5 years ago:
Me: Dady college fee pay cheyali, money send cheyava..
Father: Ivala bank ki holiday ra, repu velli line lo undi deposit chestha..
Me: Dady college fee pay cheyali..
Father: Nee phone ki paisal kottesa.. chudu vachinayo ledho, kavalante screenshot Whatsapp lo pettana..?
The world is changing.. Appatlo 5 years back evarikaina money send cheyali ante entho process undedi, ippudu just oka click tho UPI transactions chesesthunnam, India lo digital payment enthala rapid development ayindi ante every month around 3 billion digital transactions jarugthunnai.. Google Pay nunchi PhonePe varaku mana oka phone lo ne enno digital payments apps use chesthunnam, bank vallu appatlo thiskochina ee change valla manam ippudu chala benefit aythunnam. This act became a revolutionary.
Banks are now ready for their second act.
India launched the Account Aggregator Platform. 5 years back anni banks UPI transactions enable cheyadaniki ela mundhuku vachayo ippudu kuda Account Aggregator Platform kosam 8 Major Indian Banks mundhuku vachai..
What is this platform, and How does it work?
Ee Account Aggregate platform valla manam oka bank lo unna mana account details ni inko bank ki easy ga share cheyochu.. (The participant banks are HDFC, Kotak, ICICI, Axis, SBI, Induslnd, IDFC and Federal. Four of them are rolled out the system already, others say they will roll out the new system soon.)
But how does this help us? Why the hype?
Ee system valla mana different banks lo unde financial data antha oke place loki vasthundi.. For example, manaki oka chinna business or oka unorganised sector lo work chesthunnam anukondi, ah vache money tho mana savings account nunchi every month 2 or 3 payments chesthu different bills or transactions chesthu untam, aythe tharvatha konni days ki manaki suddenga emaina need undi bank lo loan thiskundam anukunte credit history ekkuvga undadhu kabati antha easy ga loan radhu..
Manaki koncham income unna kuda, inthaku mundhu bank lo loan thiskoledhu kabati borrower history undadhu, adhe ippudu ee Account Aggregate system valla mana bank data ni import chesi share cheyochu.. We can show that we have enough cash flow to pay back the loan. This system will allow a huge amount of people to access loans at affordable rates.
RBI Deputy Governor M Rajeshwar Rao said that.., “India is a world leader in building public digital infrastructure, and the Account Aggregator framework follows that tradition. AAs enable secure, consented data flows while protecting user privacy. In conjunction with other platforms like the Unified Payment Interface, Account Aggregator creates in India the most cutting edge digital financial infrastructure in the world.”
HDFC Bank and Axis Bank have been using AA for auto loans, LendingKart has been using AA for MSME loans, while IndusInd Bank has been using it for Personal Finance Management.
We all own our data.
Mana data ni maname own cheyochu, but konni sarlu inthaku mundhu banks lo manaki data unna avasaraniki access cheyaleni situation unde, but now this aggregator allows us, as customers, to get value from our data.
Democratise credit and insurance in India.
This system can help give this proof to the mass of Indians who need such financial products, and dhini valla customers emaina faults chesina kuda easy ga trace out cheyochu. Ee system valla chala varaku low salary employees ki and small businesses vallaki kuda banking, borrowing, insurances.. etc ki chances ekkuvga untai..
Source: Ajinkya kulkarni
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