Union Bank Is The First Public Sector Bank That Goes Live On Account Aggregator Framework

The Union Bank of India is the first public sector bank to join the Account Aggregator (AA) ecosystem. 

Highlights:

• The framework makes it possible for regulated businesses to share financial data in real-time. 

• The Reserve Bank of India has granted AAs permission to facilitate data flow between Financial Information Providers (FIPs) and Financial Information Users (FIUs).

• The Account Aggregator Ecosystem enables Lenders to use digital data obtained with customers' consent to provide a seamless journey for customers and eliminate the need for physical documents.

• Based on a simple consent supplied by the Customer on their Account Aggregator handle, the Financial Information User (FIU) can request data from the Financial Information User (FIP).

Points To Remember:

• Union Bank of India Headquarters: Mumbai;

• Union Bank of India CEO: Rajkiran Rai G.;

• Union Bank of India Founded: 11 November 1919, Mumbai.