Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: due date for vat payment :: VAT RATES :: list of goods taxed at 4% :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: empanelment :: TDS :: articles on VAT and GST in India
 
 
Latest Circulars »
 Auction of Government of India Dated Securities January 22, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) January 22, 2018
 RBI reiterates legal tender status of ₹ 10 coins of different designs
 RBI clarifies that official apprehended by CISF not an RBI employee
 RBI-Formation of new districts in the State of Assam - Assignment of Lead Bank Responsibility
 RBI to conduct Overnight Variable Rate Reverse Repo auction under LAF on January 18, 2018
 RBI-Auction of Government of India Dated Securities January 15, 2018
 Understanding and Managing Interest Rate Risk at Banks (Viral V Acharya, Deputy Governor – January 15, 2018 – at the FIMMDA Annual Dinner, 2018
 Auction of State Government Securities
 RBI releases draft directions on hedging of commodity price risk and freight risk in overseas markets
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Gomati Nagariya Sahakari Bank Ltd., Jaunpur (Uttar Pradesh)

RBI floats Draft Regulatory Framework for Account Aggregator Companies to facilitate Consolidated Viewing of Financial Assets Holdings
March, 05th 2016

The Reserve Bank of India has released on its website today, a draft of the directions (Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016) to put in place the regulatory framework to allow a new kind of Non-Banking Financial Company (NBFC), which could act as an account aggregator.

Why Account Aggregator?

At present, persons holding financial assets, such as, savings bank deposits, fixed deposits, mutual funds, insurance policies, do not get a consolidated view of their financial asset holdings, especially when the entities fall under the purview of different financial sector regulators. Account Aggregators would fill this gap by collecting and providing the information of customers’ financial assets in a consolidated, organised and retrievable manner to the customer or any other person as per the instructions of the customer. The investors will be able to avail the service of an Account Aggregator purely at their option.

The Reserve Bank will regulate and supervise the activity of account aggregation with a view to ensuring that the services provided and the terms at which these are provided conform to prescribed standards.

According to the draft directions:

* Only companies registered with the Reserve Bank as NBFC – AA will be able to undertake the business of an account aggregator.

* Entities being regulated by other financial sector regulators and aggregating only those accounts relating to the financial assets of that particular sector will not need to register with the Reserve Bank.

* The Net Owned Fund of such companies should not be less than ₹ 2 crore.

* An account aggregator will not be able to undertake any other business other than the business of account aggregator.

* Business of an account aggregator will entirely be Information Technology (IT) driven.

* Initially, only financial assets whose records are stored electronically and are under the regulation of the financial sector regulators, namely, RBI, SEBI, IRDA, and PFRDA shall be considered for aggregation.

* Account aggregation services will be provided under specific application by the customer for availing such services and would be backed by appropriate agreements/ authorisations.

* Pricing of services would be as per the account aggregator’s Board approved policy.

* No financial asset related customer information pulled out by the account aggregator from the financial service providers should reside with the account aggregator.

* An account aggregator will not support transactions in financial assets.

Seeking views/comments from all interested parties and general public, the reserve Bank of India has said that suggestions and comments on the draft directions may be sent by March 18, 2016 to the Chief General Manager, Reserve Bank of India, Department of Non-Banking Regulation, 2nd Floor, World Trade Centre, Cuffe Parade, Mumbai - 400005 or can be emailed by clicking here. The final set of directions in the subject matter will be issued after taking into consideration the feedback received on the draft directions.

The Reserve Bank has, as it had announced in its Press Release dated July 02, 2015, created a separate category of NBFC called Non-Banking Financial Company - Account Aggregator (NBFC-AA) to provide account aggregation services.

Alpana Killawala
Principal Adviser

Press Release: 2015-2016/2077

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions