The Reserve Bank of India has started the account aggregator (Sahmati Platform) service from Tuesday. With the introduction of this service, customers will not need to do KYC again and again for taking loans, getting insurance or investing in mutual funds. That is, now the banking process has become easier for you.
Simply put, an account aggregator is a common platform to collect all your financial details at one place. You can understand the benefits of this service in such a way that you want to take a loan from the bank or submit an application to buy an insurance policy. Before giving loan or issuing a policy, the bank or insurance company is asked to provide financial information. These include bank account data, salary information, claim records, etc. Today you collect this information physically from different sources. All information will be accessible from one place as soon as you log in to the account aggregator consent. All your information will already be here. In this way the whole process will be completed in less time and easily. There will be very less chance of data theft in that the account will not be able to collect any data from the aggregator without your consent.
Customer consent required
The country’s eight leading banks State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank and Federal Bank have planned to share customer data with the account aggregator network. This will also help banks and other financial institutions to get new customers. However, for sharing customer data, the bank or financial institution will have to take their consent.
Data sharing will be safe
In the digital world, the biggest concern is the security of the data. You will get complete data security in data aggregator. RBI has prepared stringent data privacy guidelines for this. At the same time, the data that banks will share with the account aggregator will be completely encrypted, that is, there will be no breach in it.
