NSDL e-Governance Infrastructure, a provider of IT-enabled services, has received approval in principle from the Reserve Bank of India to run an account aggregator business under its wholly-owned subsidiary NSDL e-Governance Account Aggregator Ltd.
“NSDL e-governance has created strong e-governance interventions over the past two decades, affecting several sectors of the Indian economy such as modernizing direct tax infrastructure, strengthening infrastructure for old-age pensions, promoting financial Inclusion by contributing to the India Stack and enabling the BFSI sector by providing Aadhaar-based identity authentication and e-sign services. Over the years, NSDL e-Governance has implemented and managed 18 projects in seven ministries and autonomous bodies which have initiated a positive change in the public provision of services, “said the NSDL in a press release.
The account aggregator model has the potential to transform the way financial services are provided through a unique architecture for consent-based data exchange. The network, a system for sharing financial data, could revolutionize investing and lending, giving millions of consumers more access and control over their financial records, and expanding the potential clientele for lenders and fintech companies. The account aggregator gives individuals control over their personal financial information that otherwise remains in silos.
Suresh Sethi, MD and CEO, NSDL e-Governance, said, “The Account Aggregator is a critical step in enabling data democracy. It is a unique consent framework that gives a person control over their data and the ability to securely and digitally access and share it. NSDL e-Governance has been a leader in creating the country’s digital public infrastructure and managing and securing citizen data at the population level. With the trust of millions built over 25 years, we believe the NSDL e-Governance Account Aggregator services can play a critical role as an essential contribution to data-driven economic empowerment and inclusion on a large scale. “
The data empowerment and protection architecture enables the collection and use of personal data in a way that enables people to access better financial, health and other socioeconomic services in real time while preserving the safety and privacy of the user remains named.
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