Points to be noted
- RBI issues Account Aggregator licenses
- AA can’t share data without one’s consent
- Customers can either provide consent or revoke anytime
- All public sector banks are now live on AA ecosystem
- Around 1.1 billion accounts are now live on AA
WITH all the public sector banks joining the Account Aggregator (AA) ecosystem, individual borrowers can share their data with ease and all financial data can be consolidated under a single view.
In September 2021, the financial data-sharing system (AA network) was launched, as this helps customers in many ways- from providing data security to personal finance management. “The Account Aggregator (AA) framework is a platform that enables the sharing of a customer’s financial data between licensed organisations within the AA ecosystem, subject to the customer’s consent,” says Sumit Gwalani, co-founder, Fi.
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