Public sector lender Punjab National Bank (PNB) has gone stay on the account aggregator ecosystem as monetary data consumer (FIU) in addition to monetary data supplier (FIP), the lender stated in a press launch. Other than PNB, Union Bank of India, Canara Bank and Indian Bank are the three different PSU lenders who’ve linked to the account aggregator system.
“Punjab National Bank is working on multiple business use cases which can leverage on the account aggregator ecosystem and offer interesting products to its customers. This will further enhance the outreach of the bank to provide customized digital products to its customers,” Atul Kumar Goel, managing director and chief government officer of PNB stated.
Other PSU lenders are in varied levels of implementing the method of connecting to the account aggregator system. While State Bank of India (SBI), Bank of Baroda and UCO Bank are within the testing part, Indian Overseas Bank, Punjab and Sind Bank, Bank of India and Bank of Maharashtra are within the improvement part. Central Bank of India is within the analysis part, in line with data on Sahamati, a member-funded trade alliance.
Most of the key personal sector banks corresponding to HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Kotak Mahindra Bank have additionally linked with the account aggregator system. As of Monday (July 11), a complete of 56 banks, fintechs and non-banking finance firms (NBFC) are stay on the system.
Earlier this month, Union Finance Minister Nirmala Sitharaman had directed all public sector banks to implement the account aggregator system by the tip of July. The account aggregator system is a monetary knowledge change the place banks, fintechs or NBFCs can change buyer knowledge after taking consent from such customers. The transfer is anticipated to provide customers extra management over their knowledge and in addition carry down processing prices for banks via entry to higher knowledge. The system was launched in September 2021.
Under the account aggregator system, a lender who requests the information is named monetary data consumer (FIU) and the one that gives the information is named monetary data supplier (FIP). The knowledge can’t be shared with out taking client’s permission. The entities which facilitate the information change are account aggregators. OneMoney, FinVu, CAMS and NADL are offering facilitation providers after receiving approval from the Reserve Bank of India (RBI). There are 8 entities awaiting RBI approval for offering account aggregator providers, a National Securities Depository Ltd (NSDL) and PhonePe.
Since the launch of the system in 2021, 8.6 lakh accounts are linked by account holders and eight.1 lakh consent requests have been fulfilled to this point.
Source: www.financialexpress.com”