Question
Recently Reserve Bank of India gave approval to which of
the following Fintech firm to operate as NBFC account aggregator?Solution
Fintech firm Cygnet has received in-principle approval from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC) account aggregator. The account aggregator license will allow them to participate in the transformational changes that are taking place in the financial sector. Small and medium-sized businesses will get better credit facilities whilst banks and other financial institutions will get an opportunity to widen their lending portfolio. RBI Headquarters: Mumbai Governor: Shaktikanta Das Deputy Governors: MK Jain, MD Patra, M Rajeshwar Rao and T. Rabi Sankar Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 and engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business. Account Aggregator Framework: It is a framework for data sharing between financial institutions like banks, pension funds, insurance companies and assets management companies. Under this, account aggregators (AAs) use technology for simple and secure exchange of the data between the institutions. With AAs, financial data can be used to access a vast array of financial services for your personal or business needs.
What is the theme for World Organ Donation Day 2024, observed on August 13?
Which organization authorized Azista BST Aerospace Private Limited to establish a ground station in the UHF frequency bands in Hyderabad, Telangana, in ...
What was the approximate cost of the 'Mukhyamantri Ladki Bahin' scheme announced by Maharashtra Deputy Chief Minister Devendra Fadnavis?
What new rule will HFCs (Housing Finance Companies) need to follow starting January 2025 regarding public deposits?
Air Chief Marshal V R Chaudhari recently inaugurated the Weapon Systems School (WSS) at which location?
What is the anticipated contribution of the digital economy to India's GDP in the coming years?
Who signed the MoU on behalf of Nepal Academy with Banaras Hindu University (BHU) for research and exchange in Nepali language and culture?
According to the Economic Survey 2023-24, which sector is expected to have the lowest per capita land availability among the G20 countries, posing a cha...
Phani Yerava tribe, recently seen in the news, is mostly found in which of the following states?
Which cooperative bank's license was recently revoked by the Reserve Bank of India due to insufficient capital and earnings prospects, leading to its cl...