State Bank of India MD says Account Aggregator’s single consent mechanism not okay
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Ashwini Kumar Tewari, MD, State Bank of India has expressed concerns over Account Aggregator mechanism
| Photo Credit: FRANCIS MASCARENHAS
Ashwini Kumar Tewari, Managing Director of State Bank of India (SBI), highlighted concerns regarding customer awareness when signing up for Account Aggregator services. He noted that many customers often skip reading the terms and conditions before granting consent.
Understanding Account Aggregation
Account Aggregation enables banks to collect customer approval once for accessing financial data across multiple products. Regulated by the Reserve Bank of India (RBI), Account Aggregators act as intermediaries, facilitating secure data sharing between financial institutions to expedite services. The framework currently supports over 225 million users.
Issues with Single Consent
Tewari explained that a single authorization permits banks to use customer data for all financial offerings—including loans, wealth management, and new accounts. He emphasized that customers rarely review details before approving access, raising risks in an era prioritizing data privacy. “With regulations like GDPR in Europe, we must question whether broad consent without comprehension aligns with evolving privacy standards,” he remarked.
Tewari also mentioned limited progress by fintech self-regulatory bodies (SROs) in addressing these challenges.
Call for Proactive Solutions
Urging industry collaboration, he cautioned that without improved safeguards, regulators might impose restrictions—similar to actions taken against real-money gaming platforms.
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Published on December 10, 2025
