Aditya Birla Group to apply for NBFC aggregator license

Aditya Birla Group will soon apply for a Non-Banking Finance Company (NBFC) Aggregator License with the Reserve Bank. This account will be under the Group’s AB Customer Service Pvt Ltd. In July this year, RBI Governor Raghuram Rajan had given a green signal to setting up of new NBFC companies that would act as account aggregators and will help in cross-selling of financial products to customers. With this, a common man will be able to see all his accounts across financial institutions in a common format. These companies will add to fee-based income for NBFCs. RBI is currently devising a regulatory mechanism for companies to function as NBFC account aggregators.