The Account Aggregator framework, introduced by the RBI, aims to make financial data more accessible by creating data intermediaries called Account Aggregators (AA) which will collect and share the user’s financial information from a range of entities that hold consumer data called Financial Information Providers (FIPs) to a range of entities that are requesting consumer data called Financial Information Users (FIUs) after obtaining the consent of the consumer. The account aggregator (AA) facilitates sharing of financial information in a real-time and data-blind manner between regulated entities. UPI moment for lending, the AA framework ensures swift data sharing with the consent of the user and eliminates the need for physical documents. UPI moment for lending, the AA framework ensures swift data sharing with the consent of the user and eliminates the need for physical documents. The framework facilitates sharing of financial information on a real-time basis between regulated entities. AAs are licensed by the Reserve Bank of India to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). IPs are institutions that hold customer data and FIUs are entities that consume data to offer better service, underwrite loans, and so on. Banks and other financial institutions must become FIPs to be able to also become users of data from other financial institutions. Union Bank of India has said that it will work both as an FIU and FIP to allow its customers to share data digitally on a real-time basis. Major private sector banks like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank are already live as FIPs and FIUs. There are 34 banks, non-banking financial companies (NBFCs) and other institutions so far live on AA, including Federal Bank, IDFC First Bank and IndusInd Bank.
Who initiated the establishment of the high-powered Task Force on Supportive Policy and Regulatory Framework for Microfinance in November 1998?
What is the name of the portal launched to combat fraud calls and cybercrime in India?
Agricultural Acceleration fund to provide the financial support is entrepreneurs in the field of agriculture & allied sector was set up in which FY Budget?
Who among the following is one of the winners of the 2019 United Nations Military Gender Advocate Award?
Which of the following is the outer layer of the Earth that is made of plates which fit together like a jigsaw puzzle?
Who has been appointed CEO of Twitter recently?
Which of the following statements is/are correct?
I. Only marketed goods are considered while estimating Gross Domestic Product (GDP).
What is the primary objective of the Assam Tourism Development and Registration Bill 2024, recently approved by the Assam cabinet?
Iron age is so named because during this time iron mostly replaced _________ in implements and weapons, beginning in the Middle East and South-eastern E...
Shambhu Maharaj was a renowned personality associated with which of the following dance forms?