The Consent Template CT004 finalized by the PFM Use Case Council which includes RIAs, PMs and AMC. This Consent Template provides a structured framework for obtaining consent from borrowers to monitor their financial activities for the purpose of wealth management and advisory services, ensuring alignment with industry best practices.
Please find below the parameters for AA Consent Template ID CT004 as finalized by the Lending Use Case Council:
| Consent Template Information / Attributes | Description / Upperbounds |
|---|---|
| Consent Template ID | CT004 |
| Status | Active |
| Use Case Category | Personal Finance |
| Use case | Wealth Management and Advisory Services |
| Purpose Text (for customers) | To provide (Wealth Management) / (Advisory) Services |
| Purpose Text (as per ReBIT) | Wealth Management Services |
| Purpose Code | 101 |
| Purpose Code Category Name | Personal Finance |
| FI Types | All FI Types |
| Consent Types | Profile, Summary, Transactions |
| Fetch-type | Periodic |
| Maximum Frequency | 31 times per month |
| Maximum FI Data Range | 20 years for SEBI FI Types 13 Months for other FI Types |
| Maximum Consent expiry | 1 year |
| Maximum Data Life | 1 Month |
| Last published on: | 10th August 2024 |
Please note that the parameters of the individual consent templates in the Consent Template Library represent upper bounds for the respective use cases, as decided in the relevant User Councils. The parameters in the consent templates should be treated by participant(s) as outer limit(s) and not be construed as legal advice in any manner. Participants are encouraged to review their use case(s) and ensure compliance with applicable laws, including the RBI Master Directions on NBFC-AA and the DPDP Act.
Sahamati will publish additional consent templates as the AA ecosystem evolves based on discussions in the relevant Use Case Councils and the Fair Use Committee. Existing consent templates may also be revised based on statutory and regulatory guidance, including the DPDP Act and the Rules issued thereunder.
