During 2014, the then Chairmen of Central Depository Services Ltd and ICICI Bank, Shri N. Rangachary & Shri K.V Kamath felt the need for a national project that will serve the citizens with single view of various assets like Financial (bank deposits, insurance policies, etc); Real (vehicles, property) and Personal(caste certificate, academic certificate, etc) and also use digital technology for citizen centric services like Self-Certification, Electronic Entitlements Accounting, etc. The project, christened as National Assets Depository Ltd (NADeL Project), was co-authored by large institutions like SBI, LIC, ICICI Bank and HDFC. It received support from PMO and DIT. The core operating principles are Consent based data sourcing delivered digitally from the data storage entity in a secured environment with full audit trails by using Authorised information providers such as banks and without conflict of commercial interest. The digital document dispatch service intends to ride on the Digital India platform.
In the meantime, with the growth of Non-Performing Assets in the banking system a need was felt to have an aggregated view of Assets apart from readily available knowledge of the liabilities. The Bankruptcy Legislative Reforms Commission recommended set up of Information Utility (IU) as a competitive industry so that evidence could be presented, as facts established as per law, enabling resolution of credit/investment delinquencies. RBI also felt the need for Account Aggregation and have since codified the regulations under NBFC directions thereby enabling asset aggregation across asset classes.
NADL, a fully owned subsidiary of NeSL, is the only Union Government company to obtain the operating license of RBI to offer account aggregation services. NADL, through its robust platform built with the latest in technologies, offers its customers services to aggregate their financial asset information on their own device in a safe and secure manner and also share the same with regulated entities for various purposes, such as availing loans and wealth management services.