Monday , 29 November 2021
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NSDL e-Governance gets RBI’s in-principle approval as Account Aggregator

NSDL e-Governance gets RBI’s in-principle approval as Account Aggregator

Mumbai : NSDL e-Governance Infrastructure, India’s leading IT-enabled services provider, has received an in-principle approval from RBI to set up an account aggregator business under its wholly owned subsidiary, NSDL e-Governance Account Aggregator Ltd.

NSDL e-Governance has been at the forefront in laying out the e-governance infrastructure for the country and providing citizen-centric services at population scale. The company’s core strength lies in not just enabling technology, but also providing the necessary interventions for ecosystem creation and adoption of new technologies and business models.

NSDL e-Governance has, over the last two decades, created strong e-governance interventions impacting multiple sectors of the Indian economy, such as modernising the direct tax infrastructure, strengthening the old-age security infrastructure, promoting financial inclusion by contributing to the India Stack and enabling the BFSI sector by providing Aadhaar-based identity authentication and e-Sign services. Over these years NSDL e-Governance has implemented and managed 18 projects spread across seven ministries and autonomous bodies, ushering positive change in public delivery of services.

The Account Aggregator (AA) model has the potential to transform the way financial services are delivered through a unique architecture for consent-based data sharing. The AA network, a financial data-sharing system, could revolutionise investment and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies. Account Aggregator empowers individuals with control over their personal financial data, which otherwise remains in silos.