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).
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