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The guidelines for 'on tap' licensing of Universal Banks and SFBs in the private sector were issued on August 1, 2016, and December 5, 2019, respectively.
Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be better, which means either the building of
Account aggregators (AA) are entities that enable financial data sharing from Financial Information Providers (FIPs) to Financial Information Users (FIUs), based on the consent from the customers.
Finance Minister Nirmala Sitharaman has reassured that customer data shared with account aggregators (AA) in India is completely secure. Expressing concern over the slow progress of the AA scheme, she emphasized the need for enhanced awareness or simplification of technology. Sitharaman mentioned that banks have reviewed the AA scheme and their participation has been beneficial.
(This story has not been edited by THE WEEK and is auto-generated from a PTI