CRIF Connect Receives Account Aggregator License From RBI

CRIF Connect Pvt., a subsidiary of credit bureau CRIF High Mark's parent company, has received the Reserve Bank of India's approval for setting up the business of account aggregators in India. 

Account aggregators collect and share financial information from entities that store user data with entities that request it. CRIF Connect has received in-principle approval for the NBFC-AA license, according to Sahamati's website. Sahamati is the industry collective for account aggregators.

The approval of CRIF's license marks the first time an NBFC-AA license has been awarded to the parent company of a credit bureau.

Account aggregators "are a game-changer for increasing digital adoption, financial inclusion, and providing financial services with higher operational efficiencies," said Wilfred Sigler, senior director at CRIF India and South Asia, in a statement.

The RBI has so far granted operating licenses for account aggregators to nine entities, including PhonePe Technology, CAMSFinserv, and Perfios Account Aggregation Services. Another set of eight companies has been awarded in-principle AA licenses.