How account aggregator 2.0 is powering the next phase of India’s financial revolution
Zee News
Designed to give individuals and businesses greater control over their financial data, this system is rapidly reshaping how financial services are delivered in the digital age.
New Delhi: The Reserve Bank of India’s Account Aggregator (AA) framework is becoming a pivotal development in India’s financial landscape. Designed to give individuals and businesses greater control over their financial data, this system is rapidly reshaping how financial services are delivered in the digital age.
What the Account Aggregator Framework Is
At its core, the Account Aggregator framework is a consent-based data sharing system regulated by the RBI. It allows people to securely share their financial information — such as bank account details, mutual fund holdings, insurance policies, and tax records — with other financial entities, but only when they explicitly permit it. This represents a shift from the traditional model, where users had to manually provide documents like bank statements or PDFs for loans and other services.
Unlike many digital systems, an Account Aggregator does not store or analyse any of your information. Instead, it acts as a neutral intermediary, passing encrypted financial data between institutions in a secure way based on your consent.
How It Works
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