This could be your first time reading the term “Account Aggregator”. If it is, here’s a short explanation of what it is.
Connecting bank accounts to an app is a brand new thing for India, it has never happened before and puts us even ahead in the game of the best financial infrastructure in the world. The secure connection of bank accounts, or, secure sharing of financial data (like you’ve done by connecting your bank accounts to Fold) is facilitated by Account Aggregator. Account Aggregator (AA) has been introduced by the Reserve Bank of India, and hence is government regulated, secure and private. Compare this to allowing apps to read your emails and messages for transactions data and AA is a huge leap forward.