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The Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 (updated as on September 6, 2024) establishes the regulatory framework for NBFC-Account Aggregators (NBFC-AAs) in India. These guidelines mandate that only registered companies can operate as Account Aggregators, requiring them to obtain a Certificate of Registration from the RBI. Key provisions include annual assessments of the ‘fit and proper’ status of directors and key management personnel, RBI approval for significant ownership changes, and adherence to financial criteria for dividend declarations. Additionally, NBFC-AAs must ensure that outsourced services comply with RBI’s risk management standards and are subject to periodic returns and inspections by the RBI.