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The recently launched technology infrastructure account aggregator (AA), touted to be a game-changer for opening up access to financial data of individual and business customers, quickly saw eight major banks joining its network.
These included State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank.
The AA platform allows the collection of user data, with their consent, and shared among financial institutions. This will allow the institutions to build a better understanding of potential customers and tailor their services accordingly.
It also enables the free flow of data between banks and financial service providers. With improved access to data, the AA framework can potentially better meet pressing financial needs such as small-size loans for MSMEs and affordable micro-insurance.
The Interview
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Pravin Prakash, Chief People Officer, BYJU’S, discusses the importance of listening to employees and understanding their needs, the evolving BYJU’s culture, redefining school classrooms and much more.
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For co-living startup Stanza Living, the team realised what works for other businesses necessarily will not work for them. So, they decided to focus on their core principles. Read more.
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Credit: YourStory Design
News & Updates
- As per a report, Indian ecommerce retailer Snapdeal is said to be considering an initial public offering (IPO) to raise up to $400 million. With the discussions still in the early stages, the potential listing can arrive by next year and at a valuation of up to $2.5 billion.
- Luxury car rental startup Hype Luxury raised an undisclosed amount in pre-Series A funding from Razorpay co-founders Harshil Mathur and Shashank Kumar's new early-stage startup fund MarsShot Ventures.
Before you go, stay inspired with…
M Rajeshwar Rao
“In conjunction with other platforms like the Unified Payment Interface, Account Aggregator creates in India the most cutting-edge digital financial infrastructure in the world.”
— M Rajeshwar Rao, Deputy Governor, RBI
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Link : https://yourstory.com/2021/09/account-aggregator-rbi-byjus-stanza-living
Author :- Team YS ( )
September 05, 2021 at 06:00AM
YourStory