Question
Fintech firm Cygnet has received in-principal approval
from RBI to operate as _______.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.
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