The financial ecosystem in India has been evolving at a brisk pace, with the Reserve Bank of India (RBI) at the forefront, steering innovative solutions for managing and controlling financial data. One of the notable introductions by the RBI is the account aggregator system. This system is a part of a broader strategy to empower users by giving them control over their financial information, thereby fostering financial inclusion and enabling informed decision-making. What is an Account Aggregator (AA) System? Before delving into the intricacies, let's understand what the account aggregator RBI framework entails: An account aggregator is a financial entity authorized by the RBI. It acts as an intermediary designed to facilitate the sharing of financial data between financial institutions, known as Financial Information Providers (FIPs), and Financial Information Users (FIUs), with the customer's consent. It is a non-banking financial company (NBFC) that provides the service of...