Page 33 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
th
nd

keep all monetary records at one place and 2. system. And in 2019, a group of fintech
Can have control over how it is used and who players came together to work on a market-
can use it. ready solution of developing an intermediary
platform that can handle these requests after
Access to credit has historically been a big receiving consent from users.
problem in India. With the account aggregator
framework, the RBI believes it can enable Account Aggregators (AA)
potential solutions to solve that problem, given In Financial Services, cutting-edge technologies
that financial entities on the account aggregator and the disruption introduced by on-demand
network would depend on users’ informational aggregators and marketplaces have brought
wealth rather than collateral for offering credit about a shift in consumer expectations of
services. speed, safety, security, and convenience. These
changing customer expectations have led to the
The account aggregator is an RBI initiative and
emergence of account aggregation.
was conceptualized back in 2014 with the idea
of creating a single repository of information In the Master Direction - Non-Banking
on all financial assets. The idea was to eliminate Financial Company - Account Aggregator
information asymmetry abundant in the (Reserve Bank) Directions, 2016, Account
financial sector. Aggregator is defined as “ a non-banking
financial company that undertakes the business
In 2016, the Central Bank had launched a
of providing under a contract, the service
framework to build the account aggregator

The Institute Of Cost Accountants Of India

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