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With the user’s consent, financial information can be shared with a participating lender or another authorised institution. This can reduce paperwork and help institutions assess applications using relevant financial records. The account aggregator facilitates the transfer without storing the financial data.
What is the account aggregator framework?
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The account aggregator framework is a regulated system that allows individuals and businesses to share financial information securely between participating institutions. Users control which information is shared, with whom, for what purpose and for how long through a consent process.
Participant Role Financial Information Provider (FIP) Holds and provides financial information. Examples include participating banks, insurers and mutual fund institutions. Financial Information User (FIU) Receives and uses the information for the purpose specified in the consent, such as assessing a loan application. Account aggregator (AA) Manages consent and facilitates the secure transfer of financial information between the FIP and FIU without storing it. The framework makes data sharing more transparent by defining the scope and duration of consent. Users can also revoke consent to stop further sharing under that consent.
Financial data an account aggregator can share
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The account aggregator framework covers several categories of financial information. What you can share depends on the participating provider, the information it supports and the scope of your consent.
Group Information covered Bank and deposit data Savings, current, fixed and recurring deposit accounts, and deposits with NBFCs. Market investments Equity shares, bonds, debentures, tradable government securities, commercial paper, certificates of deposit, mutual funds, exchange-traded funds and Indian Depository Receipts. Pooled and alternative investments Collective investment schemes, alternative investment funds, structured investment products, infrastructure investment trusts and real estate investment trusts. Insurance Insurance policy information. Pension National Pension System balances. GST returns Information from Forms GSTR-1 and GSTR-3B. Other information Additional categories specified by the RBI from time to time. A lender receives information only within the authorised consent’s scope. Linking an account does not give unrestricted access to its data.
How do account aggregators work?
An account aggregator manages consent and facilitates the secure transfer of financial information from a participating provider to an authorised recipient. The process generally follows these six steps.
| Step | Process |
|---|---|
| 1. Register | Create an account with an RBI-registered AA and receive an AA identifier or handle, where applicable. |
| 2. Link accounts | Select supported financial accounts and complete the provider’s verification process, which may use an OTP. |
| 3. Review the request | A participating lender or other financial information user requests access, specifying the data, purpose, period and sharing frequency. |
| 4. Give or decline consent | Review the details and approve or reject the request. The AA records your decision. |
| 5. Transfer information | The provider validates the consent and sends the requested information securely through the AA to the authorised recipient. The AA does not store the financial data. |
| 6. Manage consent | Review your consent history and revoke consent to stop future sharing under it. |
Revoking consent stops further transfers under that consent; it does not automatically delete information already received by the institution.
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Check a consent request before you approve it
Review each consent request to understand what information will be shared, who will receive it and how it will be used. Your approval is captured in an electronic record called a consent artefact.
| What the request shows | What to check |
|---|---|
| Data recipient | Confirm that you recognise the lender or institution requesting access. |
| Type of information | Check which accounts and financial information the request covers. |
| Purpose | Make sure the stated purpose matches the service you requested. |
| Data period | Review the date range of the financial records being requested. |
| Consent validity and frequency | Check when consent expires and whether sharing is one-time or recurring. |
| Your choice | Approve the request only if you understand and accept its scope. Otherwise, reject it or seek clarification. |
You can review your consent history and revoke consent to stop further sharing under it. Revocation does not automatically delete information already received by the institution.
RBI guidelines for account aggregators
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Account aggregators must follow the RBI’s regulatory requirements for consent, data handling and information security. Key requirements include:
- Explicit consent: Financial information cannot be retrieved, shared or transferred without the customer’s explicit consent.
- Restricted data storage: Financial information obtained from providers must not reside with the account aggregator.
- Credential protection: The AA must not access customers’ authentication credentials for accounts held with financial information providers.
- Information system audits: CISA-certified external auditors must audit the AA’s internal systems and processes at least once every two years.
- Limited activities: An AA facilitates financial information sharing and must not support customer transactions.
These requirements establish safeguards for how account aggregators obtain consent and handle financial information.
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Myths and facts about account aggregators
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Understanding these distinctions helps you make informed decisions about sharing financial information.
Myth Fact The account aggregator needs my net banking password. An AA must not access your financial account authentication credentials. Account verification does not require you to disclose your net banking password to the AA. Any company can receive my data through an AA. A financial information user must be registered with and regulated by a financial sector regulator. Sharing also requires your explicit consent. The AA owns my data and can use it for other business purposes. Your financial information is not the AA’s property and cannot be used beyond the permitted service. I must approve every request from a lender. You can approve or reject each consent request. Approval applies only within the scope of that consent.
Advantages of the account aggregator (AA) framework
The account aggregator framework enables consent-based financial data sharing between participating institutions. Its main benefits include:
- More efficient assessments: Direct access to financial records can reduce manual document collection and verification, helping lenders assess applications more efficiently.
- Support for financial planning: Authorised financial services can use shared information to help users understand their finances.
- Broader financial access: Individuals and small businesses may use financial records to demonstrate income and cash flow, including where their credit history is limited.
- Secure data transfers: Encryption and consent controls help protect information as it moves between participating institutions.
- Greater visibility and choice: Users can review requests, decide what to share and revoke consent to stop future transfers under it.
How account aggregators improve financial health
Account aggregators can support financial management by enabling users to share relevant records with authorised services. The benefits depend on the information available and how it is used.
- Better budgeting: Financial records can help users identify spending patterns and set realistic budgets.
- Informed decisions: A clearer understanding of income, expenses and investments can support decisions about saving and borrowing.
- Savings planning: Reviewing financial activity can help users identify opportunities to reduce unnecessary spending and work towards savings goals.
The AA facilitates information sharing; financial improvements depend on the user’s decisions and the services they choose.
How account aggregators support business loan applications
Bajaj Finance offers unsecured business loan options for eligible businesses. Where a lender supports the AA framework, borrowers can consent to sharing financial records for assessment.
- Relevant financial information: Approved records can help lenders assess income, cash flow and repayment capacity. These are among the factors that may influence the offered business loan interest rate.
- Less manual paperwork: Direct sharing from participating providers can reduce the need to upload certain financial records, although additional documents may still be required.
- Support for credit assessment: Source-provided data helps lenders evaluate an application. Approval remains subject to credit checks, lender policy and business loan eligibility requirements.
Before accepting an offer, use a business loan EMI calculator to estimate repayments and assess whether they fit your business cash flow.
GST returns shared through account aggregators
GSTN participates in the AA framework as a financial information provider. With the taxpayer’s consent, a participating lender can receive supported information from GSTR-1 and GSTR-3B to help assess business activity and tax reporting.
| Item | What it covers |
|---|---|
| GSTR-1 | Supported outward-supply details reported in the return. |
| GSTR-3B | Summary information on outward supplies, specified inward supplies, input tax credit and tax liabilities. |
| Supporting information | Available taxpayer profile and return-filing details accompanying the supported data. |
| Data period | The available return periods covered by the consent request and provider’s service. |
| Sharing frequency | One-time or recurring access, within the approved consent’s scope and validity. |
| Technical limits | Data availability, response size and other limits depend on the current service specifications. |
Check the available periods and sharing limits with the participating AA or lender. Historical limits of 18 months and 5 MB should not be treated as current requirements without confirmation.
What are the benefits of using account aggregators?
Account aggregators support faster information sharing, better financial visibility, consent control, reduced paperwork and more efficient financial assessments.
| Benefit | What it means | Who benefits |
|---|---|---|
| Faster data sharing | Transfers supported financial records digitally between participating institutions. | Customers and receiving institutions. |
| Better financial visibility | Enables authorised services to bring together information from supported accounts. | Individuals and businesses. |
| Consent control | Lets users review the recipient, purpose, data period and sharing frequency before approval. | Account holders. |
| Less paperwork | Can reduce the need to download and upload certain financial documents. | Applicants using supported services. |
| More efficient assessment | Gives institutions source-provided records for their review. | Loan applicants and lenders. |
These benefits depend on institution participation and supported data. Sharing through an AA does not guarantee loan approval or favourable terms.
Can account aggregators help with loan management?
Yes. Account aggregators can support loan applications and subsequent reviews by facilitating consent-based financial data sharing. They do not approve loans, collect repayments or replace the lender’s account-management services.
| Stage | Without AA sharing | With AA sharing | Potential benefit |
|---|---|---|---|
| Document collection | Provide statements through the lender’s accepted channels, such as digital uploads. | Authorise the transfer of supported records from participating providers. | Less manual document handling. |
| Credit assessment | The lender reviews submitted records and conducts its checks. | The lender receives source-provided data for assessment. | Less time spent collecting and validating records. |
| Loan approval | The lender applies its eligibility and credit policies. | The same assessment applies, supported by shared information. | More efficient processing where integrated. |
| Subsequent reviews | Submit updated records when requested. | Permit further transfers through valid recurring consent or a new consent request. | Easier information sharing for an agreed review. |
For a Bajaj Finance business loan, check the application channels, documents and eligibility requirements available to you. AA sharing is relevant only where the lender supports it.
How do account aggregators help investors manage portfolios?
Account aggregators can enable users to share supported investment information with authorised financial services. Those services may use the data to provide a consolidated view or analysis, depending on their offering and regulatory permissions.
- Mutual funds: Share available holding and transaction information to review investments across supported accounts.
- Equities: Share supported demat holding information through participating providers.
- Pensions: Include available National Pension System information in a broader financial review.
- Insurance: Share supported policy information to assess coverage alongside other financial commitments.
An AA facilitates information sharing; it does not execute trades or provide investment advice. Portfolio analysis and recommendations, where offered, come from the authorised service receiving the data.
Account aggregator terms explained
These terms explain the organisations, identifiers and financial records mentioned on this page.
| Term | Meaning |
|---|---|
| NBFC-AA | A non-banking financial company registered with the RBI to undertake account aggregation. |
| AA handle | An identifier used within an AA service to identify your account and route consent requests. Its format depends on the provider. |
| SEBI | Securities and Exchange Board of India, which regulates India’s securities market. |
| IRDAI | Insurance Regulatory and Development Authority of India, which regulates the insurance sector. |
| PFRDA | Pension Fund Regulatory and Development Authority, which regulates the National Pension System and specified pension arrangements. |
| GSTN | Goods and Services Tax Network, which operates the GST technology platform and participates as a financial information provider in the AA framework. |
| GSTR-1 | A statement reporting outward supplies, including relevant invoice details. |
| GSTR-3B | A summary GST return reporting outward supplies, specified inward supplies, input tax credit and tax liabilities. |
| NAV | Net asset value per mutual fund unit, calculated by dividing the scheme’s net assets by its outstanding units. |
| Demat account | An account that holds shares and other eligible securities electronically. |
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Frequently Asked Questions
Overview
How does account aggregator work?
An account aggregator manages your consent and facilitates financial information sharing between participating institutions. After you approve a request, the provider sends the authorised information securely through the AA to the recipient. The AA does not store the financial data or access your financial account passwords.
What is an example of an account aggregator?
A customer applying for a loan can link a supported bank account through an AA. The lender requests financial records, and the customer reviews and approves the consent. The bank then shares the authorised information through the AA for the lender’s assessment. Approval remains the lender’s decision.
Why use an account aggregator?
An AA can reduce the effort involved in collecting and submitting financial records. It lets you review who is requesting information, why it is needed and how long sharing will continue. Its usefulness depends on the participating institutions, supported information and service you choose.
Who oversees account aggregators in India?
The Reserve Bank of India registers and regulates NBFC account aggregators. Its Account Aggregator Directions, 2025 set requirements for consent, data handling, security, governance and customer complaints. Other participants remain subject to their respective regulators.
Who can use account aggregators?
Individuals and businesses can use AA services where their accounts and requested information are supported. Registration, identification and account-linking requirements depend on the provider and account type. Check whether the AA supports your institution and intended service before registering.
Is the account aggregator framework safe?
The framework uses consent controls, secure transfers and restrictions on storing financial information and accessing account credentials. These safeguards help protect data, but users should still verify the AA and recipient, review each consent request and avoid sharing passwords or OTPs with callers or intermediaries.
Which account aggregator is best for personal finance?
Yes, the Account Aggregator framework utilises encrypted data-sharing protocols and a consent-based access mechanism. Users retain full control over their financial information and must explicitly authorise each data request before it is shared with lenders or financial institutions.
Does an account aggregator charge customers a fee?
An AA may charge for its services. RBI requirements provide for a Board-approved pricing policy that is transparent and publicly available. Check the provider’s published charges before registering, including whether the customer or the institution receiving the information pays the fee.
What happens to my data after a lender receives it through an account aggregator?
The lender handles received information according to the consent terms, applicable requirements and its retention policy. Revoking AA consent stops future sharing under that consent; it does not automatically erase previously received records. Ask the lender how long it retains the information and how to raise a deletion request.
What can I do if an account aggregator does not resolve my complaint?
Contact the AA’s grievance redressal officer and retain the complaint reference. RBI directions require complaints to be addressed within the AA’s policy timeline, and no later than one month after receipt. If unresolved after that period, you may escalate the complaint to the RBI through the applicable route.
Can an account aggregator move my money or give loans?
No. An AA facilitates financial information sharing and is not permitted to support customer transactions. It cannot transfer money, execute investments or approve loans in its capacity as an account aggregator. Those services are provided separately by the relevant authorised institution.
How does a lender verify that account aggregator data is genuine?
The information comes from the participating provider rather than a customer-uploaded document. The provider validates the consent and digitally signs the information before secure transmission. This supports checks on its origin and integrity, although the lender may still request clarification or additional documents.
Do I need to log in to the GST portal to share GST data through an AA?
GST account linking can be completed through a supported AA journey using the required identification and OTP verification, rather than sharing your GST portal password. Follow the current instructions from the participating service, as verification steps and supported information may change.
Can credit card or loan account details be shared through an account aggregator?
Credit card and loan accounts are not expressly listed as separate financial information categories in the RBI’s Account Aggregator Directions, 2025. Do not assume they can be linked. Check the current permitted categories and provider support. A bank statement may still contain entries for card payments or loan repayments.
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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.