Opening a bank account is usually the first step in your financial journey. And in India, there is no limit on the number of bank accounts that you can have, although financial advisers would have you open no more than three or four of them for ease of managing the accounts. Many people though end up opening separate accounts in multiple banks for various reasons, be it lower interest rate on home loans or for buying other financial products. A change in jobs, for instance, also leads to a new bank account as organizations usually tie up with a particular bank for salary accounts. But multiple bank accounts can only lead to a fragmented view of your savings. That's where the Account Aggregator (AA) framework will help you keep an hawk's eye on all your accounts.
Three years since the Reserve Bank of India (RBI) launched the AA framework-a financial data-sharing system aggregating a customer's financial information in one place, more banks are offering this facility to customers.
It is not only helping individuals to view all their savings in one place and track their spending habits, but it is also enabling banks to sanction loans to customers who are yet to build their credit history. Experts say the AA framework will help banks to sell non-loan products to individuals such as insurance and mutual funds.
Credit cards, loans Banking executives say giving credit cards or small-ticket loans has become a lot more seamless after the adoption of AA framework.
"We can easily issue credit cards or loans to any non-Axis Bank customer.
The customer can digitally share his or her bank statement through the account aggregator ecosystem. And we will underwrite it in real-time. The loan disbursal can happen as soon as the customer does his video KYC (know your customer, a verification process) with us," says Sameer Shetty, president and head-digital business and transformation, Axis Bank.
هذه القصة مأخوذة من طبعة February 12, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 12, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
World Bank calls for reforming skills training in India
India must make a coordinated effort to reform and rebrand vocational skill training, besides aligning education with the job market, to leverage its demographic advantage to meet the $5-trillion target for its economy, the World Bank said.
FCPA cases take long to conclude after indictment
For investors keen to know the fate of billionaire Gautam Adani's indictment by US authorities, the watchword is patience.
Short-covering, relief rally add ₹7.27 trillion wealth
Markets up 2.39% to hit the highest in six months, a day after Adani's indictment
Wetter monsoon slows pace of adding new transmission lines
India's addition of new power transmission lines fell by half over a year earlier in the April-October period as a wetter-than-usual monsoon slowed work.
COP29's $1.3 tn fund plan disappoints Global South
The 29th edition of the UN climate change conference in Azerbaijan emerged from a deadlock with an annual climate finance goal of $1.3 trillion for developing countries, much to the disappointment of the Global South.
Jaguar rebrand is pink, diverse and doesn't feature any cars
Luxury automaker Jaguar is betting that a colorful and youthful rebrand will help it successfully launch fully into the electric-cars market.
Services up as manufacturing slows in Nov
The HSBC Flash India Services PMI was at 59.2 in Nov from 58.5 in Oct; manufacturing PMI fell slightly from 60.4 to 60.2
MSMED may protect medium firms too
The Centre may consider including medium enterprises for the protection granted under MSME Development (MSMED) Act, 2006, to resolve payment disputes.
Europe boosts Indian textile exports in FY25
Demand for Indian handloom, apparel partly fuelled by Bangladesh crisis
RBI nudges banks to cut speculative bet in rupee
The Indian central bank, in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to curb speculative positions with the currency at a record low, four bankers familiar with the development told Reuters.