Synopsis
From November 1, lenders will pay basic sharing fees split among banks, licensed account aggregators and Sahamati, the self-regulatory organisation and industry alliance for the network recognised by the Reserve Bank of India. Banks’ payments become linked to service performance from December 1.
Fintech lenders expect the new fee model for the account aggregator network to improve access to borrowers’ bank records and speed up loan processing by rewarding banks for reliable information sharing, though some lenders may incur higher costs.From November 1, lenders will pay basic sharing fees split among banks, licensed account aggregators and Sahamati, the self-regulatory organisation and industry alliance for the network recognised by the
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