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Eight PSB’s join the account aggregator ecosystem
July 26, 2022
As many as eight major public sector banks (PSBs), including State Bank of India (SBI), have joined the account aggregator ecosystem in some form or the other as the deadline set out by the finance minister is ending soon. The remaining four are still in the testing phase and are expected to join the ecosystem soon.
According to the information put out by Sahamati, an industry alliance for the account aggregator ecosystem, Canara Bank, Bank of India (BoI), Indian Bank, Punjab National Bank, Union Bank of India, SBI, Bank of Maharashtra and UCO Bank have gone live on the ecosystem.
While a majority of the PSBs have joined the ecosystem, many of them, including SBI, BoI and UCO Bank, have listed the service in the production environment of the registry. However, it is still not available for citizens to use.
Also, some PSBs like Canara Bank and Indian Bank have gone live only as a financial information provider (FIP). They are still in the testing phase when it comes to being a financial information user (FIU). The remaining four PSBs, which are still in the testing phase, are Bank of Baroda, Central Bank of India, Punjab & Sind Bank and Indian Overseas Bank.
Finance minister Nirmala Sitharaman held a meeting with heads of PSBs and regional rural banks in early July to review operational and governance reforms of regional lenders. During the meeting, Sitharaman had instructed PSBs to get on board the ecosystem by the end of July.
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