Taking a step towards India’s entry into the world of Open Banking, RBI first announced the Account Aggregator (AA) framework via a Master Directive in June 2016. The initiative is a path breaking step taken by the RBI which will enable individuals as well as small and mid–sized businesses to avail services that will help them fulfill their financial requirements. With this, customers can now avail a host of benefits such as viewing statements of their accounts, track deposits, plan investments (such as shares, mutual funds, Insurance, EPF, PPF), avail credit cards, etc. on a single window, thereby empowering them to take informed decisions pertaining to their finances.
As an ‘FIP’, IndusInd Bank will facilitate customers to share their financial information with Financial Information Users (FIUs) on the Account Aggregator Ecosystem, basis an exclusive consent from the customer. Once the other financial institutions go live on the AA framework, it will eliminate the need for collecting/submitting physical documents for getting loans or accessing other financial products and services.
2. Enables individuals and SME customers to share their financial information digitally with regulated financial institutions like banks, NBFC’s among others, within a secure framework
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