With reference to the Account Aggregator framework, seen recently in news, consider the following statements: An Account Aggregator provides the service of retrieving or collecting financial information pertaining to its customer. The licence for Account Aggregator is issued by the RBI.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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With reference to the Account Aggregator framework, seen recently in news, consider the following statements:

An Account Aggregator provides the service of retrieving or collecting financial information pertaining to its customer.
The licence for Account Aggregator is issued by the RBI.

Which of the above statements is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'C'. Can you explain this answer?

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With reference to the Account Aggregator framework, seen recently in n...

Statement Analysis:
Statement 1
Correct
According to the Reserve Bank of India, 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

Statement 2
Correct
The AA framework was created through an inter-regulatory decision by RBI and other regulators including Securities and Exchange Board of India, Insurance Regulatory and Development Authority, and Pension Fund Regulatory and Development Authority (PFRDA) through and initiative of the Financial Stability and Development Council (FSDC)

Context – A new framework was launched for Account Aggregators

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With reference to the Account Aggregator framework, seen recently in news, consider the following statements: An Account Aggregator provides the service of retrieving or collecting financial information pertaining to its customer. The licence for Account Aggregator is issued by the RBI.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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