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Eight PSBs joins the account aggregator ecosystem

Published on July 26, 2022
Current Context: Eight Public sector banks (PSBs) joins the account aggregator ecosystem ahead of the deadline set by the finance ministry.
Eight PSBs joins the account aggregator ecosystem
  • Canara bank, Bank of India (BoI), Indian bank, Punjab National Bank, Union Bank of India, SBI, UCO bank, and Bank of Maharashtra have gone live on the ecosystem.
  • PSBs like SBI, BoI, and UCO bank have listed the service in the production environment of the registry.
  • PSBs like Canara Bank and Indian Bank went live only as financial information users (FIU).
  • Bank of Baroda, Central bank of India, Punjab & Sind Bank, and Indian overseas banks are still in the testing phase.
  • During the meeting held between finance minister Nirmala Sitharaman and heads of PSBs and regional rural banks, the minister instructed PSBs to get on board the ecosystem by the end of July.
  • Major private sector lenders such as HDFC bank, ICICI bank, Axis bank, IndusInd bank, Kotak Mahindra bank, and Federal bank have already entered the ecosystem.
  • Licensed Non-banking finance companies (NBFCs) that will enable the exchange of financial data between FIP and FIUs are called account aggregators.
  • Currently, there are six account aggregators operating in India that have RBI approval.

Question: 

Q.1 How many PSBs have joined the account aggregator ecosystem recently?
a. Nine
b. Eight
c. Seven
d. Six
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