Eight of Banks Joined Account Aggregator
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♦ According to Reserve Bank of India, an Account Aggregator is a non-banking monetary enterprise engaged in the business of offering the service of retrieving or accumulating monetary data pertaining to its customer.
♦ It is additionally engaged in consolidating, organising and providing such information to the consumer or any other monetary information consumer as may be specified by the bank.
♦ An account aggregator is a financial utility used to ensure the safe flow of personally controlled data.
♦ It will bring together all the digital footprints of the consumer at one location and make it convenient for lenders to get admission to it.
♦ AA licenses are issued by RBI, and there will be many AAs in the financial sector.