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
Premium the watchword for SBI as Q2 profits surge
Chairman says the bank will compete on quality of service, not on deposit rates
India eyes grants, loans for Global South at COP29
India plans to leverage its climate commitments to pitch for grants and concessional loans, instead of investments for the Global South, at the upcoming climate negotiations in Baku, two people aware of the matter said.
Tata Steel's Q2 show weighed down by slow Europe revival
The September quarter (Q2FY25) earnings of Tata Steel Ltd had its share of positives even as European operations remain a drag.
Spectre of fall in revenue nixes telecom levy cut
Indian telecom service providers' hopes to get relief from levies on adjusted gross revenue (AGR) might get dashed on the Union finance ministry's revenue concerns, according to two senior officials close to the discussions.
Zomato, Swiggy face CCI heat on antitrust violation
An investigation by India's antitrust body found food delivery giants Zomato and SoftBank-backed Swiggy breached competition laws, with their business practices favouring select restaurants listed on their platforms, documents show.
Trump enters just as the Fed is shifting its focus
With its second consecutive interest-rate cut this year, the Federal Reserve is attempting to boost the odds of a soft landing.
Regulator gets staff to enforce drug quality
The govt is planning to fill 250 new positions to strengthen enforcement
Govt unveils scheme for meditech industry
The government on Friday launched a scheme aimed at strengthening the medical devices industry with an initial outlay of ₹500 crore for three years 2024-2025 to 2026-27.
RATAN TATA MADE INDIA A BETTER, KINDER PLACE
Shri Ratan Tata's support for the Swachh Bharat Mission was close to my heart
Ministry cancels allocation of coal block to JSW Steel
The Union coal ministry has annulled the allocation of the Banai-Bhalumunda coal block in Chhattisgarh to Sajjan Jindal-led JSW Steel over the non-payment of a performance bank guarantee worth about ₹1,000 crore.