Among India's Top 100 Consulting Firm
Lowest Fees
4.9 Customer Rating
Account Aggregation is the accumulation of financial data that involves gathering information on a single platform from varied accounts such as bank accounts, investment accounts, business accounts, consumer accounts and other financial-related accounts.NBFC Account Aggregator is a financial entity which works as an Account Aggregator for the customers of NBFC. NBFC-AA provides information regarding multiple accounts that are held by the customers in different NBFC entities.
(1) Operational advantage
(2) Serving clients becomes easy
(3) Reduces the risk of bad loans
(4) Ensures smooth flow of credit information
(5) Helps in reducing verrrification time for lenders hence increases efficiency
(1) The first step is to get company registration as per Companies Act, 2013.
(2) The company must have the necessary resources to offer such type of services.
(3) The company needs to make an application to the RBI Department of Non-Banking Regulation.
(4) Such application should be in the form as provided under Annex 1.
(5) On examining the eligibility requirements if the RBI is satisfied that the company has the necessary resources and wherewithal, adequate capital structure, fit and proper promoters, leverage ratio of not more than 7, then the RBI shall grant in-principle approval.
(6) Finally the RBI shall grant a certificate of registration as NBFC AA after being satisfied that the company can commence operations and is in compliance with the requirements of registration.
(1) What is NBFC Account Aggregator License?
(2) Who will regulate such type of NBFC-AA?
(3) What is the main function of NBFC account aggregators?
