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Ministry of Finance Profile picture
@FinMinIndia
Sep 10, 2021 • 13 tweets • 7 min read • Read on X
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Last week India unveiled the #AccountAggregator network, a financial data-sharing system. Account Aggregator empowers the individual with control over their personal financial data, which otherwise remains in silos.
Read more➡️ pib.gov.in/PressReleaseIf…
पिछले सप्ताह, भारत ने वित्तीय डेटा-साझा प्रणाली - अकाउंट एग्रीगेटर (एए) नेटवर्क का अनावरण किया।अकाउंट एग्रीगेटर व्यक्ति को अपने व्यक्तिगत वित्तीय डेटा पर नियंत्रण के साथ सशक्त बनाता है, जो डेटा सामान्यतया अलग-थलग और आसान पहुँच से बाहर रहते हैं।
विवरण➡️pib.gov.in/PressReleasePa…
What is an #AccountAggregator? 👇
How will the new #AccountAggregator network improve an average person's financial life? 👇
How is #AccountAggregator different to Aadhaar eKYC data sharing, credit bureau data sharing, and platforms like CKYC? 👇
What kind of data can be shared?👇
#AccountAggregator
Can AAs view or ‘aggregate’ personal data? Is the data sharing secure? 👇
#AccountAggregator
Can a consumer decide they don’t want to share data?👇
#AccountAggregator
If a consumer has shared my data once with an institution, for how long can they use it?👇
#AccountAggregator
How can a customer get registered with an AA?👇
#AccountAggregator
Does a customer need to register with every AA?👇
#AccountAggregator
Does a customer need to pay the AA for using this facility?👇
#AccountAggregator
What new services can a customer access if their bank has joined the AA network of data sharing?👇
#AccountAggregator

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More from @FinMinIndia

Ministry of Finance Profile picture
May 3, 2023
Union Finance Minister Smt. @nsitharaman, Governor for India in @ADB_HQ, participated as a panelist in the Governors' Seminar on the theme 'Policies to Support Asia's Rebound', held as part of 56th #ADBAnnualMeeting, in Incheon, South Korea, today. @IndiainROK
(1/11) ImageImageImageImage
Besides FM Smt. @nsitharaman representing as Governor for India, Ms Sri Mulyani Indrawati, Indonesia; Mr Niels Annen, Germany; Mr Changyong Rhee, Republic of Korea; & @ADBPresident and Chairperson of the Board of Directors also participated. @IndiainROK
(2/11) Image
FM Smt. @nsitharaman stated that protection of vulnerable sections has been India's prime focus as the government charted its course towards #recovery from the #COVID19 Pandemic. @IndiainROK
(3/11)
Read 11 tweets
Ministry of Finance Profile picture
May 3, 2023
Union Finance Minister Smt. @nsitharaman met Mr. Hayashi Nobumitsu, Governor, Japan Bank for International Cooperation #JBIC, on the sidelines of the 56th #ADBAnnualMeeting, in Incheon, today. (1/5)

@IndiainROK ImageImageImage
FM Smt. @nsitharaman encouraged engagement of JBIC with Indian financial institutions such as Exim Bank @IndiaEximBank, NIIF and lending banks to leverage the strength and complementarities of both countries for facing local, regional and global financial challenges. (2/5)
FM spoke of GoI intiatives towards facilitating #investment, like #PLIs scheme, #NIP, reforms in #GST & Insolvency & Bankruptcy Code #IBC, among others & hoped JBIC will use this enabling environment as an opportunity to expand marine products & seaweed processing in India. (3/5)
Read 5 tweets
Ministry of Finance Profile picture
May 2, 2023
Union Finance Minister Smt. @nsitharaman interacted with representatives of major business conglomerates operating in the field of marine products processing, on the sidelines of the 56th #ADBAnnualMeeting, in South Korea, today. (1/4)

@IndiainROK ImageImageImageImage
Union Finance Minister Smt. @nsitharaman encouraged potential investors to explore opportunities increasing share of value added food products in India’s export. (2/4)

@IndiainROK
FM also sought to host South Korean entrepreneurs to showcase opportunities at Mega Seaweed Park in Tamil Nadu; marine products’ processing nodes across the 900 km coastline of Andhra Pradesh & high quality soybean cultivated in MP, besides other parts of India. (3/4) @IndiainROK
Read 4 tweets
Ministry of Finance Profile picture
May 2, 2023
Union Finance Minister Smt. @nsitharaman had a bilateral meeting with Mr. Masatsugu Asakawa @ADBPresident, Asian Development Bank @ADB_HQ, on the sidelines of the #ADBAnnualMeetings, at Incheon, today. (1/5)

@IndiainROK ImageImageImageImage
FM Smt. @nsitharaman mentioned that India continues to be the most significant country for ADB’s Sovereign and Non-sovereign operations and also expressed support to @ADB_HQ for #innovative financing mechanisms to #enhance the #LendingCapacity of the bank. (2/5)
Union Finance Minister Smt. @nsitharaman advised ADB to introspect and assess how the bank can effectively #support developing Member Countries. (3/5)
Read 5 tweets
Ministry of Finance Profile picture
May 1, 2023
Union Finance Minister Smt. @nsitharaman will lead the Indian delegation to attend Asian Development Bank’s 56th #ADBAnnualMeeting being held in Incheon, South Korea, from May 2-5, 2023. (1/4)

Read more ➡️ pib.gov.in/PressReleaseIf…

@IndiainROK Image
On the sidelines of the #ADBAnnualMeeting, Finance Minister Smt. @nsitharaman will have interaction with global economists and think-tanks, Governors and Finance Ministers of the ADB member countries. (2/4)
The Union Finance Minister will also attend bilateral engagements with countries and international organisations, and interact with global business leaders, investors, and Indian diaspora. #ADBAnnualMeeting (3/4)
Read 4 tweets
Ministry of Finance Profile picture
Sep 16, 2022
👉 MCA revises threshold for paid up capital of “small companies”

👉 Latest revision to facilitate Ease of Doing Business #EoDB further and reduce compliance burden on “small companies”

Read more ➡️ pib.gov.in/PressReleaseIf…
(1/4)
Some of the benefits of revised definition of small companies are 👇

👉 No need to prepare cash flow statement as part of financial statement

👉 Advantage of preparing and filing an Abridged Annual Return

👉 Mandatory rotation of auditor not required
(2/4)
👉 An Auditor of a small company is not required to report on the adequacy of the internal financial controls and its operating effectiveness in the auditor’s report

👉 Holding of only two board meetings in a year
(3/4)
Read 4 tweets

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