NSDL e-Governance gets RBI nod for account aggregator biz

NSDL e-Governance Infrastructure Ltd, IT (Information Technology)-enabled services provider, has received in-principle approval from the Reserve Bank of India (RBI) to set up an Account Aggregator (AA) business under its wholly-owned subsidiary, NSDL e-Governance AA 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.