SBI MD flags Account Aggregator single consent concerns

• SBI MD Ashwini Kumar Tewari expressed concerns regarding the Account Aggregator's single consent mechanism.
• Tewari highlighted that customers often don't read the fine print and sign up for financial services without fully understanding the implications.
• The Account Aggregator framework, regulated by RBI, facilitates consent-based data sharing between financial institutions, with 225 million users currently.
• Tewari raised privacy concerns, drawing parallels to GDPR, and urged the industry to develop safeguards to prevent potential regulatory intervention.

Why It Matters: It warns of customer privacy risks with single consent for financial data sharing.