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India launches Account Aggregator system to improve credit access

Shortpedia

Content Team
Image Credit: business standard

India launched the Account Aggregator system on Thursday which promises to consolidate all financial data of users in one place and extend credit services to them based on that information rather than depend on collateral. Four major Indian banks—HDFC, ICICI, Axis and IndusInd—are currently live on the account aggregator network, which accounts for around 40% of all bank accounts in India.