Punjab National Bank () is on-boarded account aggregator (aa) The Platform enables customers to access and share information digitally from one financial institution to other regulated such entities. The AA system helps banks to leverage data acquired digitally with the consent of the customers. Thus it eliminates the need for the customer to submit physical documents for other financial uses.

Punjab National Bank is the second public sector bank to go live in the ecosystem, acting as Financial Information User (FIU) and Financial Information Provider (FIP), the bank said on Thursday.

A FIU can request data from the FIP based on the simple consent given by the customers on their account aggregator handle.

Previously, AA joined the ecosystem in May this year.

The account aggregator ecosystem went live in September 2021 and is witnessing active participation from private and public sector banks.

Atul Kumar Goel, MD and CEO of PNB said.

PNB said it has also launched a 4-click pre-approved personal loan and an OTP through its mobile banking app PNB One.

The lender said it is the first public sector bank to offer loan repayment facility through Bharat Bill Payment System (BBPS).

Account Aggregator (AA) is a type of reserve Bank of India Regulated entity (NBFC-with AA license) that helps an individual to securely and digitally share information from one financial institution and with any other regulated financial institution in the AA network.