CAMS Financial Information Services Private Limited ("CAMS FinServ"), a subsidiary of Computer Age Management Services Limited ("CAMS"), a service partner to Mutual Funds, received the certificate of registration from RBI for Account Aggregator services and will operate under the brand "CAMS Finserv".
The Reserve Bank of India ("RBI") has stipulated the framework for the registration of a new class of NBFCs for Account Aggregator ( AA) services to aggregate customers' financial asset information and deliver reporting services.
Account Aggregator services licensed by RBI works on a mechanism through which a customer's financial information is collated from multiple Financial Information Providers ("FIP") and securely sent to the authorized Financial Information User ("FIU") with the consent of the customer. The customer has complete control on where he will seek the data from and who he will share it with.
Speaking on the occasion, Anuj Kumar - President & CEO, CAMS said "Account Aggregator is a path breaking initiative of RBI to drive financial inclusion and digitalization of citizens' experience in seeking and managing their personal financial information. Financial Institutions such as Banks, Insurers, Lending Companies will benefit from using the platform for customers' data. We have met the standards and requirements of RBI to receive the certificate of registration. Our technology platform and operational readiness have been tested and we are ready for commencing operations."
Anuj Kumar added "CAMS FinServ will bring the experience of CAMS of over two decades in the area of financial information aggregation and management. We believe our Account Aggregator service is designed to serve customers and the vast set of Financial Institutions".