Cygnet gets in-principle approval operate as NBFC account aggregator

MUMBAI : Cygnet approved in principle to act as an NBFC account aggregator

Fintech firm Cygnet on Tuesday said it has received in-principle approval from the Reserve Bank of India (RBI) to operate as a non-banking finance company (NBFC) account aggregator. ).

Account Aggregator is one of the largest open financial data sharing protocols regulated by the RBI. It allows consumers to instantly share their financial data, securely and digitally with various financial institutions. It enables financial institutions to quickly and conveniently access financial data based on consumer consent, Cygnet said in a statement.

“The account aggregator license will allow us to participate in the transformative changes taking place in the financial sector. We’ve seen how UPI has changed the payments ecosystem.”, Niraj Hutheesing, Director of Cygnet Account Aggregation Pvt Ltd., said.

“Small and medium-sized businesses will get better credit facilities while banks and other financial institutions will have the opportunity to expand their loan portfolio. the addition of GSTN as a FIP, along with banks and financial institutions, will play an important role in freeing up the flow-based credit base for the underserved SME sector,” Hutheesing added.

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