RBI provides in-principle approval to Cygnet

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.

• 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