Money & Banking

CAMS Financial gets RBI nod to launch account aggregator services

Our Bureau Mumbai | Updated on March 05, 2020 Published on March 05, 2020

CAMS Financial Information Services, a subsidiary of Computer Age Management Services, has received RBI registration to provide account aggregator services.

The RBI has stipulated the framework for the registration of a new class of NBFCs for account aggregator services to aggregate customers’ financial assets information and deliver reporting services.

As an account aggregator, CAMS Finserv will collate financial information from multiple Financial Information Providers and securely sent them to the authorised Financial Information User with the consent of the customer.

Anuj Kumar, President and CEO, CAMS, said account aggregator is an initiative of the RBI to drive financial inclusion and digitalisation of citizens’ experience in seeking and managing their personal financial information.

Financial institutions such as banks, insurers and lending companies will benefit using the platform for customers’ data.

“Our technology platform and operational readiness have been tested and we are ready for commencing operations,” he said.

Published on March 05, 2020

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