ReBIT defines purpose codes as codes defined to help the regulators to standardize the use of financial information by the Financial Information User (FIU) for providing the value-added service to the customer. They help to easily identify why the financial information is being accessed. The purpose codes offer:
- Enhanced quality of the FI data access for performing the aggregation service,
- Ensure better control of the relevant flows,
- Summarizing requesting and processing of Financial information, and
- Instituting a purpose code for standardizing a way to legalize the usages of the aggregation service.
Find the table below that maps the category code, category name, description, & purpose for the FIU data access and use.
| Category Code | Category Name | Description | Purpose |
|---|---|---|---|
| 1 | Personal Finance | Wealth management service | 101 |
| 1 | Personal Finance | Customer spending patterns, budget or other reportings | 102 |
| 2 | Financial Reporting | Aggregated statement | 103 |
| 3 | Account Query and Monitoring | Explicit consent for monitoring of the accounts | 104 |
| 3 | Account Query and Monitoring | Explicit one-time consent for the accounts | 105 |
Check out the https://api.rebit.org.in/purpose/ for more details