Question

With reference to the Account Aggregator (AA), consider

Q: Answer-With reference to the Account Aggregator (AA), consider the following statements: I.It is a framewor...

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 users financial data with their explicit consent.AAs enable flow of data between Financial Information Providers FIPs and Financial Information Users FIUs.

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

B Only I & II

C Only II & III

D Only III

E None of these

Practice Next

More Economy and Banking and Finance Current Affairs Questions