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The recently launched technology infrastructure account aggregator (AA), touted to be a game-changer for opening up access to financial data of individual and business customers, quickly saw eight major banks joining its network.

These included State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank.

The AA platform allows the collection of user data, with their consent, and shared among financial institutions. This will allow the institutions to build a better understanding of potential customers and tailor their services accordingly. 

It also enables the free flow of data between banks and financial service providers. With improved access to data, the AA framework can potentially better meet pressing financial needs such as small-size loans for MSMEs and affordable micro-insurance.

The Interview

Even though BYJU’S was initially taken aback by the pandemic, the team realised that the definition of a classroom had started to change and rolled out several initiatives to help teachers and students to adjust to the new normal.

Pravin Prakash, Chief People Officer, BYJU’S, discusses the importance of listening to employees and understanding their needs, the evolving BYJU’s culture, redefining school classrooms and much more.

Editor’s Pick: Matrix Moments

The COVID-19 pandemic created disruptions across industries and upended business playbooks, forcing many startups and entities to pivot to survive.

For co-living startup Stanza Living, the team realised what works for other businesses necessarily will not work for them. So, they decided to focus on their core principles. Read more.

Startup Spotlight

Meet India’s alternative to Clubhouse

The arrival of the invite-only app, Clubhouse, heated up the live audio chat room space.

An Indian alternative, Bengaluru-based social networking app Leher is a live discussion social network that lets you drop into club rooms and discuss areas/topics of interest with your network, community, or friends. Read more.

News & Updates

Before you go, stay inspired with… 

“In conjunction with other platforms like the Unified Payment Interface, Account Aggregator creates in India the most cutting-edge digital financial infrastructure in the world.”

— M Rajeshwar Rao, Deputy Governor, RBI

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