Thread by @internetfreedom

EXPLAINED: The RBI's #AccountAggregator framework that went live on 2 Sept '21! This new change was heralded as "transformative" to the financial ecosystem.

But does its revolutionary potential stand the test? Follow this thread ⬇️ 1/5 #SaveOurPrivacy

internetfreedom.in/explainer-acco…

This framework tries to make #financialdata more accessible between banks or other "Financial Information Providers" and entities requesting that data (like credit platforms) called "Financial Information Users" with the consent of the user.

Here's how it works ⬇️ 2/5

#AccountAggregator supporters say this is a step towards a secure, efficient, & connected financial ecosystem — reducing costs + frauds while prioritising user consent.

But critics say that security issues exist, while the role of RBI in regulating AAs has been questioned. 3/5

Major issues exist with the #AccountAggregator framework! From #datasecurity to #financialregulation to #consent, these are real concerns.

Full analysis: internetfreedom.in/explainer-acco…

Details ⬇️ #SaveOurPrivacy 4/5

IFF recommends:

➡️ Independent regulators for AAs & robust security practices to secure confidential financial data.
➡️ Scale up digital literacy programmes to ensure real, informed consent.
➡️ Specify explicit safeguards to ensure compliance with informed consent. 5/5

A warm thank you from all of us at IFF to @logic for his analysis on this issue! #SaveOurPrivacy

internetfreedom.in/explainer-acco…

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The new RBI mandate has severely impacted IFF and today, we need your support to meet our critical target of 30 lakh INR! Every little bit counts 🌿

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