have inhouse set up for RTA work.

“Financial information User” means an entity registered with and regulated by any financial sector regulator that wishes to consume the services from Account Aggregator for providing value added services to the Customer​.

Customer for the purpose of NBFC-AA service means a ‘person’ who has entered into a contractual arrangement with the Account Aggregator to avail services provided by the Account Aggregator. Customer maintains account(s) with one or more FIPs. The Customer register with Account Aggregators and provide consent for enabling access to their FI maintained by the FIPs.