Reserve Bank of India (RBI) has approved the “NSDL e-Governance Infrastructure” as an account aggregator.
• NSDL e-Governance Infrastructure has received an in-principle approval from RBI to set up an account aggregator business under its wholly owned subsidiary, NSDL e-Governance Account Aggregator Ltd.
• NSDL e-Governance Infrastructure is an IT-enabled services provider.
Account Aggregator (AA) model
• Account Aggregator (AA) model has the potential of transforming the way by which financial services are delivered through a unique architecture for consent-based data sharing.
• It is a financial data-sharing system, which has the potential of revolutionizing investment & credit.
• It can provide greater access & control over financial records to millions of consumers.
• This model will also expand the potential pool of customers to the lenders and fintech companies.
• Account Aggregator will help in empowering individuals with control on their personal financial data.
Significance of the Account Aggregator
Account Aggregator is a critical step of enabling data democracy. It is a first-of-its-kind consent framework, developed to empower an individual with control over data. It will also empower people to securely and digitally access and share their data. NSDL e-Governance Account Aggregator services will play a significant role as a core contributor for empowerment of data-led economy.