Anumati: Your Account Aggregator, Licenced by the RBI
An individual can safely and digitally access and exchange information between financial institutions with which they have accounts. This seamless interaction is enabled by an account aggregator (AA) framework regulated by the RBI. These AAs, operating with an NBFC-AA license, ensure that personal information is securely managed and shared only with the user’s explicit consent. Several account aggregator frameworks are available for users to choose from.
What is the Account Aggregator Framework of RBI?
The RBI’s account aggregator framework facilitates real-time financial data exchange among regulated entities. This ecosystem, supported by the RBI, IRDA, PFRDA, and SEBI, allows financial institutions under their supervision to share data through account aggregators, contingent upon user approval.
How Can the Financial Situation Be Improved with the New AA Network?
In India, consumers currently face numerous hassles in dealing with financial systems, such as physically signing and scanning bank statements, notarizing documents, and sharing personal usernames and passwords to third parties. The RBI’s account aggregator network simplifies these processes through a secure, mobile-based digital data access and sharing mechanism. This system not only saves time but also opens up opportunities for innovative services, including various loan options.
Why Anumati?
Anumati, developed by Perfios AA, is an RBI-licensed account aggregator that helps you manage your data from different financial institutions. It aggregates this data and allows you to decide who can access it, all within a secure, RBI-audited system. Notably, Anumati does not access your data; only you control and share it as needed.
Real-World Application of Anumati
Consider you need a loan for a specific purchase. The lender requires your last six months of bank statements. You have a few options:
- Online Application: Download the statement from your bank, keep track of the password, upload the statement to the lender’s website, enter the password again, and hope for a stable internet connection.
- Assisted Service: Provide a sales representative with a printed statement after confirming their identity.
- Account Aggregation Platform: Instantly link your bank account(s) using an account aggregation platform, and share the necessary data with the lender directly. This process is quick, secure, and eliminates intermediaries.
Understanding Anumati’s Operations
Anumati, offered by Perfios Account Aggregation Services Pvt. Limited under an RBI license, serves as a consent manager and account aggregator. It provides a user-friendly interface to manage all your bank accounts, decide who can access your financial data, and monitor data collection. You can modify, renew, or revoke consent at any time, impacting how you interact with lenders. Anumati securely accesses and shares your data with authorized banks only with your permission, ensuring confidentiality.
Getting Started with Anumati
To begin using Anumati, follow these simple steps:
- Register: Enter the phone number registered with your bank and set a 4-digit PIN. Verify your mobile number with the OTP sent by Anumati. Your account will be activated with [Your mobile number]@anumati as your handle.
- Add Bank Accounts: Anumati will identify all bank accounts linked to your mobile number. Select the accounts to link to your AA. You can manually add more accounts from participating financial institutions if desired.
- Manage Consent: When applying for a loan online, the lender will request access to your financial information through various channels. Anumati streamlines this process.
Additional Services for Customers
The account aggregator framework primarily improves access to loans and financial management. Today, obtaining a personal or small business loan involves submitting numerous documents, making the process lengthy. Similarly, managing finances is challenging due to data spread across multiple sources. The RBI’s AA framework simplifies loan applications, providing secure, tamper-proof data quickly and affordably, thereby helping customers obtain loans more efficiently.
Anumati collaborates with major banks and financial organizations, continually seeking to expand its network. Many leading banks are in discussion stages, and the inclusion of securities companies in the future is also planned.
