Personal Finance Management Use Case Council has finalized the Consent Template CT008, after much deliberation on different personas of the customers and various product features to cater to the personal needs of the customers.

Consent Template Information - CT008

Consent Template InformationDescriptionFurther Explanation
Consent Template IDCT008For Sahamati's internal records and explanation to the community
StatusActiveFor Sahamati's internal records and explanation to the community
Use Case CategoryPersonal FinanceFor Sahamati's internal records and explanation to the community
Use caseEnabling insights into receipts and payments through transaction categorization, identification of merchant categories and the likeTo be used by FIUs that have a distribution charter with an advisory element. However, the FIUs do not have a fiduciary relationship with the customers which means they act as either a manufacturer of financial services or as a distributor (regulated and registered by one of the four FSRs) for one or multiple manufacturers

Consent Template Information / Attributes - CT008

Consent Details (Attributes)ValuesRationale
Purpose TextAs agreed by FIUs to show to the customer: To generate insights based on your overall finances and provide incidental recommendations, if anyTo ensure that the purpose explains the underlying use case explicitly and is easy to understand for the customer
The primary purpose of this use case is to provide a front end analytics dashboard to the customer (spend, investment, budgeting, consolidated view etc) with an ability to provide nudges/recommendations based on the analytics and in line with the charter of the primary license of the PFM provider
As per ReBIT: Explicit consent for monitoring of the accounts
Purpose Code102In line with existing code of conduct PC001 - https://sahamati.org.in/aa-community-guidelines-v1-2/purpose-codes/
Purpose Code Category NamePersonal FinanceIn line with existing code of conduct PC001 - https://sahamati.org.in/aa-community-guidelines-v1-2/purpose-codes/
FI TypesDEPOSIT, TERM_DEPOSIT, RECURRING_DEPOSIT, SIP, CP, GOVT_SECURITIES, EQUITIES, BONDS, DEBENTURES, MUTUAL_FUNDS, ETF, IDR, CIS, AIF, INVIT, REIT, GSTR1_3BRequires a 360 degree view of a customer finances to able to generate an integrated dashboard to the customer
Consent TypesProfile, Summary, TransactionsRequires a 360 degree view of a customer finances to be able to generate an integrated dashboard to the customer
Fetch-typePeriodicRequires a regular view of the customers finances to able to advise on a continuous basis
Maximum Frequency45 times per monthThe maximum frequency is capped at 45 successful data fetches per month, incorporating:
- 31 successful data fetches to allow PFM providers to enable auto fetch/daily dashboard refresh for regularly active customers based on the data shared by FIUs on the frequency at which their customers are accessing the PFM services
- Monthly frequency cap as opposed to daily agreed to incorporate variance in intra-day usage levels
- Buffer for poor data quality and inconsistency in data, requiring additional fetches
- Currently SEBI FIPs share only two years data in one data fetch request. Wealth advisors need 20 years of mutual funds statement data of the customer to be able to calculate returns and investment purchase dates of customers. Hence, a buffer of 5 fetches has been provided to enable the FIUs fetch 10 years of data from SEBI FI types in data packets of two years each.

Maximum FI Data Range10 years for SEBI FI Types
13 Months for others
-Deemed as sufficient to build a spend analytics and/or investment analytics dashboard for the customer and provide yearly trends
-Based on the frequency of the data pull, the FI Data Range is recommended to be incremental.
-FIUs have agreed to not fetch insurance data on daily basis
-While the Maximum FI Data Range is higher, the FIUs agree that they will do only incremental pulls over and above their last date of fetching data
Maximum Consent Validity1 yearCouncil members agreed to have a one-year consent validity for the PFM use case as a fair period, post which the FIU will need to take a fresh consent from the customer. this is to ensure that data of inactive customers who haven't revoked the consent is not available to be pulled by the FIU beyond 1 year unless the customer gives a fresh consent
Maximum Data Life1 MonthConsidering as sufficient time for the FIU required to build an analytics dashboard
Last published on:26th July 2024

Please read this template in conjunction with the Code of Conduct DR005. Code of Conduct on Incremental data pull will be published soon.

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