An interesting development, which will certainly be useful for the common man.
(Sourced from RBI's Press release of July 2, 2015 regards its Board meeting in Chennai)
"The Governor also announced that the Reserve Bank will put in place a regulatory framework to allow a new kind of Non-Banking Finance Company (NBFC), which could act as an account aggregator to enable the common man to see all his accounts across financial institutions in a common format. The idea of such an NBFC had emanated from the Financial Stability and Development Council (FSDC). "
Also RBI is seized of the need to improve acceptance infrastructure.
"Deputy Governor Shri Harun R Khan highlighted the measures being taken to move towards less-cash less-paper based payment system, with focus on creating more acceptance infrastructure for the huge numbers of plastic cards issued by banks and upscaling mobile banking."
(Sourced from RBI's Press release of July 2, 2015 regards its Board meeting in Chennai)
"The Governor also announced that the Reserve Bank will put in place a regulatory framework to allow a new kind of Non-Banking Finance Company (NBFC), which could act as an account aggregator to enable the common man to see all his accounts across financial institutions in a common format. The idea of such an NBFC had emanated from the Financial Stability and Development Council (FSDC). "
Also RBI is seized of the need to improve acceptance infrastructure.
"Deputy Governor Shri Harun R Khan highlighted the measures being taken to move towards less-cash less-paper based payment system, with focus on creating more acceptance infrastructure for the huge numbers of plastic cards issued by banks and upscaling mobile banking."
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