Concerns Arise Over Account Aggregator's Privacy Mechanism

SBI Managing Director Ashwini Kumar Tewari expressed concern about the Account Aggregator framework's use of single consent for multiple financial services. Highlighting privacy issues and lack of customer understanding, he urged industry collaboration to address these challenges before stricter regulations are imposed.

SBI's Managing Director, Ashwini Kumar Tewari, voiced apprehension over the Account Aggregator's mechanism, which secures a single consent from customers for various financial products.

Addressing an event, Tewari highlighted that customers often overlook the fine print, leading to uninformed consent for multiple services.

He stressed the importance of addressing privacy concerns in the current regulatory landscape and urged for industry-led solutions to preempt potential regulatory interventions.

(With inputs from agencies.)