Eight of India’s major banks joins the Account Aggregator (AA) network

Account Aggregator System has the potential to revolutionize how financial data is transferred and used. Discuss. (150 Words)

Approach:

• Introduce by providing an overview of what account aggregator system is and how it functions.
• Use diagram to show relationships between Individuals, Financial information providers and Financial information users
• Discuss how the system will help in increasing credit availability, financial inclusion and better financial services. Discuss its potential impact on Fintech industry
• Briefly highlight concern regarding data privacy and security
• Way forward/ Conclusion