Essential Account Aggregator Compliances: Key Guidelines for NBFCs

This video covers the essential compliance requirements for NBFC Account Aggregators regulated by the Reserve Bank of India (RBI). It explains how Account Aggregators help individuals securely share their financial data between institutions within the RBI-regulated network, with the crucial condition that consent is obtained from the individual.

The video goes on to detail the critical compliance areas for NBFC Account Aggregators, including data security standards, board-approved policies, and governance requirements. Key topics include ensuring the scalability and security of IT systems, conducting regular audits, setting up grievance redressal mechanisms, and establishing necessary committees for effective risk management. Learn about the fit and proper criteria for directors and how these rules help maintain a secure and transparent environment for financial data sharing.

This guide provides a thorough understanding of the regulatory framework and practical steps NBFCs must take to maintain compliance and avoid potential risks.

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