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NSDL e-Governance gets RBI’s approval for account aggregator business

NSDL e-Governance gets RBI’s approval for account aggregator business
Photo Credit: Reuters
18 Nov, 2021

NSDL e-Governance Infrastructure said it has received the Reserve Bank of India’s nod to set up an account aggregator business under its wholly owned subsidiary, NSDL e-Governance Account Aggregator Ltd. 

The newly-formed subsidiary will be completing all the legal and operational formalities so that it can start its operations once the RBI issues Certificate of Registration post-assessment. 

“Account aggregator is a critical step in enabling data democracy. It is a first-of-its-kind consent framework that empowers an individual with control over his or her data and the ability to securely and digitally access and share the same,” said Suresh Sethi, MD and CEO, NSDL e-Governance.  

NSDL e-Governance claimed that the account aggregator model has the potential to transform the way financial services are delivered through a unique architecture for consent-based data sharing.

NSDL e-Governance added thatit has created strong e-governance interventions over the last two decades, thus impacting multiple sectors of the Indian economy, such as modernising the direct tax infrastructure, strengthening the old-age security infrastructure, 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 these years, NSDL e-Governance has implemented and managed 18 projects spread across seven ministries and autonomous bodies.