Synopsis
SBI’s Ashwini Kumar Tewari voiced worries regarding the Memoir Aggregator system. He highlighted that prospects generally give one consent for all monetary services without completely grasping the minute print.
CompaniesMUMBAI: SBI managing director Ashwini Kumar Tewari on Wednesday expressed concerns over Memoir Aggregator’s mechanism of acquiring a single consent from prospects for all monetary services merchandise.
Talking at IFTA 2025 match in Mumbai, Tiwari argued that nearly all prospects create now not read the captivating print and generally enroll without working out the minute print.
An Memoir Aggregator (AA) is a Reserve Bank of India (RBI) regulated entity that acts as a consent-basically basically based data intermediary.
The Memoir Aggregator framework became introduced by the Reserve Bank of India (RBI) to enable the easy sharing of files between monetary institutions for faster option-making. There are as many as 225 million users on AA currently.
A single consent from the shopper is old-fashioned in some unspecified time in the future of all monetary services merchandise, along with giving loans, signing up for wealth management or account openings, Tewari said at an match here.
Customer consent is obtained easiest once; prospects create now not read the captivating print sooner than authorising and pause up signing up without working out, Tewari said. “I am a little worried about this… Nobody understands the fine print. And they give a single consent for everything. Is that ok? Probably not,” Tewari said.
Tewari said “we are in an era where privacy has become very important with laws like Europe’s General Data Protection Regulation (GDPR), and wondered how “we feature with this form of situation-up in India where prospects may maybe maybe maybe fair be lacking working out.”
The senior official from the country’s largest lender also further noted that the self-regulatory organisations (SROs) for the fintech sector have not achieved any success in getting the right solution to the problem, he said.
He urged the industry to come together and solve it by themselves by building the right safeguards, warning that otherwise the regulatory apparatus may come in with a ban as it did with real money gaming.
( Originally published on Dec 10, 2025 )
