The Reserve Bank of India (RBI) has announced a significant change in the Account Aggregator (AA) ecosystem. As per a recent notification, the Central Recordkeeping Agency (CRA) will replace Pension Funds as the Financial Information Provider (FIP) in this framework. The move comes after certain Financial Information Users (FI-Us) failed to meet the criteria established for FIPs, specifically regarding data access and reciprocation.
The Pension Fund Regulatory and Development Authority (PFRDA) has expressed support for the RBI’s decision. The CRA, an entity that serves as an interface between National Pension System (NPS) intermediaries and holds critical subscriber data, is seen as a suitable replacement for Pension Funds in the AA ecosystem.
The role of an account aggregator in this system is to transfer financial information supplied by FIPs for a fee. This activity is subject to limitations on usage or disclosure specified by the consent of the involved parties. This change signifies a strategic move by the RBI to ensure better compliance and data management within the AA ecosystem.
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