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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
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