You linked your bank to get a loan faster, and now you want that data tap switched off. With an Account Aggregator you can revoke that consent yourself in a few taps, and the lender stops getting fresh data the moment you do.
Quick answer: An Account Aggregator (AA) is an RBI-licensed company that moves your financial data from one institution to another only with your explicit, time-bound consent. It never sees, stores, or uses the data itself. You can revoke any consent at any time inside the AA app, and the data flow stops.
An Account Aggregator is a special non-banking financial company licensed by the Reserve Bank of India. It acts as a secure consent manager between the institution that holds your financial data and the one that wants to use it. The AA carries the data through, but cannot read, store, or sell it.
The framework has three players, and you are the most powerful one.
The AA sits in the middle as a pipe with a lock. When an FIU asks for data, the AA shows you a consent request. If you approve, the AA fetches the data from the FIP and delivers it to the FIU. Per RBI's NBFC-AA Master Direction, 2016, no financial information of the customer accessed by the Account Aggregator from the providers shall reside with the Account Aggregator. In plain words, the AA is data-blind.
Real-life example. Kashvi Pathak linked her savings account through an AA app to apply for a personal loan. The lender, acting as the FIU, asked for six months of bank statements for a stated loan-assessment purpose. After her loan was approved, she opened the AA app, found the active consent, and revoked it so the lender could not pull any fresh statements. The data tap closed the same day, and the AA itself had never stored a copy of her statements.
If your AA app is down and you need a written record, you can send a short note to the AA support team. Keep a copy for yourself.
To: Support, [Name of your Account Aggregator] Subject: Request to revoke consent and stop data sharing Dear Team, I am a registered customer of your Account Aggregator service. Mobile number: [registered number] Consent reference / handle: [consent ID if shown in app] I wish to REVOKE the following consent with immediate effect: - FIU (recipient): [name of lender or institution] - Purpose stated: [for example, loan assessment] - Linked account: [bank name, last 4 digits] Please stop all further data sharing under this consent and confirm the revocation in writing to this mobile number. Thank you, [Your name] [Date]
Yes. An AA is a non-banking financial company licensed by the Reserve Bank of India under the NBFC-AA Master Direction, 2016. Only RBI-licensed companies may run an AA service.
No. Under the Master Direction, the data accessed by the AA does not reside with it. The AA is a data-blind pipe that moves data only between the provider and the user you approve.
An FIP (Financial Information Provider) holds your data, like your bank. An FIU (Financial Information User) wants your data to give you a service, like a lender assessing a loan.
Open your AA app, go to the consents section, select the active consent, and tap revoke. RBI rules require every AA to provide a working revoke feature. After revoking, no fresh data is shared under that consent.
No. Linking only creates the connection. Data is shared only after you approve a separate consent that names the purpose, data types, recipient, and duration.
Use only those on the official list published by Sahamati. Names you may see include Finvu, OneMoney, CAMS Finserv, Anumati, and NADL. Always verify the current list before linking.
For most consumers the AA flow inside a lender or app is free to use. The AA earns from the institutions, not usually from you. Check the app before you proceed.
Revoking stops future data sharing under that consent. Data already delivered to the FIU is governed by that institution's own privacy and retention rules, so you may also ask the FIU to delete it.