REs of Bank Joining Account Aggregator Ecosystem as ‘FI-U’ Shall Necessarily Join as ‘FIP’ | RBI
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- Last Updated on 28 October, 2023
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Circular No. RBI/2023-24/77 DoR.FIN.REC.53/03.10.123/2023-24, Dated: 26.10.2023
The RBI observed that certain entities, which are eligible to join the Account Aggregator (AA) ecosystem as Financial Information Provider (FIP), have onboarded as Financial Information User (FI-U) only. Consequently, such entities are accessing financial information from other FIPs but aren’t providing the financial information held by them.
To ensure efficient and optimum utilisation of the AA ecosystem, RBI has decided that regulated entities of the Bank joining the AA ecosystem as FI-U must necessarily join as FIP also.
Click Here To Read The Full Circular
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