Union Bank of India became the first public sector bank to go live on the Account Aggregator (AA) ecosystem. The framework facilitates sharing of financial information on a real-time basis between regulated entities. AAs are licensed by the Reserve Bank of India to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs).
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The Account Aggregator Ecosystem helps the Lenders to leverage Digital data acquired with the consent of the Customers for providing them with a seamless journey and eliminating the need of physical documentation. Financial Information User (FIU) can request data from the Financial Information User (FIP) based on a simple consent given by the Customer on their Account Aggregator handle.
Important takeaways for all competitive exams:
- Union Bank of India Headquarters: Mumbai;
- Union Bank of India CEO: Rajkiran Rai G.;
- Union Bank of India Founded: 11 November 1919, Mumbai.
