Understanding the Account Aggregator System

The Account Aggregator (AA) system is a revolutionary financial data-sharing framework regulated by the Reserve Bank of India. It enables individuals to securely and digitally access and share financial information between institutions, such as banks, insurance companies, and mutual funds, with their consent. This system acts as an intermediary between Financial Information Providers (FIPs) and Financial Information Users (FIUs), streamlining the process of data sharing for services like loans and investments. The AA framework promotes financial inclusion by providing users with greater control over their data, enhancing transparency and efficiency in financial decision-making. It has the potential to transform lending and investing by making financial data more accessible and reducing the need for physical documentation.

 

Source: Invest India, Sahamati