The Reserve Bank of India ("RBI") has modified the existing Master Directions on Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 ("Master Directions") on November 22, 2019.
In accordance with the updated Master Directions, all NBFCs acting either as Financial Information Provider or Financial Information User, as defined under the Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016, are expected to follow a set of core technical specifications while dealing with the financial information of a borrower. Such core technical specification has been framed by Reserve Bank Information Technology Private Limited (ReBIT) and the same has been published on the website (www.rebit.org.in).
DSK Legal's Observations : The aim of the RBI by providing uniform core technical specifications is to ensure that the participant of the account aggregator ecosystem seamlessly deals with the financial information of a borrower while ensuring the highest standard of security and secrecy.
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