The Reserve Bank of India has approved ‘Sahmati’ as the main body to oversee the account aggregator system. After this decision, sharing information related to money digitally in the country will become even safer and easier. This will pave the way for common people to get loans and they will be able to get loans in a very short time. ‘Samathi’ is a non-profit organization which will run this entire network and decide the necessary rules for it. Because of this new system, the hassle of repeatedly submitting paper bank statements to take a loan will be completely eliminated.
Earlier, when a person had to take a loan, he had to go to his bank and get the bank statement of the last six months or one year. Many times one had to download PDF from internet banking and upload it on the website or app of the loan granting company. This old process used to waste a lot of time and there was also the fear of paper documents being stolen or falling into the wrong hands.
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Now with the advent of this new system this entire process has changed. Now customers do not need to download any paper or PDF file and send it anywhere. When a person applies for a loan, the bank sends an approval message to his phone. As soon as the customer clicks, his data is directly and securely sent to the loan granting bank. With this, the process which earlier took several days to get a loan, is now completed in a few minutes.
What is this new system?
Account aggregator is a digital method that allows customers to securely share their bank and money related data with other companies. This system works as a medium between the banks providing data and the finance companies using the data. When a customer applies for a loan, the bank can immediately see the necessary information through this system after taking his permission. This makes it easier for banks to understand whether to give loan to the concerned customer or not and also eliminates the risk of fraud.
Big companies have invested money
In April this year, ‘Sahmati’ organization had raised Rs 50 crore from big banks and companies of the country. This includes big government and private banks like State Bank of India, ICICI Bank, HDFC Bank and Axis Bank. Apart from these, big finance companies like Bajaj Finserv and Aditya Birla have also invested money in it. These big banks have about 7.5 to 8.5 percent stake in it. Also, brokers associated with the stock market like Zerodha, Angel One and Dhan have also taken 8 percent stake in it, while a new startup named Deserve has bought 2 percent stake in it.
The use of this new digital system is increasing very rapidly in India. So far, more than 1,120 government and private financial companies have joined this network. Through this system, people have so far given permission to share their data more than 45 crore times. Today, more than 29 crore bank accounts of the country are connected to this system and data is being shared crores of times every month. People are taking advantage of it to take loans, get insurance and manage their money.
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New work of ‘Samhati’ organization
Now after getting special approval from the Reserve Bank, the organization ‘Samhta’ will decide easy rules and methods of functioning for this entire network. If there is any difference or problem between the companies connected to the network, then this organization will solve it together. Former Deputy Governor of the Reserve Bank and Chairman of ‘Sahmati’ organization R Gandhi said that this new system is completely changing the way of sharing money information in the digital world. In today’s time, data has become very important, hence it is very important to keep it safe and promote new methods.
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