Framework for account aggregator NBFC in works

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Chennai | Published: July 3, 2015 12:21:59 AM

The RBI will put in place a regulatory framework to allow a new kind of non-banking finance company (NBFC), which could act as an account aggregator...

The RBI will put in place a regulatory framework to allow a new kind of non-banking finance company (NBFC), which could act as an account aggregator to enable the common man to see all his accounts across financial institutions in a common format.

The idea of such an NBFC had emanated from the Financial Stability and Development Council (FSDC). RBI governor Raghuram Rajan on Thursday said the central bank is embarking on preparing guidelines for allowing the formation of an aggregator NBFC and the board meeting in Chennai discussed the modalities.

“The RBI has worked out modalities to put into action a government proposal to offer a one-stop platform for financial service customers to view and operate an array of accounts, be it pension, insurance, current and savings accounts with banks or mutual funds, or fixed deposits. At its board meet, the RBI has obtained some clarity over what kind of regulatory mechanism can be set up to offer this service. The RBI has found a clause to action this concept,” he said.

Deputy governor SS Mundra said the RBI proposes to re-commence the Financial Inclusion Advisory Committee to take the financial inclusion agenda forward.

He said the work on financial inclusion was far from complete and a road map needs to be laid out.

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