https://www.taxtmi.com/news?id=23964 Open banking in India relies on a consent-based data sharing model implemented via licensed Account Aggregators (AAs) which mediate API-driven transfers between Financial Information Providers (FIPs) and Financial Information Users (FIUs). AAs must obtain standardized electronic customer consent, cannot store or repurpose data, and operate under prescribed technical specifications, IT governance, data security, and customer grievance redressal requirements. The hybrid regulatory approach combines licensing and facilitation to promote innovation while addressing privacy, cybersecurity, liability, and supervisory challenges. en-us Sat, 17 Apr 2021 09:52:40 +0530 Sat, 17 Apr 2021 09:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=23964 Open banking in India relies on a consent-based data sharing model implemented via licensed Account Aggregators (AAs) which mediate API-driven transfers between Financial Information Providers (FIPs) and Financial Information Users (FIUs). AAs must obtain standardized electronic customer consent, cannot store or repurpose data, and operate under prescribed technical specifications, IT governance, data security, and customer grievance redressal requirements. The hybrid regulatory approach combines licensing and facilitation to promote innovation while addressing privacy, cybersecurity, liability, and supervisory challenges. News - Sat, 17 Apr 2021 09:52:40 +0530 https://www.taxtmi.com/news?id=23964