The how, why and what of RBI’s account aggregator framework

India’s taken early steps toward a connected financial ecosystem linking banks, financial companies and insurers with so-called account aggregators. With user-consent playing a crucial part, this open data framework is expected to usher in a UPI moment for the digital lending business, to begin with



Pratik Bhakta

September 03, 2021

6 Min Read

The account aggregator ecosystem that went live on September 2 is a masterstroke by the Reserve Bank of India to open up access to the financial data of customers such as small businesses and individuals. This will enable free flow of data between entities such as banks on one side and financial service providers on the other in a secure, defined and time-bound manner.

The AA framework has been designed to enhance the credit worthiness of small businesses and new-to-credit customers, including many who have been left out of the formal credit ecosystem.

Indian banks historically have been averse to sharing customer data. The central bank’s mandate now requires banks, non-banking financial companies, insurance firms and other financial institutions to share their customer data in a structured manner with account aggregators. 

It remains to be seen how all this will be operationalized, and if RBI will succeed in bringing an open data ecosystem in India.

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