RBI Introduces New Framework for Self-Regulatory Organizations in Account Aggregator Ecosystem

The Reserve Bank of India (RBI) has announced a framework for recognizing self-regulatory organizations (SROs) in the account aggregator ecosystem. This initiative establishes eligibility criteria and governance guidelines, inviting applications for recognition through the PRAVAAH portal by June 15, 2025, aiming to enhance data exchange compliance.

The Reserve Bank of India (RBI) unveiled a new framework Wednesday to recognize self-regulatory organizations within the account aggregator ecosystem. This move outlines eligibility requirements and governance standards for these organizations.

The central bank is accepting applications for recognition of self-regulatory organizations via the PRAVAAH portal, with a deadline set for June 15, 2025. RBI first introduced the account aggregator framework in September 2016, streamlining the secure transfer of financial information.

Account aggregators serve as intermediaries between Financial Information Providers and Users, under the jurisdiction of diverse financial regulators. The new guidelines highlight the necessity for coordination among varied entities and the establishment of best business practices.

(With inputs from agencies.)