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Finance Minister Nirmala Sitharaman exhorts all banks to sign up to Account Aggregator Framework

23 Feb 2022

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired a post-budget meeting with heads of Banks, Non-Banking Financial Institutions (NBFCs) and Financial Institutions in Mumbai on February 22, 2022.

The meeting was attended by Union Minister of State for Finance Dr. Bhagwat Kishanrao Karad; Shri Sanjay Malhotra, Secretary, Department of Financial Services; Shri Ajay Seth, Secretary, Department of Economic Affairs and Dr. V. Anantha Nageswaran, Chief Economic Adviser. The heads of all Public Sector banks, select Private Sector Banks, NBFCs and Financial Institutions were also present in the meeting.

Underscoring the importance of information sharing and collaboration, the Finance Minister exhorted all the banks to sign up to the Account Aggregator model which would facilitate seamless flow of credit for small borrowers and promote digital lending. The Minister directed that pilots for Account Aggregator model and cashflow-based lending may be replicated in different regions around the country including in the North Eastern Region, on the lines of the initiative by two banks in Varanasi district.

Source: PIB

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