I have given consent for data sharing through an Account Aggregator, but I am unsure how to schedule or manage the renewal process. What steps should I take to ensure my consent is renewed on time without interruptions?
Account Aggregator consent is time-bound and requires renewal after its expiry to maintain uninterrupted data-sharing with financial institutions. Missing a renewal can cause issues like delays in loan applications, investment tracking, or account verifications. While the renewal process is simple, applicants often wonder whether they need to do it manually or if it can be automated. Here are some practical ways users manage scheduling Account Aggregator consent renewal in India.
Renewal Through the Account Aggregator App or Portal
When I had to renew my Account Aggregator consent, I logged into the aggregator app and received a reminder notification before the expiry date. The app allowed me to schedule the renewal by selecting a new validity period and confirming it with an OTP. This way, the process was entirely digital and completed within minutes.
Renewal Through Bank or Financial Institution Linked to Account Aggregator
A friend of mine shared that his lending bank sent him a reminder email regarding his upcoming Account Aggregator consent expiry. Instead of using the aggregator app directly, he was able to renew it through the bank’s net banking portal. The portal redirected him to the Account Aggregator framework, where he confirmed the renewal seamlessly.
Automated Consent Renewal Reminders from Account Aggregator
On a finance discussion forum, I read about how Account Aggregators themselves often send SMS and email reminders before consent expiry. One user mentioned that he could pre-schedule renewal by approving a standing instruction inside the Account Aggregator app, ensuring no manual intervention was needed each time.
Support from Customer Care for Consent Renewal
A colleague mentioned that he was unsure about the renewal process and contacted the Account Aggregator’s customer care. They guided him through the steps and even explained how to set automated renewal preferences. This proved useful for someone not comfortable with navigating apps frequently.
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I have an existing Account Aggregator consent set up in India, and I understand that it needs periodic renewal. Could you please guide me on how to schedule or manage the renewal of my Account Aggregator consent?
In India, the Account Aggregator (AA) framework facilitates the secure sharing of your financial data with your explicit consent. This consent is time-bound and requires renewal after its expiry to maintain uninterrupted data-sharing with financial institutions. Missing a renewal can cause issues like delays in loan applications, investment tracking, or account verifications.
How to Schedule Consent Renewal:
While the renewal process is simple, applicants often wonder whether they need to do it manually or if it can be automated. Here are some practical ways users manage scheduling Account Aggregator consent renewal in India:
1. Renewal Through the Account Aggregator App or Portal:
When I had to renew my Account Aggregator consent, I logged into the aggregator app and received a reminder notification before the expiry date. The app allowed me to schedule the renewal by selecting a new validity period and confirming it with an OTP. This way, the process was entirely digital and completed within minutes.
2. Renewal Through Bank or Financial Institution Linked to Account Aggregator:
A friend of mine shared that his lending bank sent him a reminder email regarding his upcoming Account Aggregator consent expiry. Instead of using the aggregator app directly, he was able to renew it through the bank’s net banking portal. The portal redirected him to the Account Aggregator framework, where he confirmed the renewal seamlessly.
Important Considerations:
Consent Duration: The consent provided to an Account Aggregator is typically valid for a specific period, after which it expires unless renewed.
Renewal Reminders: Many Account Aggregators send reminder notifications before the consent expiry date, prompting users to renew their consent.
Manual Renewal: Users can manually renew their consent through the Account Aggregator’s app or portal.
Automated Renewal: Some financial institutions may offer the option to renew consent through their platforms, streamlining the process.
Official Reference:
For more detailed information, you can refer to the official FAQ page provided by Sahamati, the industry alliance for Account Aggregators in India: