Page 38 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd
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BFSI Chronicle, 2 Annual Issue, 10  Edition July 2022
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        banks and creating an opportunity for new  was obligated to be an Aadhaar cardholder. Be
        entrants such as fintech and tech giants.    that as it may, Aadhaar is now de facto required
                                                     at every step for availing most public or private
        The framework, as of today, operates on a    services. It may so happen in the future that
        consent-based system where the customers are   basic financial facilities may be denied if
        not obligated to avail of this service, and they
                                                     the customers do not subscribe to account
        have a right to decide what information can be   aggregators.
        shared to a particular FIU, if at all.
                                                     The pace of adoption will also depend on the
        The continued evolution of customer needs
                                                     strength of the community to come together
        will result in longer-term structural threats to   and continue to drive the specifications
        the aggregator model.
                                                     development and the standardization of the FI
        It is pertinent to note that the Aadhaar system  scheme
        was also a voluntary scheme wherein no citizen

        References :
        1.https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/
        Our%20Insights/Friends%20or%20foes%20The%20rise%20of%20European%20
        aggregators%20and%20their%20impact%20on%20traditional%20insurers/Friends-or-foes-The-
        rise-of-European-aggregators.pdf

        2. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1753713
        3.https://www.bloombergquint.com/business/bq-explains-what-are-account-aggregators-
        and-how-they-help
        4.https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10598&Mode=0

        5. https://www.pwc.in/industries/financial-services/fintech/fintech-insights/account-
        aggregators-putting-the-customer-in-charge.html

        6.https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/
        PR2077FB2E0647BA3146408FDC6D718D1FD41D.PDF

        7. https://rbidocs.rbi.org.in/rdocs/Notification/PDFs/
        NOT68A141A71A5CC24F4FBFB9DF8C9986B079.PDF

        8. https://amitabhkant.co.in/upload/articles/54656057861e501bba2c137.67615052_Account-
        Aggregators-Will-Be-Transformational.pdf














                                                                The Institute Of Cost Accountants Of India

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