by Account Aggregators are :
- An Account Aggregator (AA) is a type of RBI regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network. Data cannot be shared without the consent of the individual.
- The account aggregator (AA) framework facilitates sharing of financial and other information on a real-time basis and in a data blind manner between different regulated entities.
- There will be many Account Aggregators an individual can choose between.
- India’s financial system involves many hassles for consumers today — sharing physical signed and scanned copies of bank statements, running around to notarise or stamp documents, or having to share your personal username and password to give your financial history to a third party. The Account Aggregator network would replace all these with a simple, mobile-based, simple, and safe digital data access & sharing process. This will create opportunities for new kinds of services — eg new types of loans.
- The individual’s bank just needs to join the Account Aggregator network. Also Know – How can I manage my tokenised cards?