IndusInd Bank 1st bank to go live on RBI’s ‘Account Aggregator Framework’
Mumbai: IndusInd Bank 1st bank to go live on RBI’s ‘Account Aggregator Framework’ – Under the new ‘Account Aggregator Framework’ of the Reserve Bank of India (RBI), IndusInd Bank announced that it’s gone live as a ‘Financial Information Provider’ (FIP) making it the primary bank within the country to try to do so. With this, customers can now avail a number of advantages like viewing statements of their accounts, track deposits, plan investments (such as shares, mutual funds, Insurance, EPF, PPF), avail credit cards, etc. on one window, thereby empowering them to require informed decisions concerning their finances.
The initiative may be a path-breaking step taken by the RBI which can enable individuals also as small and mid-sized businesses to avail of services that will help them fulfill their financial requirements in a seamless way and we have always focused on innovation in technology for customer empowerment. The Account Aggregator framework is a crucial step towards that direction which can empower the customer to look at also as choose their preferred product & service from banks.
The Account Aggregator system offers the subsequent benefits to customers:
Eliminates the prevailing process of physical document submission which is time consuming many customers of SME to share their financial information digitally with regulated financial institutions like banks, NBFC’s among others, within a secure framework.
Allows customers to possess better control of financial information shared by providing his/her explicit consent before sharing the knowledge.
IndusInd Bank commenced operations in 1994 and 1911 branches/ banking outlets and on 30 June 2020, IndusInd Bank has 2721 ATMs spread across 751 geographical locations of the country.
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