Sahamati at RBIH's Assisted Account Aggregator Workshop
Reserve Bank Innovation Hub (RBIH)* hosted a workshop for the Assisted Account Aggregator (AA) Working Group to ideate on and finalize the process flows for an upcoming pilot on implementing AA assisted mode. Ms. Shalini Gupta, Head of Strategy at Sahamati, participated in the event representing the AA Community.
Assisted Account Aggregator is aimed at ensuring that the Bharat citizens (who may not have a smart phone or are not digitally or financially savvy and depend on business correspondent for financial services) use Account Aggregator framework (via BC apps/journeys) for sharing their updated bank account statements with lenders and are no longer required to spend their working day to visit a bank branch for passbook updating.
For the lenders, the process of evaluating a rural/low income customer for a small ticket size loan using digital, tamper-proof data available on real time basis may allow them to offer instant loans, thus making the whole proposition viable.
* RBIH is a wholly owned subsidiary of the Reserve Bank of India (RBI) set-up to promote and facilitate an environment that accelerates innovation across the financial sector.