New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Fintech firm Cygnet has received in-principal approval

    from RBI to operate as _______.
    A Payment Aggregator Correct Answer Incorrect Answer
    B Payment Gateway Correct Answer Incorrect Answer
    C Payment Processor Correct Answer Incorrect Answer
    D Payment Provider Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    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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