NSDL e-Governance Infrastructure, India’s leading IT-enabled services provider, has received an in-principle approval from RBI to set up an account aggregator business under its wholly owned subsidiary, NSDL e-Governance Account Aggregator Ltd.
NSDL e-Governance has been at the forefront in laying out the e-governance infrastructure for the country and providing citizen-centric services at population scale. The company’s core strength lies in not just enabling technology, but also providing the necessary interventions for ecosystem creation and adoption of new technologies and business models.
NSDL e-Governance has, over the last two decades, created strong e-governance interventions impacting multiple sectors of the Indian economy, such as modernising the direct tax infrastructure, strengthening the old-age security infrastructure, promoting financial inclusion by contributing to the India Stack and enabling the BFSI sector by providing Aadhaar-based identity authentication and e-Sign services. Over these years NSDL e-Governance has implemented and managed 18 projects spread across seven ministries and autonomous bodies, ushering positive change in public delivery of services.
The Account Aggregator (AA) model has the potential to transform the way financial services are delivered through a unique architecture for consent-based data sharing. The AA network, a financial data-sharing system, could revolutionise investment and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies. Account Aggregator empowers individuals with control over their personal financial data, which otherwise remains in silos.
Suresh Sethi, MD and CEO, NSDL e-Governance, said, “Account Aggregator is a critical step in enabling data democracy. It is a first-of-its-kind consent framework that empowers an individual with control over his or her data, and the ability to securely and digitally access and share the same. NSDL e-Governance has been at the forefront of creating the nation’s digital public infrastructure, and managing and securing citizen data at population scale. With the trust of millions, built over a period of 25 years, we believe NSDL e-Governance Account Aggregator services can play a pivotal role as a core contributor to a data-led economic empowerment and inclusion at scale.”
By giving people the power to decide how their data can be used, Data Empowerment and Protection Architecture (DEPA) enables the collection and use of personal data in ways that empower people to access better financial, healthcare and other socio-economically important services in real-time, while preserving the safety, security and privacy of the user.
As a next step, the newly-formed subsidiary is completing the legal and operational formalities as per RBI guidelines, so as to be ready to commence operations once RBI issues the Certificate of Registration post-assessment.