Open Banking

Vasant C. Joshi
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Vasant C. Joshi: Saraswati Vinayak Apartments

Chapter Chapter 8 in Changing Dimensions of Financial Services and Banking Regulation, 2025, pp 117-135 from Springer

Abstract: Abstract The post-pandemic banking landscape has seen a significant shift toward online transactions due to customers’ inability to visit branches. This has led to a demand for Open Banking, allowing third-party access to customer data. While European banks, notably the ECB, swiftly adopted this, the UK initially limited it to 9 banks before expanding. India has allowed Open Banking through NBFC agents, but with cautious oversight. Despite its benefits, concerns about misuse persist. Regulators face the challenge of monitoring these third-party transactions to ensure compliance and prevent misconduct. This chapter explores the implementation of Open Banking in various countries and the regulatory framework needed to support it effectively.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-96-5443-7_8

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DOI: 10.1007/978-981-96-5443-7_8

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