RBI seeks applications to recognise self-regulatory body for account aggregators

Mumbai: The Reserve Bank of India (RBI) has invited applications to recognise a self-regulatory organisation for account aggregators that facilitate the exchange of information between financial and market institutions.

RBI will recognise one self-regulatory body for account aggregators and the applications must be submitted by June 15, it said on Wednesday.

Entities under all financial sector regulators are eligible to become members of the self-regulatory body, which will need to have at least 25 entities each from a subset of financial information providers, such as banks, and financial information users, like brokerages.

The body will function under the overall regulatory framework for account aggregators.