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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025

28-Nov-2025 | RBI/DoR/2025-26/368 DoR.FIN.REC.No.287/03-10-123/2025-26

RBI has issued RBI (Non-Banking Financial Companies - Account Aggregator) Directions, 2025 effective from 28th November 2025.

Key Highlights:
1. Applicability - Applicable only to NBFC - Account Aggregators (NBFC-AAs).
2. Board Responsibilities - NBFC-AAs must have Board-approved policies for customer grievance handling, service pricing, and fit-and-proper criteria for directors/CEO.
3. Registration Requirements - Only companies can function as Account Aggregators, and they must obtain an RBI Certificate of Registration with a minimum net owned fund of Rs. 2 crores.
4. Registration Process - Applicants must apply through the PRAVAAH portal and must show adequate resources, capital, IT systems, fit-and-proper promoters, and a leverage ratio not exceeding 7.
5. Duties of an NBFC-AA - All customer information sharing must be based on explicit consent. NBFC-AAs cannot undertake any business other than account aggregation, store customer data, or access customer login credentials.
6. Data Sharing Protocols and Security Requirements - Financial Information Providers must verify consent, digitally sign customer data, and share it securely and in real time with the NBFC-AA. NBFC-AAs must maintain strong IT security, conduct external IS audits every 2 years, implement disaster recovery measures, and must not store or request passwords/PINs.
7. Customer Protection & Grievance Handling - NBFC-AAs must provide access to consent records, handle complaints within one month, display grievance officer details, and comply with the RBI Ombudsman Scheme.
8. Corporate Governance & RBI Inspection - NBFC-AAs must follow RBI governance norms, form committees (Audit, Nomination, Risk), obtain prior RBI approval for changes in control or management, file returns as required, and remain subject to RBI inspection and supervision.


For more information, please refer to the attached document.

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