Account aggregator to make applying for loan less cumbersome for users

An app will take a user's consent to share financial data with organisations

Four major financial regulators have come together to set up a non-profit organisation that will make it easier for users to apply for loans by helping share their data with different agencies.

Sahmati — announced by the Reserve Bank of India (RBI), the Securities and Exchanges Board of India (Sebi), the Insurance Regulatory and Development Authority of India (Irdai) and the Provident Fund Regulatory and Development Authority (PFRDA) — will allow regulated entities under the four regulators to share data with a user’s consent.

For example, if you approach a bank for a loan, the loan officer would need details