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Account aggregators enable secure, consent-based sharing of financial data, streamlining loan applications, and promoting faster approvals and reduced operational costs
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It is picking up, as more than 3.5 lakh consents are approved daily. The value of loans disbursed through the ecosystem is more than Rs 10,000 crore a month, says the CEO
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PhonePe's decision to wind down AA business comes almost 18 months after it launched the service through its wholly owned subsidiary, PhonePe Technology Services Pvt Ltd
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CAMSRep said it is further investing in digital insurance, and has built Bima Central - first-ever platform for policyholders – for its eIA holders.
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The aggregator framework in India is expected to achieve a penetration of 25-30 percent of the Indian population by the end of FY 2024-25.
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Raisinghani, who replaces Sahil Kini, will work closely with co-founder Nikhil Kumar to steer the fintech firm in its next phase of growth
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Axis Bank and ICICI Bank customers can get a comprehensive view of their transactions across all bank accounts through the new account aggregator-enabled facility. At the click of a button, you can view bank balances, top spending and income categories, expense breakdowns, daily inflows, expenses, and balance analysis.
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An Account Aggregator (AA), a RBI-regulated Non-Banking Finance Company (NBFC), 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.
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Existing customers of Axis Bank have the access to one-view on their mobile application.
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PhonePe has also launched its product suite and APIs for the FIU market, and is in the process of integrating with regulated Financial Institutions (FIUs) so that they can start taking consent from their users to do a real-time data fetch from the user’s’ FIPs.
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Nilekani also said that the AA framework is incentivising people to join the system, boosting the growth of a formal economy.
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Account Aggregator is a door opener for financial inclusion, but misuse of data and predatory practices need to be guarded against, Nageswaran said.
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Economic survey 2023: While the AA framework was released by the RBI back in 2016, the buzz around this has been growing louder. The AA framework is currently live across over 110 crore of bank accounts, the survey noted.
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Apps that study your financial behaviour and help you make smarter financial decisions can keep you ahead of the curve.
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Though mutual funds remain the stronghold of this RTA, the rising trend of financialisation of savings and digitisation holds out immense opportunity for the entity in the non-MF space.
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The architect of Aadhaar believes that new public technologies will see a major take-off like the UPI in about 5 years
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The participation of major PSU banks is key to the success of AA’s framework as it will open a window for a huge pool of the banks’ customers to use the framework and allow easy access to financial services
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The Standing Committee on Finance headed by BJP leader Jayant Sinha said MSME financing could be vastly expanded and better targeted through an integrated digital ecosystem.
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The in-principal nod for the Account Aggregator license was received through Setu's subsidiary Agya Technologies.
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The Account Aggregator framework has linked 332,000 accounts and fulfilled over 310,000 consent requests since it went live in September last year
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While the AA ecosystem is working to enable the linking of securities and SME accounts, SBI weighs a pricing model as it will become the largest data provider once live
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The acquisition will be completed in six months in two stages, PB Fintech said in an exchange filing. In the first tranche, it will acquire 25 percent of shares of MyLoanCare and will increase the stake further to 70.10 percent through primary allotment.
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AA is a robust data-sharing system that empowers consumers with greater control over their financial data and seamlessly shares the same with financial institutions within the AA network.
