1. What does an Account Aggregator mean?
An Account Aggregator is a Consent Manager for Financial Data: a new class of NBFC approved by RBI to manage consent for financial data sharing.
It was created through an inter-regulatory decision by Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) through Financial Stability and Development Council (FSDC). RBI licenses the AAs.
The market will have many AAs competing to cater to different users.
2. How can I use an Account Aggregator Connector?
Account Aggregator Connector can be to fetch bank transactions data directly from the Banks, thereby eliminating the need for PDF statements movement between bank, account holder and NBFC/ Financial Information User. Write to email@example.com to know how you can start using the AA Connector.