“The account aggregator license will allow us to participate in the transformational changes that are taking place in the financial sector. We’ve seen how UPI has changed the payment ecosystem, similarly, Account Aggregator will be a game changer for digital lending and financial inclusion,” said Niraj Hutheesing, Director of Cygnet Account Aggregation Pvt Ltd.
“Small and medium-sized businesses will get better credit facilities whilst banks and other financial institutions will get an opportunity to widen their lending portfolio.RBI, SEBI, IRDAI and PFRDA are already in various stages of integration with the account aggregator ecosystem as Financial Information Providers (FIP). With the addition of GSTN as a FIP, along with banks and financial institutions, this will play an important role in unleashing the flow-based credit facility to the otherwise underserved SME sector,” Hutheesing added.
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