The Reserve Bank of India (RBI) on March 12, 2025, issued the Framework for recognising Self-Regulatory Organisations (SROs) for the Account Aggregator Ecosystem.
The SRO-AA is expected to operate with credibility, objectivity and responsibility under the overall oversight of the Reserve Bank, to promote healthy and sustainable development of the AA ecosystem. The SRO-AA should have the following characteristics to meet the requirements of the AA Ecosystem for its efficient functioning:
• True Representation of the AA ecosystem
• Code of Conduct and Oversight
• Development-oriented Activity
• Independence from Influence
• Grievance Redressal and Dispute Resolution
The SRO-AA is expected to achieve the following objectives:
• The SRO-AA, through comprehensive membership agreements, should adopt objective, well-defined and consultative processes to make rules relating to conduct of its members and be able to monitor the compliance of these rules.
• The SRO-AA should promote a culture of compliance of regulatory compliance and public good by the participants of the AA ecosystem.
• The SRO-AA should act as the collective voice of its members in providing suggestions to/ engagements with the Reserve Bank, other Financial Sector Regulators and other stakeholders. The SRO-AA should aim to represent and address broader ecosystem concerns and play a pivotal role in the functioning of the AA ecosystem.
• The SRO-AA should collect and share relevant information with the Reserve Bank to aid in policymaking.
• The SRO-AA should undertake/ encourage a culture of research and development within the AA ecosystem to encourage innovation while ensuring highest standards of compliance and self-governance.
For more details, please refer to the document attached below.
