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IRDAI – Circular dated 3.11.2023 – Account Aggregator – Participation of the Insurance Sector in the next digital innovation

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IRDAI – Circular dated 3.11.2023 – Account Aggregator – Participation in the frame work as Financial Information User

It is said that “Account Aggregator” is the next digital innovation.  The financial inclusion will revolutionise lending, banking, financial planning, investment, insurance, pensions (PFRDA), etc by millions of consumers.   It is regulated by the Reserve Bank of India.  The frame work helps individual to digitally and securely access and share information from one financial institution to another.  

This will save human resources, burden on the public exchequer, also burden on the coffers of millions of consumers, eliminate paper work including KYC every now and then.

For example, the consumer / user is to apply for personal loan, one has to submit number of documents including IT returns, bank statements, salary slips or audit reports and so no.   Now under the AA network the account aggregator applications will gather data from various financial service providers and send it to the financial information users on consent-based approach.

The user is not required to visit multiple websites, download information or physically furnish hard copies of the documents.

It is said that number of Banks and also SEBI has joined AA platform.

Let us hope that this will provide solace to the common man as is the salutary object of AA system framed by RBI.

Participation in Account Aggregator Framework as Financial Information User (1).pdf

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