Financial Revolution..! Get loan at the speed of UPI payment..!?
As wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital services in india are increasing day by day, many structures are being created in government structures to track the financial transactions in one's account. Through this, another credit revolution has been created in India. Data-based lending service in india is growing tremendously. Data-driven lending is expected to revolutionize the indian financial market while the world is witnessing many breakthroughs. Nandan Neelkani, chairman of Infosys and founder of the Aadhaar platform, told the CIIE meeting that through the Account Aggregator (AA) framework of the Reserve bank of india, data-centric lending services for individuals and businesses are improving.
Account Aggregator service in india is currently not available to many parties and if this changes soon, the lending landscape will change in a big way. With this, crores of people will be able to lend to businesses with only data-centricity through the Account Aggregator, not only that but it will also be decentralized and one can get a loan as fast as the UPI payment service. Infosys Chairman Nandan said that this is going to be the biggest business service in the indian financial market in the next 3-4 years. Account Aggregator is a framework where one's financial data is digitally shared with banks and financial institutions for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital lending.RBI grants an Account Aggregator license to eligible organizations, which ensures the exchange of information between Financial Information Providers (FIPs) and Financial Information Users (FIUs). And this financial information will be provided only with the consent of the particular individual. RBI, Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA), and Securities and Exchange Board of india (SEBI) are regulated entities under their control. Allow sharing with account aggregators after approval. Insurance Regulatory and Development Authority (IRDA), and Pension Fund Regulatory and Development Authority (PFRDA) will join this framework in a few years. If this only happens, india which is a postpaid economy will become a pre-paid economy in the next 10 years.