PhonePe received an In-Principle Approval to operate as an Account Aggregator (AA) from the Reserve Bank of India (RBI), the company announced in a press release. The company added that this will clear the way for Walmart-owned PhonePe to launch its own AA platform. A PhonePe spokesperson said that more details will emerge gradually on how the company plans to make use of this approval and develop its platform. The approval is valid for 12 months during which PhonePe is expected to "put in place the technology platform, enter into all other legal documentations required to be ready for operations and report position of compliance with the terms of grant of in-principle approval to the Bank" as specified by the RBI. It will only be able to commence operations once the central bank is satisfied with its compliance following which a Certificate of Registration will be issued certifying its role as an NBFC-Account Aggregator. Once operational, PhonePe will be competing with the likes of licensed account aggregators like CAMSFinServ, Cookiejar Technologies, FinSec AA Technologies, and NSEL Asset Data. It must be noted that Perfios Account Aggregation Svcs and Yodlee Finsoft have also received in-principle approval from RBI recently, according to a Moneycontrol report. The report added that 12 banks and institutions such as the State Bank of India (SBI), HDFC Bank, ICICI Bank, LendingKart, among others, are at various stages of implementing the FIU and FIP framework. The account aggregator system facilitates financial entities to share customer information across various financial services after obtaining consent…
- Summary: India’s new guidelines for online reviews on e-commerce platforms December 5, 2022
- All Real-Money Online Games May Come Under Indian Government’s Proposed Gaming Regulation: Report December 5, 2022
- New guidelines for PLI scheme on drones but MCA yet to regularise drone usage December 5, 2022
- Telegram Once Again Discloses User Information In Copyright Case At Delhi High Court December 5, 2022
- ITI submissions: what are the policy barriers faced by US tech businesses in India? December 5, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...