IndusInd Bank to go live on RBI’s 'Account Aggregator Framework'
IndusInd Bank to go live on RBI’s 'Account Aggregator Framework'

IndusInd Bank announced that it has gone live as a ‘Financial Information Provider’ (FIP) under the new ‘Account Aggregator Framework’ of the Reserve Bank of India (RBI).  IndusInd Bank makes itself being the first bank in the country to go for Account Aggregator Framework. With this, customers can now avail of a range of benefits such as viewing statements of their accounts, track deposits, plan investments, like shares, mutual funds, Insurance, EPF, PPF etc., on a single window, thereby empowering them to make informed decisions pertaining to their finances.

The initiative is a path-breaking step taken by the Reserve Bank which will enable individuals as well as small and mid-sized businesses to avail services that will help them fulfil their financial needs in a seamless way.

As a 'FIP', IndusInd Bank will facilitate customers to share their financial information with FIUs (Financial Information Users) on the Account Aggregator Ecosystem in a secure and seamless way. Once the other financial institutions go live on the AA framework, it will do away with the need for collecting/submitting physical documents for getting loans or accessing other financial products and services. Talking about the new initiative, Soumitra Sen, Head - Consumer Banking, IndusInd Bank, said "We at IndusInd Bank have always focused on innovation in technology for customer empowerment”

BG Mahesh, Co-Founder, DigiSahamati Foundation says - "It's no surprise that IndusInd has led the way in adopting the Account Aggregator Framework - they saw the game-changing capability of AA framework to India's financial services market early on and led the industry with that conviction. As an early mover in this space, they have the opportunity to bring diverse and innovative products to market."

RBI Governor Shaktikanta Das's big statement on revival of economy

Economy may worsen if Covid-19 pandemic spreads again: RBI Governor

Markets closed higher; banking stocks performs



Join NewsTrack Whatsapp group
Related News