Question

As per Reserve Bank of India (RBI), Account Aggregator is a
1. Non-banking financial company
2. Banking financial company
3. Insurance company
4. Credit borrower company

Answer 1

Correct Answer - Option 1 : Non-banking financial company

The correct answer is Non-banking financial company.

• Account Aggregator is the new class of NBFC approved by the Reserve Bank of India in 2016.
• Account Aggregator means a non-banking financial company as defined in sub-clause (iii) of clause (f) of section 45-I of the Reserve Bank of India Act 1934.

• According to the  Reserve Bank of India, Account Aggregator Framework 2016, any company seeking registration as an Account Aggregator should have a net owned fund of a minimum of Rs 2 Crore.
• The primary responsibility of the Account Aggregator is to facilitate the transfer of the user’s financial data with their explicit consent.
• The account Aggregator ecosystem allows for the seamless sharing of data between financial bodies of all kinds centred around user consent.

​