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Open banking: A new era of financial inclusion

As India Stack’s unique approach to creating extensive public digital infrastructure pushes the adoption of digital services, it is also laying the groundwork for an open banking revolution

November 09, 2022 / 09:06 AM IST
Open banking: A new era of financial inclusion

(Representational image/Shutterstock)

Highlights Open banking refers to an online banking system that allows an individual to authorise regulated third-party providers to securely access bank accounts Bank APIs enable these fintechs to access clients' transaction history, make payments on their behalf, help them secure loans, facilitate investments and insurance products, and so on Open banking is quickly becoming a go-to application for bolstering India's financial inclusion initiatives It has enabled and empowered banks and financial firms to enter untapped markets that were out of reach of...

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