Account Aggregator

Introduction How It Works Advantages

What is an Account Aggregator

  • Account Aggregator (AA) is an entity regulated by RBI
  • It facilitates secured sharing of customers’ financial data between financial service providers, with the consent of the customer.
  • The purpose and terms of the data sharing are displayed to the customer before sharing of data.
  • It does not read or store any customer data; it only passes data from one financial service provider to another
  • The whole process happens digitally and instantly


How the AA network work?

The below points will assist you in gaining a better understanding of how AA works:

  • You can register with an AA through their app or website
  • In your digital application process, you will come across the option to share bank statements via the Account Aggregator route
  • Choose the account or accounts you want to link
  • When you apply for a loan, the AA seeks your consent to share information using an OTP
  • You select from which account data should be shared and the period for which the data should be shared
  • Once the bank receives your data, it does the appraisal and decides on your loan application
  • You can revoke the consent anytime you choose

Advantages of AA

  • Improved Turn Around Time
  • The entire process is digital and instant
  • No need to physically upload account statements when applying for a loan or giving the bank access to your entire bank account
  • Secured transfer of data
  • No storing of customer data with the AA, thereby making the whole system secure
  • Complete transparency
  • The customer decides which data want to share, with whom to share and for how long to share


Frequently asked questions

How do I register with an Account Aggregator? How is Account Aggregator different from data sharing over Aadhaar eKYC or credit information companies? How safe is my data with the AA? Do I need to register with all AAs? Grievance Redressal:

You can register with an AA NBFC on its website or via their mobile apps. You can also do this seamlessly while opting for one of the above mentioned financial products online. You can check the list of AAs  here.

Aadhaar eKYC and CKYC share data such as your name, address, gender, etc., to confirm your authenticity. Credit bureaus share data limited to your loan history and credit score. Account aggregators will share your transactional information from your Savings Account, Current Account and Deposit Accounts. Presently, the AA system is being developed so that other financial data pertaining to tax, pension, Mutual Fund, stocks, insurance, healthcare and telecom information, etc., can be shared.

Note that AAs only share and collate your data, they do not store it. Your data continues to remain with the bank, AA simply facilitates digital data sharing between two financial institutions.

Not necessarily. Registering with anyone AA will be enough. You are, however, free to register with as many Account Aggregators depending on your need.​​​​​​​

The grievances related to AA will be handled by senior officers as per our grievance redressal policy.

Varashakti Housing Finance Private Ltd is a home loan company. The company has been formed to support deep rural clients who have the aspiration to build their dream home from scratch or improvise their existing homes.

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