PhonePe has received in-principle approval from RBI to operate as an Account Aggregator (AA).
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, Rahul Chari CTO and Co-founder of PhonePe said,” The Account Aggregator licence will allow us to play a pivotal role in shaping the emergent Account Aggregator ecosystem for consent-based financial data sharing. We are looking forward to working closely with all the industry stakeholders to take forward RBI’s vision of driving deeper financial inclusion across the country.’’
Currently, account aggregators can charge a reasonable fee from users. This fee structure has to be transparent and will have to be published prominently on the website.
Last year, CAMS Financial Information Services ‘CAMS FinServ’, a subsidiary of the registrar and transfer agent CAMS received RBI’s go head to offer account aggregator services in India.
