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Current Affairs

Account Aggregator Framework

Current context: As per an Industry Body, Axis Bank, Bajaj Finserv, ICICI Bank, IDFC FIRST Bank, HDFC Bank, Indusind Bank, Kotak Mahindra Bank and State Bank of India are in various stages of adopting the Account Aggregator (AA) framework.
Account Aggregator Framework
  • Account aggregators are responsible for transferring, but not storing the client data.
  • The Reserve Bank of India (RBI) has envisaged that, the ecosystem of AAF would be a platform for financial services companies to reach out to the consumer to seek consent before using their personal data to optimise their product offerings.
  • Cams Finserv, FinSec AA Solutions and Cookiejar Technologies have so far received operating licences from the RBI.
  • Financial services such as banks, mutual fund providers, insurance providers, and tax filing platforms can request for the data through open application programming interfaces, once the account aggregator gets the user consent.
  • In 2016, the RBI had approved Non-Banking Financial Companies (NBFCs) as account aggregators to facilitate consent sharing of financial information in real time.

Question: 

Q.1 Which among the following is the correct about Account Aggregators?
  1. Account aggregators are responsible for transferring, but not storing the client data.
  2. In 2016, the RBI had approved Non-Banking Financial Companies (NBFCs) as account aggregators
a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
Account Aggregator Framework Account Aggregator Framework Reviewed by Neha Verma on March 16, 2020 Rating: 5

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