It has been decided, by the RBI, to replace ‘Pension Fund’ with ‘Central Recordkeeping Agency’ as the financial information provider in the Account Aggregator (AA) ecosystem.
Name of the Circular/Update : Review of Financial Information Provider (FIP) under Account Aggregator Framework
Date of Issue : October 26, 2023
Circular / Update number : RBI/2023-24/76, DoR.FIN.REC.52/03.10.123/2023-24
Link for the Circular /Update : https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=12557&fn=14&Mode=0
Summary :
As per National Pension System (NPS) architecture, Central Recordkeeping Agency (CRA), registered under section 27 of the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013, acts as an interface between the different intermediaries in the NPS system. CRAs hold information pertaining to the subscribers including the balances under NPS. Accordingly, and as suggested by the PFRDA, it has been decided to replace ‘Pension Fund’ with ‘Central Recordkeeping Agency’ as the financial information provider in the AA ecosystem.
Kindly click on this link for Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 – https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10598