RBI approves NSDL e-Governance as Account Aggregator

November 19, 2021

Reserve Bank of India (RBI) approved the “NSDL e-Governance Infrastructure” as an account aggregator.

Key Points

NSDL e-Governance Infrastructure is an IT-enabled services provider.
It got an in-principle approval from RBI for setting an account aggregator business under the wholly owned subsidiary called NSDL e-Governance Account Aggregator Ltd.

Account Aggregator (AA) model

Account Aggregator (AA) model has the potential of transforming the way by which financial services are delivered by means of a unique architecture for consent-based sharing of data.
It is a financial data-sharing system, which can revolutionise investment & credit.
It can provide greater access & control over financial records to millions of consumers.
This model will also expand the potential pool of customers to the lenders and fintech companies.
Account Aggregator will help in empowering individuals with control on their personal financial data.

Significance of the Account Aggregator

Account Aggregator is a critical step of enabling data democracy. It is a first-of-its-kind consent framework, developed to empower an individual with control over data. It will also empower people to securely and digitally access and share their data. NSDL e-Governance Account Aggregator services will play a significant role as a core contributor for empowerment of data-led economy.

Data Empowerment and Protection Architecture (DEPA)

DEPA will enable the collection & use of personal data in order to empower people in accessing better financial, healthcare and other services in real-time.

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