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RBI brings GSTN under account aggregator framework

The latest move is aimed at facilitating a cash flow-based lending to micro, small and medium-sized enterprises (MSMEs).

RBI brings GSTN under account aggregator framework
GST returns filed in GSTR-1 and GSTR-3B will be the financial information.

The Reserve Bank of India (RBI) has included the Good and Service Tax Network (GSTN) as a financial information provider under the account aggregator framework. The latest move is aimed at facilitating a cash flow-based lending to micro, small and medium-sized enterprises (MSMEs). The department of revenue will be the regulator of the GSTN for furnishing returns on the goods and services tax (GST).

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GST returns filed in GSTR-1 and GSTR-3B will be the financial information. In 2016, the RBI released the framework for registration and operation of an account aggregator framework in India.

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In essence, an account aggregator enables the sharing of data between individuals and financial institutions. Lenders can thereby review this information before providing a loan to an individual or an entity. So far, around a billion accounts, 17 banks, and 48 non-bank lenders have been enabled on the account aggregator framework.

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