Anumati: Individuals can securely access and exchange financial information digitally between their account-holding financial institutions and other regulated entities through the use of an RBI-licensed account aggregator (AA). This specific category of RBI-regulated firm, holding an NBFC-AA license, ensures the safety of personal information, which remains undisclosed without user consent. Several account aggregator frameworks are available for selection.
What is the RBI’s Account Aggregator Framework?
The RBI’s account aggregator framework ecosystem facilitates real-time interchange of financial data among regulated entities. Under the collaboration of the RBI, IRDA, PFRDA, and SEBI – the four primary financial authorities – regulated firms can share data with account aggregators upon user approval.
How Does the New AA Network Enhance Financial Situations?
The introduction of the account aggregator of RBI network alleviates various inconveniences associated with the financial system in India. These include the need for physically signed and scanned bank statements, notarization or stamping of documents, and the risk of disclosing unique login credentials to third parties. The mobile-based, secure digital data access and sharing mechanism offered by RBI’s account aggregator network eliminates these hurdles, opening avenues for new services such as different loan options. Anumati
Why Choose Anumati?
Anumati by Perfios AA is an RBI-licensed account aggregator that facilitates tracking and aggregation of data stored across various financial institutions. It empowers users to determine with whom they wish to share their data within a highly secure system audited for safety and security by the RBI. Anumati ensures that users retain sole access to their data, enabling them to share it as desired. For instance, when applying for a loan to finance a specific purchase, Anumati streamlines the process by allowing users to instantly link their bank accounts and fetch and share data directly with the lender in a matter of seconds, without intermediaries or the hassle of downloading and uploading statements.
Learn more about Anumati’s operations.
Perfios Account Aggregation Services Pvt. Limited operates Anumati under an RBI license, providing a consent management and account aggregation service. Anumati offers a user-friendly interface, allowing users to manage their bank accounts, control data sharing preferences, and monitor data usage. Users have the flexibility to modify, renew, or revoke consent, which may impact their interactions with potential lenders. Anumati ensures the secure access and transmission of user data to authorized banks, maintaining confidentiality and privacy. Users can rest assured that their data remains protected and inaccessible to any unauthorized parties.
Getting Started: Anumati RBI-Licensed Account Aggregator
Registration:
Begin by registering with Anumati, setting a 4-digit PIN, and verifying your phone number registered with your bank. An OTP will be sent for verification, after which your account will be activated with your mobile number as your handle.
Discover and Add Bank Accounts:
Anumati automatically identifies and lists all banking accounts linked to your registered mobile number. You can select the accounts you wish to link to your RBI account aggregator, and manually add more accounts from participating banks and financial institutions without any limitations.
Manage Consent:
Users have control over sharing their financial information when applying for loans online. Anumati ensures secure data transmission and management of consent preferences.
Additional Services:
Anumati enhances access to loans and facilitates better money management for individuals. Traditionally, loan applications require numerous document submissions and manual processing, leading to delays. Similarly, managing finances can be challenging due to scattered data across various platforms. The RBI’s account aggregator framework streamlines the loan application process, providing businesses with efficient access to secure, tamper-proof data, thereby expediting loan approvals.
Anumati collaborates with leading banks and financial organizations, with ongoing efforts to expand its partner network. Discussions are underway with several prominent banks for potential partnerships, and plans are in place to include securities companies in the future.
Conclusion
In conclusion, the RBI’s account aggregator framework, exemplified by Anumati, revolutionizes the way individuals access and share financial information securely. By providing a user-friendly interface and stringent security measures, Anumati empowers users to control their data and streamline processes such as loan applications. With the support of leading financial authorities and ongoing efforts to expand its partner network, Anumati aims to enhance financial accessibility and efficiency for individuals and businesses alike.
FAQs
What is an RBI-licensed account aggregator (AA)?
An RBI-licensed account aggregator is a specific category of RBI-regulated firm, authorized to securely access and exchange financial information digitally between individuals’ account-holding financial institutions and other regulated entities.
How does the RBI’s account aggregator framework facilitate the exchange of financial data?
The RBI’s account aggregator framework ecosystem enables real-time interchange of financial data among regulated entities, with collaboration from financial authorities like RBI, IRDA, PFRDA, and SEBI.
What distinguishes Anumati from other account aggregators?
Anumati, operated by Perfios AA under an RBI license, stands out for its user-friendly interface, stringent security measures, and empowerment of users to control their data sharing preferences.
How does Anumati streamline the loan application process?
Anumati simplifies the loan application process by allowing users to instantly link their bank accounts and securely share financial data directly with lenders, eliminating the need for physical documents and reducing processing time.
What additional services does Anumati offer beyond consent management and account aggregation?
In addition to consent management and account aggregation, Anumati enhances access to loans and facilitates better money management for individuals, with ongoing efforts to expand its partner network to include securities companies in the future.
