Review of Financial Information Provider (FIP) under Account Aggregator Framework

RBI/2023-24/76
DoR.FIN.REC.52/03.10.123/2023-24                                                   October 26, 2023

All Regulated Entities of the Bank

Madam/ Dear Sir,

Review of Financial Information Provider (FIP) under Account Aggregator Framework

Please refer to the paragraph 3(1)(xi) of Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 defining the term ‘Financial Information Provider’.

2. As per National Pension System (NPS) architecture, Central Recordkeeping Agency (CRA), registered under section 27 of the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013, acts as an interface between the different intermediaries in the NPS system. CRAs hold information pertaining to the subscribers including the balances under NPS. Accordingly, and as suggested by the PFRDA, it has been decided to replace ‘Pension Fund’ with ‘Central Recordkeeping Agency’ as the financial information provider in the AA ecosystem.

3. The Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016, is being modified accordingly.

Yours faithfully,