1. Introduction to Account Aggregator (AA): The AA is an RBI-regulated entity allowing individuals to digitally access and share their financial data across institutions in the network, with consent.
2. Benefits of AA Network: This network simplifies the sharing of financial data, replacing cumbersome traditional methods, thereby easing loan applications and financial services access.
3. Comparison with Other Data Sharing Systems: Unlike Aadhaar eKYC or CKYC that share limited identity data, or credit bureaus sharing credit history, AAs facilitate transaction data sharing, offering a more comprehensive financial profile.
4. Scope of Data Sharing: Initially, banking transaction data can be shared, with plans to include tax, pension, securities, insurance, and eventually healthcare and telecom data.
5. Privacy and Security in AA: AAs act as secure conduits for data sharing without accessing or aggregating the data themselves, ensuring end-to-end encryption.
6. Consumer Data Sharing Control: Participation is voluntary, with consumers having complete control over whether to share their data and with whom.
7. Duration of Data Accessibility: The consent process specifies how long shared data can be accessed by the recipient institution.
8. Registering with an AA: Consumers can register through AA apps or websites and use a unique handle during the consent process.
9. Choosing an AA: A consumer needs to register with only one AA to access data from any bank in the network.
10. Cost of AA Services: Charges depend on the AA; some may be free, charging financial institutions, while others may charge a consumer fee.
11. New Services Accessible via AA: The AA network streamlines loan applications and money management by providing fast, secure access to financial data.
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