Finance Minister Exhorts All Banks To Sign Up To Account Aggregator Framework

The Union Finance Minister Nirmala Sitharaman yesterday exhorted all the banks to sign up to the Account Aggregator model which would facilitate seamless flow of credit for small borrowers and promote digital lending. The Minister directed that pilots for Account Aggregator model and cashflow-based lending may be replicated in different regions around the country including in the North Eastern Region, on the lines of the initiative by two banks in Varanasi district. The Finance Ministry noted that with a record profit of Rs. 1.22 lakh crore in FY 20-21 and Rs. 0.79 lakh crore in HY 21-22, declining Gross NPA figures to 6.90% (as on Sep'21) from all-time high of 11.20% (as on Mar '18) and sufficient buffers with all time high CRAR of 16.5% (as on Sep '21) against the regulatory mandate of 11.5%, banks are in a strong position to support future growth, enabling the country's economy for a take-off.

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