Around 1.6 lakh bank accounts linked to at least one account aggregator
By MYBRANDBOOK
According to news reports, around 160,000 bank accounts have been linked to at least one of the account aggregators. Although the actual number of users who have signed up with an account aggregator is likely to be quite lower. About five account aggregators have launched operations while around 25 institutions and most of the large private banks live on the account aggregator system.
But the data on mutual funds, insurance and goods and service tax is not linked yet, which limits the utility of account aggregators. Kotak Institutional Equities said, "These are still early days given that some of the large banks (like State Bank of India and Bank of Baroda) are yet to go live and most of the non-bank data is yet to be made available."
Account aggregation or financial data aggregation is a process whereby data from several or all of an individual's or household’s financial accounts are collected in one place. In terms of online banking, the user may be provided with a service that curates a home page on which account holders can see information from all of their checking, savings, CDs, and brokerage accounts. Personal finance software, apps, and online services like Quicken or Mint provide such account aggregation services, and are thus called account aggregators.
Kotak Equities said that the adoption of account aggregators will likely happen in two ways--user-initiated sign-up through mobile application download and linking their accounts or during the process of service delivery, financial information users will request for a consent to fetch data from such aggregators and if the user is not signed-up, then a profile would get created on the fly.
BREAKING NEWS
TECHNO TRENDS
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
ESDS commits to presenting clients with the latest technology
According to a NASSCOM report, the Indian IT industry experienced its stron
A few changes in policies can make the PLI scheme even more ef
The Production Linked Incentive (PLI) scheme is a government initiative tha
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
AMARA RAJA POWER SYSTEMS LTD.
EXATRON SERVERS MANUFACTURING PVT. LTD.
CENTRE FOR DEVELOPMENT OF TELEMATICS (C-DOT)
LENOVO INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
ICONS OF INDIA : RAJIV MEMANI
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
Icons Of India : AMIT CHADHA
Amit Chadha serves as the CEO and Managing Director of L&T Technology ...
PARTNER SPEAKERS
PSU
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
VIDEOS
Top 25 Brands
Value-Added Distribution
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
