NSDL e-Governance Infrastructure,IT-enabled services provider, 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.
The Account Aggregator (AA) model has the potential to transform the way financial services are delivered through a unique architecture for consent-based data sharing. The AA network, a financial data-sharing system, could revolutionise investment and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies. Account Aggregator empowers individuals with control over their personal financial data, which otherwise remains in silos, according to a press release.
Suresh Sethi, MD and CEO, NSDL e-Governance, said, “Account Aggregator is a critical step in enabling data democracy. It is a first-of-its-kind consent framework that empowers an individual with control over his or her data, and the ability to securely and digitally access and share the same. We believe NSDL e-Governance Account Aggregator services can play a pivotal role as a core contributor to a data-led economic empowerment and inclusion at scale.”
By giving people the power to decide how their data can be used, Data Empowerment and Protection Architecture (DEPA) enables the collection and use of personal data in ways that empower people to access better financial, healthcare and other socio-economically important services in real-time, while preserving the safety, security and privacy of the user.
As a next step, the newly-formed subsidiary is completing the legal and operational formalities as per RBI guidelines, so as to be ready to commence operations once RBI issues the Certificate of Registration post-assessment.
