FM Sitharaman asks PSBs to join account aggregator system by July-end

Finance Minister Nirmala Sitharaman directed all public sector banks (PSBs) to onboard the account aggregator system — the Centre’s digital initiative to improve credit delivery— by July-end.

In a meeting with heads of PSBs and Regional Rural Banks (RRBs) to review operational and governance reforms in regional lenders, “Sitharaman instructed PSBs to onboard on account aggregator system by end of July”, said a statement from the Ministry of Finance.

Account aggregator ecosystem helps banks leverage digital data of customers, with their consent, to provide better service. 

Nine private banks — HDFC Bank, ICICI Bank, Axis