Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025
RBI master-direction RBI/DoR/2025-26/368 · 28 Nov 2025
RBI master-direction RBI/DoR/2025-26/368 · 28 Nov 2025
Summary
Check the official recordThese directions establish the regulatory framework for Non-Banking Financial Companies acting as Account Aggregators (NBFC-AAs). NBFC-AAs must obtain a certificate of registration from the Reserve Bank of India and maintain a minimum net owned fund of two crore rupees. The business of an Account Aggregator involves retrieving, consolidating, and presenting financial information to customers or authorized users based on explicit customer consent. NBFC-AAs must not support customer transactions, store customer credentials, or use third-party service providers for aggregation. They must implement robust IT systems, maintain a leverage ratio not exceeding seven, and establish board-approved policies for customer grievances, pricing, and fit and proper criteria for directors. These directions are effective immediately upon publication on the Reserve Bank website.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
If you do not comply
RBI/DoR/2025-26/368 DoR.FIN.REC.No.287/03-10-123/2025-26 November 28, 2025
In exercise of the powers conferred under section 45JA of the Reserve Bank of India Act, 1934 (hereinafter referred to ‘the Act’), and of all the powers enabling it in this behalf, the Reserve Bank hereby issues Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025 for compliance of the same by every non-banking financial company undertaking the business of Account Aggregator as defined herein.
The provisions contained in the following directions, where not contradictory to the contents of these Directions, shall be applicable to an NBFC-AA: (1) Reserve Bank of India (Non-Banking Financial Companies - Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025. (2) Paragraphs 8, 10 to 13, 17(1) and 18 of Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions, 2025. It may be noted that the provisions of paragraphs 12, 13, 17(1) and 18 shall be applicable to NBFC-AA, despite the categorization of NBFC-AA as NBFCs-BL under SBR Framework. (3) Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025 except provisions contained in paragraphs 13 to 15 and paragraph 20. (4) Reserve Bank of India (Non-Banking Financial Companies– Acquisition of Shareholding or Control) Directions, 2025 except paragraphs 6(3) and 6(4). (5) Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Declaration of Dividends) Directions, 2025. (6) Reserve Bank of India (Non-Banking Financial Companies – Managing Risks in Outsourcing) Directions, 2025. (7) Reserve Bank of India (Non-Banking Financial Companies- Voluntary Amalgamation) Directions, 2025. (8) Paragraphs 6, 7, 25 and 26 of the Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025.
Notwithstanding the above, the instructions contained in these Directions shall be applicable to an NBFC-AA in addition and not in substitution to the other relevant instructions contained in the directions mentioned in paragraph 4 above.
In these directions unless the context otherwise requires, (1) ‘Account Aggregator’ means a non-banking financial company as notified under in sub-clause (iii) of clause (f) of section 45-I of the Act, that undertakes the business of an account aggregator, for a fee or otherwise, as defined at paragraph 8(4) of these directions. (2) ‘bank’ means - a) a banking company; or b) a corresponding new bank; or c) the State Bank of India; or d) a subsidiary bank; or e) such other bank which the Reserve Bank may, by notification, specify for the purposes of these directions; and f) a co-operative bank as defined under clause (cci) of section 5 read with section 56 of the Banking Regulation Act, 1949 (10 of 1949); (3) ‘Banking company’ means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (4) ‘business of an account aggregator’ means the business of providing under a contract, the service of, retrieving or collecting such financial information pertaining to its customer, as may be specified by the Reserve Bank from time to time; and consolidating, organizing and presenting such information to the customer or any other financial information user as may be specified by the Reserve Bank; Provided that, the financial information pertaining to the customer shall not be the property of the Account Aggregator, and not be used in any other manner. (5) ‘Company’ means a company registered under section 3 of the Companies Act, 1956 or a company registered under sub section (20) of section 2 of the Companies Act, 2013; (6) ‘Customer’ for the purpose of these directions means a ‘person’ who has entered into a contractual arrangement with the Account Aggregator to avail services provided by the Account Aggregator; (7) ‘Depository’ means a company which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992; (8) ‘Depository Participant’ means a person registered under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992; (9) ‘Financial Information’ means information in respect of the following with financial information providers: (i) bank deposits including fixed deposit accounts, savings deposit accounts, recurring deposit accounts and current deposit accounts, (ii) Deposits with NBFCs (iii) Structured Investment Product (SIP) (iv) Commercial Paper (CP) (v) Certificates of Deposit (CD) (vi) Government Securities (Tradable) (vii) Equity Shares (viii) Bonds (ix) Debentures (x) Mutual Fund Units (xi) Exchange Traded Funds (xii) Indian Depository Receipts (xiii) CIS (Collective Investment Schemes) units (xiv) Alternate Investment Funds (AIF) units (xv) Insurance Policies (xvi) Balances under the National Pension System (NPS) (xvii) Units of Infrastructure Investment Trusts (xviii) Units of Real Estate Investment Trusts (xix) Goods and Services Tax (GST) Returns, viz. Form GSTR-1 and Form GSTR-3B (xx) Any other information as may be specified by the Reserve Bank for the purposes of these directions, from time to time; (10) ‘Financial Sector Regulator’ for the purpose of these directions, shall mean the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority and Department of Revenue, Ministry of Finance; (11) ‘Financial Information Provider’ means bank, banking company, non-banking financial company, asset management company, depository, depository participant, insurance company, insurance repository, Central Recordkeeping Agency, Goods and Services Tax Network (GSTN), Clearing Corporation of India Limited and such other entity as may be identified by the Reserve Bank for the purposes of these directions, from time to time; Note: Clearing Corporation of India Limited shall provide financial information on Government Securities held by retail investors in their Retail Direct Gilt accounts under Retail Direct Scheme. (12) ‘Financial Information User’ means an entity registered with and regulated by any financial sector regulator; (13) ‘Insurance Repository’ means a company formed under the Companies Act, 1956 and which has been granted a certificate of registration by Insurance Regulatory and Development Authority of India (IRDAI) for maintaining data of insurance policies in electronic form on behalf of insurers. (14) ‘Leverage Ratio’ means the ratio of the Outside Liabilities excluding borrowings/ loans from the group entities to Owned Funds. (15) ‘Non-banking financial company’ means a company registered under the Companies Act and which has been granted certificate of registration by the Reserve Bank under section 45IA of the Act; (16) ‘Person’ means (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, and (vi) every artificial juridical person, not falling within any of the preceding subclauses.
Words or expressions used in these directions but not defined herein but defined in the Act, shall have the same meaning as assigned to them under the Act. Any other words or expressions not defined in the Act, shall have the same meaning assigned to them in the Companies Act, 2013.