YOU MAY HAVE heard of mortgages or loans against gold, but what do you think of getting a pre-approved loan against mutual fund units straight from your app? Now picture this: insurance companies accessing your data—with your consent, of course—from pathology labs and hospitals for insurance purposes, all without any paperwork!
This has all been brought into the realm of possibility through the Reserve Bank of India’s (RBI) Account Aggregator (AA) model. Think of these as arteries that allow for the smooth flow of encrypted personal information through to financial entities throughout the country.
But India’s financial sector isn’t willing to take it easy just yet. There’s another innovation that promises to be a game changer: the extension of credit through the ubiquitous Unified Payments Interface (UPI), which could serve the unbanked and underbanked. In metro areas, this could replace costly credit cards and point of sale (PoS) infrastructure.
These and other innovations that are backed by RBI are bringing about the latest transformation in India’s dynamic financial services industry. In the next decade or two, the financial landscape, the lifeblood of an economy, could change beyond anybody’s expectations. And this will accelerate India’s journey to becoming a developed nation, or Viksit Bharat, by 2047.
THE AA CHIP
The AA model works like this: the platform collects financial data of customers, with their consent, from banks and makes it accessible to other financial institutions. So, banks can share customer information with other banks and non-bank players like insurance firms and mutual funds. This allows customers to access competitive loan, insurance, and investment offers without having to submit details every time.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
