IndusInd Bank first bank to go live on RBI’s 'Account Aggregator Framework'1 min read . Updated: 29 Oct 2020, 11:15 AM IST
- IndusInd Bank becomes the first bank to go live on RBI’s ‘Account Aggregator Framework’
- The initiative is a path breaking step taken by the RBI
Mumbai: IndusInd Bank announced that it has gone live as a ‘Financial Information Provider’ (FIP) under the new ‘Account Aggregator Framework’ of the Reserve Bank of India (RBI), making it the first bank in the country to do so. With this, customers can now avail a host of benefits such as viewing statements of their accounts, track deposits, plan investments (such as shares, mutual funds, Insurance, EPF, PPF), avail credit cards, etc. on a single window, thereby empowering them to take informed decisions pertaining to their finances.
The initiative is a path breaking step taken by the RBI which will enable individuals as well as small and mid–sized businesses to avail services that will help them fulfill their financial requirements in a seamless way.
“We at IndusInd Bank have always focused on innovation in technology for customer empowerment. The Account Aggregator framework is an important step towards that direction which will empower the customer to view as well as choose their preferred product & service from banks and other participating players." Soumitra Sen, Head – Consumer Banking, IndusInd Bank said.
The Account Aggregator system offers the following benefits to customers:
- Eliminates the existing process of physical document submission which is time consuming.
- Enables individuals and SME customers to share their financial information digitally with regulated financial institutions like banks, NBFC’s among others, within a secure framework.
- Allows customers to have better control on financial information shared by providing his/her explicit consent before sharing the information.
IndusInd Bank commenced operations in 1994. As on 30 June 2020, IndusInd Bank has 1911 branches/ banking outlets and 2721 ATMs spread across 751 geographical locations of the country.