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 ?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).
What is the minimum age required to contest for a position in a Gram Panchayat in India?
Which newspaper won the 2025 UNESCO/Guillermo Cano Press Freedom Prize?Â
What is the Karnataka government's strategic plan to boost the state's economy, and which sectors are highlighted for attracting investments?
The Karyaksham Khaasdar (Efficient Member of Parliament) Award for the year 2020-21, given in the memory of late Madhavrao Limaye by Sarvajanik Vachanal...
On which date will the foundation stone for Vidarbha’s first Integrated Steel Plant be laid?
Online stock broking firm Groww has announced that it has received the approval of the Securities and Exchange Board of India (SEBI) to launch its first...
When was Flipkart founded and where is it headquartered?
Which OTT series won the first-ever OTT Award for Web Series at the 54th International Film Festival of India (IFFI)?
Which country was the top exporter of LNG in the year 2023?
Which bank has launched two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovat...