The Reserve Bank of India (RBI) October 26, 2023, issued a circular regarding the Review of Financial Information Provider (FIP) under Account Aggregator Framework.
The following has been stated: -
•As per the National Pension System (NPS) architecture, the Central Recordkeeping Agency (CRA), registered under section 27 of the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013, acts as an interface between the different intermediaries in the NPS system. CRAs hold information pertaining to the subscribers including the balances under NPS. Accordingly, and as suggested by the PFRDA, it has been decided to replace ‘Pension Fund’ with ‘Central Recordkeeping Agency’ as the financial information provider in the AA ecosystem.
•The Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016, is being modified accordingly.
URL: https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10598
The detailed notification is given in the document attached below.
[Circular No. RBI/2023-24/76 DoR.FIN.REC.52/03.10.123/2023-24]
