Account aggregator: Know all about India’s financial data-sharing system

The Reserve Bank of India (RBI) launched the Account Aggregator (AA) network, a financial data-sharing system last week. The Union finance ministry has said that this system can revolutionise investing and credit, giving millions of consumers greater access to their financial records and expanding the potential pool of customers for lenders and financial technology companies. It also empowers the individual with control over their personal financial data, the ministry said in a press release on Friday.

It further stated that this is the first step towards bringing open banking in the nation and empowering millions of customers to digitally access and share their financial data across institutions in an efficient and secure manner.