India launches Account Aggregator to extend financial services to millions

  • Eight Indian banks announced that they are rolling out – or about to roll out – a system called Account Aggregator to enable consumers to consolidate all their financial data in one place.
  • The objective of Account Aggregator is to aggregate all financial information of an individual, said M Rajeshwar Rao, Deputy Governor of India’s central bank – Reserve Bank of India – at a virtual event Thursday.
  • Users get to decide for how long they wish their data to be shared with a particular Account Aggregator participant.
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