India’s Central Bank Seeks Self-Regulatory Body for Account Aggregators

The Reserve Bank of India (RBI) has invited applications to establish a self-regulatory organization (SRO) for account aggregators managing data exchanges between financial and market institutions.

RBI will recognize one such SRO, with applications due by June 15.

Eligible members include entities regulated across all financial sectors, requiring at least 25 members each from financial information providers, like banks, and users, such as brokerages.

The selected SRO will operate under the RBI’s existing account aggregator regulatory framework.