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RBI provides in-principle approval to Cygnet

Published on October 18, 2022
Current Context: Reserve Bank of India provided in-principle approval to Cygnet Infotech Private Limited to operate as a non-banking financial company account aggregator.
RBI provides in-principle approval to Cygnet
  • NBFC Account Aggregator is one of the largest open financing data-sharing protocols regulated by RBI.
  • It also facilitates financial institutions to easily access the consumers’ consent-based financial data.
  • It allows users to instantly share their financial data with various financial institutions, digitally and securely.
  • It will facilitate small and medium businesses.
  • They will be offered better credit facilities.
  • Meanwhile, banks and other financial institutions will have an opportunity to widen their lending portfolio.

Question:

Q.1 Which fintech firm has received RBI’s In-principle approval to operate as NBFC Account Aggregator?
a. Lendingkart
b. Moneytap
c. Cygnet
d. Pine Labs
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