PB Fintech Gets RBI's In-Principle Nod To Run Account Aggregator Business
PB Fintech joins a list of eight other firms which have received an in-principle license to run account aggregator businesses.
PB Fintech, PolicyBazaar's parent firm, has received an in-principle license to run an account aggregator business, according to a Jan. 11 exchange filing.
With the approval, PB Fintech joins a list of eight other firms, which have received in-principle licenses to run account aggregators. A total of seven firms have also received operating licenses for the account aggregator from the Reserve Bank of India, according to Sahamati—a collective of account aggregator firms.
Introduced by the RBI in 2016, the AA framework enables a central bank-regulated entity—with an NBFC-AA license—to facilitate the sharing of consensual data from individuals between financial institutions.
The Securities and Exchange Board of India, India's market regulator, also declared in August 2022 that it would join the AA network.
A total of 3.49 million accounts have been linked with the AA network, according to data from Sahamati.
While firms like Perfios Account Aggregation Services and Yodlee Finsoft are already operational on the network, fintech firms like PB Fintech and PhonePe have received in-principle licenses from the regulator.