Axis Bank, the third-largest private sector bank in India, has gone live as a Financial Information Provider (FIP) on the landmark Account Aggregator (AA) framework of the Reserve Bank of India. Account Aggregator is a digital platform that allows for easy sharing and consumption of financial data of customers from various regulated entities, with consent of the customers.
Commenting on this development, Sameer Shetty, EVP & Head Digital Banking, Axis Bank said: “We are excited to be one of the early adopters of the Account Aggregator ecosystem and strongly believe that this will transform banking in the years to come. Democratization of data in the hands of the end-user opens up several possibilities for financial institutions like us to create a suite of innovative Digital offerings for customers. As a governing council member, Axis bank has worked closely with Sahamati, as the ecosystem evolved since its inception.”