RBI announced the Account Aggregator framework which is stated to be a UPI moment for lending infrastructure in India.
@RahulDeshpande explains how the Account Aggregator system works! With memes in an interesting way.
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And when will Account Aggregator be really live for end users? Have been reading about it since a long time and how many banks are live on it but how can users make use of it? I contacted a bank recently and they didn’t have any clue about what Account Aggregator is.
Everywhere I only read what Account Aggregator is but not a single article on entire internet on how to make use of it.
As far as I know, few companies have started integrating in the account aggregator system. Few companies are already in the testing phase and are about to go live in coming weeks.
Almost all the private and public banks are live on it, meaning if there arises a situation where you would like to access your account statements or your credit score you will be instantly able to do it and if need be can share with other entities as well.
Since there are tons of entities involved, bringing everyone together and creating a seamless integration will take some time, but eventually once its robust enough it will open tons of opportunities and bring a lot of citizens to open banking.
Few articles for your reference: Reference 1 , Reference 2
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Hey how can i disconnect my account aggregator. And I dont want to this service.
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