The Reserve Bank of India (RBI) on October 26, 2023, issued a notification regarding Joining the Account Aggregator Ecosystem as Financial Information User.
The following has been stated namely: -
• Certain entities have been onboarded as Financial Information User (FI-U) only even though which they are eligible to join the Account Aggregator (AA) ecosystem as Financial Information Provider (FIP).
• Such entities are accessing financial information from other FIPs but are not providing the financial information held by them.
• it has been decided that regulated entities of the Bank joining the AA ecosystem as FI-U shall necessarily join as FIP also, if they hold the specified financial information and fall under the definition of FIP, this is to ensure efficient and optimum utilisation of the AA ecosystem.
[Notification No. RBI/2023-24/77]
