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With reference to the Account Aggregator (AA) network, consider the following statements:
1. Recently all scheduled private and public banks in India joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data.
2. An Account Aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
With reference to the Account Aggregator (AA) network, consider the fo...
On September 2 eight of India’s major banks joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data.
  • The framework, which has been under discussion since 2016 and in the testing phase for some time, will now be open to all customers.
  • An Account Aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer.
  • It is also engaged in consolidating, organising and presenting such information to the customer or any other financial information user as may be specified by the bank.
  • The licence for AAs is issued by the RBI, and the financial sector will have many AAs.
  • The AA framework allows customers to avail various financial services from a host of providers on a single portal based on a consent method, under which the consumers can choose what financial data to share and with which entity.
  • It reduces the need for individuals to wait in long bank queues, use Internet banking portals, share their passwords, or seek out physical notarisation to access and share their financial documents.
Hence only statement 2 is correct
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With reference to the Account Aggregator (AA) network, consider the following statements:1. Recently all scheduled private and public banks in India joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data.2. An Account Aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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With reference to the Account Aggregator (AA) network, consider the following statements:1. Recently all scheduled private and public banks in India joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data.2. An Account Aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Account Aggregator (AA) network, consider the following statements:1. Recently all scheduled private and public banks in India joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data.2. An Account Aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Account Aggregator (AA) network, consider the following statements:1. Recently all scheduled private and public banks in India joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data.2. An Account Aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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