Eight of Banks Joined Account Aggregator

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07 September 2021 Current Affairs:Eights of India’s important banks — SBI,  Axis, ICICI, IDFC First Bank,  HDFC Bank, Kotak Mahindra Bank, IndusInd Bank & Federal Bank — joined the Account Aggregator (AA) network that will allow clients to without difficulty access and share their monetary data.

♦ 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.

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