New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    With reference to the Account Aggregator (AA), consider

    the following statements: I.It is a framework that simply facilitates sharing of financial information in a real-time and data-blind manner (encrypted) between regulated entities. II.AAs enable flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). III.The RBI (Reserve Bank of India) in 2017 approved AA as a new class of NBFC (Non Banking Financial Companies), whose primary responsibility is to facilitate the transfer of user’s financial data with their explicit consent. Which of the statements given is/are not correct ?
    A Only I Correct Answer Incorrect Answer
    B Only I & II Correct Answer Incorrect Answer
    C Only II & III Correct Answer Incorrect Answer
    D Only III Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    An AA is a framework that simply facilitates sharing of financial information in a real-time and data-blind manner (Data flow through AA are encrypted) between regulated entities (Banks and NBFCs). The RBI (Reserve Bank of India) in 2016 approved AA as a new class of NBFC (Non Banking Financial Companies), whose primary responsibility is to facilitate the transfer of user’s financial data with their explicit consent.AAs enable flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs).

    Practice Next

    Relevant for Exams: