An Account Aggregator (AA) is a Non-Banking Financial Company. These non-banking entities are regulated by the Reserve Bank of India (RBI). In order to perform the job of an account aggregator, these entities should obtain a license from the regulating body i.e., RBI. Such entities act as a bridge or a medium for transmitting the financial data between the data-requesting institution and data-providing institution also known as Financial Information User (FIU) and Financial Information Provider (FIP) respectively. This process of sharing the user data from FIPs to FIUs will only be carried out after explicit consent from the user. The AAs will never facilitate any kind of transaction involving money made by users or customers. The AAs will not be undertaking any other business other than the business of an account aggregator.

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