Account Aggregators: The blueprint for Consent Managers under India’s DPDP Act Premium
The Hindu
India's Account Aggregator framework showcases consent-driven data-sharing in finance, guiding the DPDP Act's consent manager regime for user empowerment.
India’s pioneering Account Aggregator (AA) framework has already demonstrated the transformative potential of consent-driven data-sharing in the financial sector.
Consent managers are envisaged as accessible, transparent, and interoperable platforms that act as a single point of contact for Data Principals (individuals) to give, manage, review, and withdraw their consents across a range of Data Fiduciaries.
Drawing on our learnings from the AA ecosystem, we believe a collaborative and interoperable approach is required while designing and operationalising the consent manager framework under the DPDP Act.
The Account Aggregator (AA) framework is a multi-regulatory initiative led by the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), and the Ministry of Finance.
Operationalised through the RBI’s NBFC-AA Master Directions in 2016, this framework empowers individuals to provide, review, manage, and withdraw consent for sharing their financial data.
AAs enable the secure and real-time management of consents for financial information — which includes banking, lending, investment, pension, and tax data — and, consequently, the flow of such financial information directly from source systems.
Financial institutions can access this machine-readable, consent-based data, enabling greater efficiency, productivity, and innovation in delivering customer-centric financial services.
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