Question

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

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

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.