
Account Aggregator Framework (2021): Transforming Consent-Based Data Sharing in India’s Financial Ecosystem
The Account Aggregator (AA) framework is a Reserve Bank of India (RBI)-regulated system that lets individuals and businesses share their financial data across institutions through explicit, revocable digital consent, rather than routing it through banks and lenders that hold it in custody. Its legal basis goes back to September 2016, when the RBI issued the Master Direction on Non-Banking Financial Company (NBFC) – Account Aggregator (Reserve Bank) Directions, creating an entirely new class of NBFC whose only permitted business is consent-based data retrieval and transfer. It took another five years of pilot testing before the system went live commercially on September 2, 2021.






