Page 52 - Banking Finance December 2019

RBI CIRCULAR

Technical Specifications for all Bank) Directions, 2017 and Master Directions -
Mortgage Guarantee Companies (Reserve Bank)
participants of the Account Aggregator Directions, 2016 are being modified accordingly.
(AA) ecosystem
RBI/2019-20/96 (Manoranjan Mishra)
November 08, 2019 Chief General Manager

1. Please refer to the Master Direction – Non-Banking Qualifying Assets Criteria - Review of
Financial Company - Account Aggregator (Reserve Limits
Bank) Directions, 2016 dated September 02, 2016.
RBI/2019-20/95
2. The NBFC-AA consolidates financial information of a
customer held with different financial entities, spread November 08, 2019
across financial sector regulators adopting different IT
systems and interfaces. In order to ensure that such 1. Please refer to the Statement on Developmental and
movement of data is secured, duly authorised, smooth Regulatory Policies issued as part of Monetary Policy
Statement dated October 4, 2019 and Para 3 of the
and seamless, it has been decided to put in place a set
Non-Banking Financial Company - Systemically
of core technical specifications for the participants of
the AA ecosystem. Important Non-Deposit taking Company and Deposit
taking Company (Reserve Bank) Directions, 2016 and
3. Reserve Bank Information Technology Private Limited the Non-Banking Financial Company – Non-Systemically
(ReBIT), has framed these specifications and published Important Non-Deposit taking Company (Reserve Bank)
the same on its website (www.rebit.org.in). Directions, 2016 prescribing the eligibility criteria for
4. All regulated entities of the Bank, acting either as classification under ‘Qualifying Assets’ for NBFC-MFIs.
NBFC-AA or Financial Information Providers (FIP) or 2. Taking into consideration the important role played by
Financial Information Users (FIU) are expected to adopt MFIs in delivering credit to those in the bottom of the
the technical specifications published by ReBIT, as economic pyramid and to enable them play their
updated from time to time. assigned role in a growing economy, it has been
5. Please note that the document referred to in para 3 decided to increase the household income limits for
only provides specifications for Application borrowers of NBFC-MFIs from the current level of
Programming Interface (API). It shall be the `1,00,000 for rural areas and `1,60,000 for urban/semi
responsibility of the NBFC-AA to ensure that its IT urban areas to `1,25,000 and `2,00,000 respectively.
systems have all features necessary to carry out its 3. Further, the limit on total indebtedness of the borrower
functions strictly in conformity with the NBFC-AA has been increased from `1,00,000 to `1,25,000. In
Master Directions, as updated from time to time. light of the revision to the limit on total indebtedness,
6. Master Directions on Non-Banking Financial Company the limits on disbursal of loans have been raised from
- Account Aggregator (Reserve Bank) Directions, 2016, `60,000 for the first cycle and `1,00,000 for the
Master Direction - Non-Banking Financial Company – subsequent cycles to `75,000 and `1,25,000
Non-Systemically Important Non-Deposit taking respectively.
Company (Reserve Bank) Directions, 2016, Master 4. These instructions shall come into effect from the date
Direction - Non-Banking Financial Company - of this circular.
Systemically Important Non-Deposit taking Company
and Deposit taking Company (Reserve Bank) Directions, 5. All other terms and conditions specified under the
2016, Master Direction - Standalone Primary Dealers master directions shall remain unchanged. The master
(Reserve Bank) Directions, 2016, Master Direction - directions, ibid, are being modified accordingly.
Core Investment Companies (Reserve Bank) Directions, (Manoranjan Mishra)
2016, Master Directions - Non-Banking Financial Chief General Manager
Company – Peer to Peer Lending Platform (Reserve

52 | 2019 | DECEMBER | BANKING FINANCE