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Discussion Account Aggregator system launched - CIBIL becoming obsolete?

Bapun Raz

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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, and other banks like SBI, IDFC First Bank, Federal Bank and Kotak Mahindra Bank are in the process of joining the system.



This may decrease the importance of CIBIL and other such services. It can also make life difficult or easy by including services like postpaid mobile and broadband services.
 
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