RBI approves NSDL e-Governance as Account Aggregator
Reserve Bank of India (RBI) approved the “NSDL e-Governance Infrastructure” as an account aggregator.
- NSDL e-Governance Infrastructure is an IT-enabled services provider.
- It got an in-principle approval from RBI for setting an account aggregator business under the wholly owned subsidiary called NSDL e-Governance Account Aggregator Ltd.
Account Aggregator (AA) model
- Account Aggregator (AA) model has the potential of transforming the way by which financial services are delivered by means of a unique architecture for consent-based sharing of data.
- It is a financial data-sharing system, which can revolutionise 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.
Data Empowerment and Protection Architecture (DEPA)
DEPA will enable the collection & use of personal data in order to empower people in accessing better financial, healthcare and other services in real-time.
Category: Economy & Banking Current Affairs
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