Years after being hailed as the next big thing, the financial data-sharing system is finally gaining wide acceptance, but the new privacy bill introduces fresh questions.
The account aggregator system is gaining traction among bank customers three years after it was introduced. This comes at a time when the government scrapped an earlier draft of the data protection bill and introduced a new version last week.
The account aggregator system is a financial data-sharing protocol built by the team behind the India Stack project led by Nandan Nilekani and Bengaluru-based think tank iSPIRT.
The idea is to reduce friction in sharing documents and know your customer processes for financial services with the consent of customers. Let’s say you want to take a loan from Bank …
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
Writer
advait@mailtmc.com
Mumbai