IndusInd Bank said it has gone live as a ‘Financial Information Provider’ (FIP) under the new ‘Account Aggregator Framework’ of the Reserve Bank of India (RBI), the first bank in the country to do so. As part of the country’s plan to introduce open banking, RBI had announced the Account Aggregator framework via a Master Directive in June 2016. The initiative will enable individuals as well as small and mid-sized businesses to avail of services that will help them fulfill their financial requirements in a seamless way. Customers can now avail a host of benefits such as viewing statements of their accounts, track deposits, plan investments (such as shares, mutual funds, Insurance, EPF, PPF), avail credit cards, etc. on a single window, thereby empowering them to take informed decisions pertaining to their finances. As a ‘FIP’, IndusInd Bank will facilitate customers to share their financial information with Financial Information Users (FIUs) on the Account Aggregator Ecosystem in a secure and seamless manner, basis an exclusive consent from the customer. Once the other financial institutions go live on the AA framework, it will eliminate the need for collecting/submitting physical documents for getting loans or accessing other financial products and services. Soumitra Sen, Head – Consumer Banking, IndusInd Bank, said the AA framework is an important step that will empower the customer to view as well as choose their preferred product and service from banks and other participating players. The bank has collaborated with the DigiSahamati Foundation for this initiative.
