Very soon, investors can track all their savings and investments seamlessly. CAMS Financial Information Services ‘CAMS FinServ’, a subsidiary of the registrar and transfer agent CAMS has received RBI’s go head to offer account aggregator services in India.
Earlier in 2016, RBI invited applications from companies who wish to start account aggregation business.
Account aggregators give users a consolidated view of all their savings and investments. The idea is to help people monitor investment portfolio and manage cash flows. Simply put, investors can track all their financial assets such as mutual funds, stocks, NPS, bank FD and savings account and insurance policies at one place.
RBI norms also allow account aggregators to share information of customers securely to financial service providers after getting their consent.
In a press release, Anuj Kumar - President & CEO, CAMS said, “Account Aggregator is a path breaking initiative of RBI to drive financial inclusion and digitalization of citizens’ experience in seeking and managing their personal financial information. Financial institutions such as banks, insurers and lending companies will benefit from using the platform for customers’ data. We have met the standards and requirements of RBI to receive the certificate of registration. Our technology platform and operational readiness have been tested and we are ready for commencing operations.”
RBI has allowed aggregators to charge a reasonable fee from users. This fee structure has to be transparent and will have to be published prominently on the website, said RBI.
Anuj Kumar added, “CAMS FinServ will bring the experience of CAMS of over two decades in the area of financial information aggregation and management. We believe our Account Aggregator service is designed to serve customers and the vast set of Financial Institutions.”
