The Reserve Bank of India (RBI) on November 23 notified that Goods and Service Tax Network (GSTN) has been included as a Financial Information Provider under Account Aggregator Framework
The RBI said, with a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework. Department of Revenue shall be the regulator of GSTN for this specific purpose and Goods and Services Tax (GST) Returns, viz. Form GSTR-1 and Form GSTR-3B, shall be the Financial Information.
Account Aggregator (AA) network, is a financial data-sharing system that could revolutionize investing and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies.
Account Aggregator empowers the individual with control over their personal financial data, which otherwise remains in silos.