NSDL e-Governance gets RBI's in-principle approval as Account Aggregator

NSDL e-Governance Infrastructure, IT-enabled services provider, on Thursday said it has received an in-principle approval from RBI to set up an account aggregator business under its wholly owned subsidiary, NSDL e-Governance Account Aggregator Ltd.

NSDL e-Governance Infrastructure issues PAN cards and helps government agencies in e-governance projects.

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It has been at the forefront in laying out the e-governance infrastructure for the country and providing citizen-centric services at population scale.

The account aggregator (AA) model has the potential to transform the way financial services are delivered through a unique architecture for consent-based data sharing, according to a statement.

The AA network, a financial data-sharing system, could revolutionise investment and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies.

Account Aggregator empowers individuals with control over their personal financial data, which otherwise remains in silos.

"Account Aggregator is a critical step in enabling data democracy. It is a first-of-its-kind consent framework that empowers an individual with control over his or her data, and the ability to securely and digitally access and share the same," Suresh Sethi, MD and CEO, NSDL e-Governance, said.

According to him, NSDL e-Governance has been at the forefront of creating the nation's digital public infrastructure, and managing and securing citizen data at population scale.

As a next step, the newly-formed subsidiary is completing the legal and operational formalities as per RBI guidelines, so as to be ready to commence operations once the apex bank issues the certificate of registration post-assessment, NSDL e-Governance Infrastructure said.