Page 35 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
th
nd
 To ensure that the providing of services with any information that it may come
to a customer shall be backed by to acquire from/ on behalf of a customer
appropriate agreements/authorizations without the customer’s explicit consent.
between the Account Aggregator, the
 In the event of any difference in
customer, and the Financial information
providers. position of financial information in
the statement generated by/from the
 It shall not support transactions by Account Aggregator and the books of
customers. the Financial information provider, the
position as reflected in the records of the
 To ensure appropriate mechanisms for Financial information provider shall be
proper customer identification.
considered as correct.
 It shall share information as referred Stakeholders in Account aggregation
to under paragraph 3(iv) only with the
Any supervised financial sector institution that
customer to whom it relates or any other offers financial services and products such as
financial information user as authorized
banking, lending, asset management, and
by the customer in accordance with the insurance is classified as a financial information
terms of the consent provided by the provider (FIP).
customer.
An institution that is registered and supervised
 It shall not undertake any other business by any of the financial sector regulators (across
other than the business of account banking, lending, financial planning and
aggregator. Deployment of investible
investments, insurance and pension— the
surplus by an Account Aggregator Reserve Bank of India (RBI), Securities
in instruments, not for trading, shall
Exchange Board of India (SEBI), Insurance
however be permitted.
Regulatory and Development Authority of
 No financial information of the customer India (IRDAI), Pension Fund Regulatory and
accessed by the Account Aggregator from Development Authority (PFRDA) is considered
the financial information providers shall a financial information user (FIU). FIUs can
reside with the Account Aggregator. solicit consent from a user by providing details
of the data to be captured through an account
 To not use the services of a third-party aggregator identifier.
service provider for undertaking the
business of account aggregation. Account aggregators (AAs) are entities that
facilitate structured financial data sharing from
 The Account Aggregator shall not
FIPs to FIUs while retaining a record of the
access user authentication credentials consent provided and offering the functionality
of customers relating to accounts with to manage and rescind consent
various financial information providers.
How Account Aggregators will operate?
 Account Aggregator shall have a Citizen’s The financial data related to the account will be
Charter that explicitly guarantees
exchanged between the Financial Information
protection of the rights of a customer. Providers (FIP) and the Financial Information
The Account Aggregator shall not part

The Institute Of Cost Accountants Of India

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