RBI allows account aggregator service

Monday 6 September 2021 12:24 CET | News

Reserve Bank of India (RBI) has introduced Sahamati Platform, an account aggregator that doesn’t require KYC for customers who are taking loans, insurance service or investing in mutual funds. 

Account Aggregators (AA) are entities that enable financial data sharing from Financial Information Providers (FIPs) to Financial Information Users (FIUs), based on the consent from the customers.

Some of the account aggregators that have received approval from RBI include CAMSFinServ, Cookiejar Technologies, FinSec AA Solutions, and NSEL Asset Data, among others.

Companies registered and regulated by Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) can be a FIP or FIU.

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Keywords: KYC, banks, data , financial institutions, RBI
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: India
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