RBI seeks applications for a self-regulatory body for account aggregators. The SRO will oversee compliance, ensuring secure financial data-sharing. Eligible entities must apply by 15 June, with at least 25 members from financial providers and users.
India invites applications for self-regulatory body for account aggregators
India’s central bank, the Reserve Bank of India (RBI), has called for applications to recognize a self-regulatory organization (SRO) for account aggregators. These entities facilitate the secure exchange of financial data between institutions, playing a crucial role in the country’s evolving digital finance landscape.
The RBI will approve only one such body, and applications must be submitted by 15 June. Eligible applicants include entities regulated by financial sector authorities. The SRO must have at least 25 members each from financial information providers, such as banks, and financial information users, like brokerages.
The recognized organization will oversee compliance with the regulatory framework for account aggregators, ensuring transparency and security in financial data-sharing. By establishing this SRO, the RBI aims to enhance the efficiency and reliability of account aggregation services while safeguarding consumer interests.
This move aligns with India’s push towards a more structured and secure digital financial ecosystem, reinforcing trust in data-sharing mechanisms. As financial institutions prepare their applications, the formation of a self-regulatory body is expected to strengthen governance and foster innovation in India’s financial sector.
Read next
13:12
Partnership
Vietnam and Singapore have agreed to enhance cooperation in subsea cables, finance, and energy, upgrading their relations to a "comprehensive strategic relationship." They aim to expand digital connectivity and meet the growing demand for data services, with Singapore investing heavily in Vietnam.
10:53
Starlink Deal
Mukesh Ambani’s Reliance Jio has partnered with Elon Musk’s SpaceX to bring Starlink to India after months of rivalry. The deal, pending government approval, provides Starlink with a low-cost entry, tapping into India's booming satellite market while boosting Jio’s reach.
10:23
Energy Change
The US has upheld Iraq's waiver for Iranian gas imports but revoked its power import exemption. The decision poses challenges for Iraq's energy sector, which relies heavily on Iranian gas. The US urges Iraq to diversify energy sources and reduce dependence on Iran.
17:01
Arteta downplays pressure
Mikel Arteta downplayed extra pressure on Arsenal ahead of their Champions League clash with PSV, despite struggles in the Premier League. After a 7-1 victory, Arteta emphasized the team's passion for the competition, acknowledging no added pressure to perform.
16:13
Greenland elections loom
Greenland heads to elections with independence as a key issue amid Trump’s renewed interest in acquiring the island. Prime Minister Egede rejects US ownership, reaffirming Greenland’s sovereignty. Inuit Ataqatigiit leads the polls, with results expected on March 12.
What is your opinion on this topic?
Leave the first comment