The nbfc account aggregator offers details on all the accounts held by a customer across different NBFC entities. The consolidated data includes information about the customer's financial engagements, such as insurance, mutual funds, etc. It's a convenient and organized way to keep track of all your NBFC products.
What is its significance?
People often have a range of financial products from different institutions, such as savings bank deposits, fixed deposits, pensions, insurance policies, and mutual funds.
However, they may need to understand their holdings in these products and services clearly.
The Reserve Bank of India (RBI) states that financial asset holders with scattered accounts with different regulatory entities may need help tracking their financial assets.
RBI has introduced NBFC-AA to address this issue, which aims to provide customers with a consolidated view of their financial assets in a common format.
The nbfc account aggregator will organize and retrieve information on various accounts held by a customer, making it easily accessible. It is important to note that the account aggregator's services will be voluntary for customers.
The AA will focus on IT-related activities and provide digital information to customers, but it won't offer any financial asset transactions.
Its primary responsibility will be account aggregation with the option to invest surplus funds in non-trading instruments.
The pricing of services will follow the board-approved policy.
To ensure customer protection and data security, the AA must adhere to the terms and conditions of its license, including proper agreements with financial service providers, grievance redressal, audit control, corporate governance, and risk management framework.
What are the main functions of nbfc account aggregator?
Standardized Financial Asset Management for Easy Information Access - The NBFC-AA strives to offer its customers a unified perspective of their financial assets in a standardized manner by arranging and retrieving data on different accounts held by them. This facilitates simple access to information.
Prioritizing IT for Reliable and Accessible Digital Financial Information- The nbfc account aggregator concentrates its efforts on IT-related activities. This is primarily because the digital age has revolutionized the financial industry, and the NBFC-AA recognizes the importance of staying at the forefront of technological advancements. As a result, it ensures that it provides its customers with digital information that is both reliable and accessible.
Diversifying Investment Options -As NBFC account aggregators, it is within their purview to offer the clients a wide range of investment options. One potential avenue for investment is through non-trading instruments, which can provide a secure and reliable means for investing surplus funds.
Ensuring Customer Data and Financial Security through Adherence to License Requirements - As an account aggregator, it is crucial to strictly adhere to its license's terms and conditions. This is because protecting customer data and financial security is of utmost importance. Therefore, the NBFC-AA must have proper agreements with financial service providers, a robust grievance redressal mechanism, and a stringent audit control system. Additionally, the NBFC-AA must have a strong corporate governance framework and an effective risk management strategy.
Summary: Anumati stands out as one of the best account aggregation providers in the market. Perfios Account Aggregation Services Pvt Ltd owns and operates this brand, which holds an NBFC-AA license from RBI. As a customer, you can rest assured that your data privacy is paramount. You can enjoy a secure and hassle-free account aggregation experience by choosing this trusted platform. With the backing of its NBFC account aggregator license, it offers its users a reliable and credible service.
Comentarios