همفکران فناوری شریف
1Introduction
The Reserve Bank of India issued NBFC Account Aggregator directions in 2016, and the ecosystem launched at scale in September 2021. An aggregator is a licensed intermediary that moves a customer’s financial data from information providers (such as banks) to information users (such as lenders) only with explicit digital consent.
2Discussion
Crucially, the aggregator neither reads nor stores the data, which flows encrypted. Consent follows a standard structure: what data, for what purpose, for how long and how often.
3Conclusion
Part of the India Stack alongside digital ID and UPI, the framework helps small businesses borrow by showing real transaction flows instead of heavy collateral, proving open finance can work without centralising data.
Sources
- Reserve Bank of India — Master Direction, NBFC Account Aggregator Directions, 2016 ↗
- Sahamati — Account Aggregator ecosystem ↗
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
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