Page 58 - BANKING FINANCE NOVEMBER 2023

RBI CIRCULAR

ii. Approval of General Body of the Bank Aggregator (Reserve Bank) Directions, 2016 defining
the term ‘Financial Information Provider’.
iii. Amended bye-laws as approved by CRCS/RCS
2. As per National Pension System (NPS) architecture, Cen-
iv. Copy of CoR issued by CRCS/RCS with amended
name tral Recordkeeping Agency (CRA), registered under
section 27 of the Pension Fund Regulatory and Devel-
v. Original banking licence opment Authority (PFRDA) Act, 2013, acts as an inter-
5. Co-operative Banks shall follow the above process for face between the different intermediaries in the NPS
change in the name of the bank even if the name system. CRAs hold information pertaining to the sub-
change is due to Government Notification. No co-op- scribers including the balances under NPS. Accordingly,
erative bank shall display/operate with amended name and as suggested by the PFRDA, it has been decided to
without effecting the corresponding change in its name replace ‘Pension Fund’ with ‘Central Recordkeeping
in the banking licence issued by the Reserve Bank of Agency’ as the financial information provider in the AA
India. Further, the displayed name of the bank shall be ecosystem.
strictly as per the name in its banking licence. 3. The Master Direction – Non-Banking Financial Company
- Account Aggregator (Reserve Bank) Directions, 2016,
Joining the Account Aggregator Ecosystem is being modified accordingly.

as Financial Information User
Strengthening of customer service ren-
October 26, 2023
dered by Credit Information Companies
1. Please refer to the Master Direction – Non-Banking Fi- and Credit Institutions
nancial Company - Account Aggregator (Reserve Bank)
Directions, 2016. October 26, 2023
2. It has been observed that certain entities, which are 1. Please refer to para 4 of the Statement on Develop-
eligible to join Account Aggregator (AA) ecosystem as mental and Regulatory Policies released with the Bi-
Financial Information Provider (FIP), have onboarded monthly Monetary Policy Statement 2023-24 on April
as Financial Information User (FI-U) only. Consequently, 6, 2023, wherein it was announced that a comprehen-
such entities are accessing financial information from sive framework will be put in place for strengthening
other FIPs but are not providing the financial informa- and improving the efficacy of the grievance redress
tion held by them. As such, with a view to ensure effi-
mechanism and customer service provided by the Credit
cient and optimum utilisation of the AA ecosystem, it
Institutions (CIs) and Credit Information Companies
has been decided that regulated entities of the Bank (CICs).
joining the AA ecosystem as FI-U shall necessarily join
as FIP also, if they hold the specified financial informa- 2. Accordingly, in exercise of the powers conferred by sub-
tion and fall under the definition of FIP. section (1) of section 11 of the Credit Information Com-
panies (Regulation) Act, 2005 (CICRA, 2005), the Re-
3. The Master Direction – Non-Banking Financial Company serve Bank of India directs CICs and CIs to implement
- Account Aggregator (Reserve Bank) Directions, 2016,
the directions as detailed below:
is being modified accordingly.
2.1. Intimation of access to Credit Information Report
Review of Financial Information Provider and updation of credit information with Credit In-
formation Companies
(FIP) under Account Aggregator Frame- a. CICs shall send alerts through SMS/ email to cus-
work tomers when their Credit Information Report (CIR)
is accessed by the Specified Users (SUs) as defined
October 26, 2023
in sub-section (l) of section 2 of CICRA, 2005, wher-
1. Please refer to the paragraph 3(1)(xi) of Master Direc- ever mobile number/ email ID details of the cus-
tion – Non-Banking Financial Company - Account tomers are available. The alerts shall be sent by

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