Which public sector bank of India becomes first public sector bank to go live on Account Aggregator framework?
The account aggregator (AA) facilitates sharing of financial information in a real-time and data-blind manner between regulated entities. UPI moment for lending, the AA framework ensures swift data sharing with the consent of the user and eliminates the need for physical documents. UPI moment for lending, the AA framework ensures swift data sharing with the consent of the user and eliminates the need for physical documents. The framework facilitates sharing of financial information on a real-time basis between regulated entities. AAs are licensed by the Reserve Bank of India to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). IPs are institutions that hold customer data and FIUs are entities that consume data to offer better service, underwrite loans, and so on. Banks and other financial institutions must become FIPs to be able to also become users of data from other financial institutions. Union Bank of India has said that it will work both as an FIU and FIP to allow its customers to share data digitally on a real-time basis. Major private sector banks like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank are already live as FIPs and FIUs. There are 34 banks, non-banking financial companies (NBFCs) and other institutions so far live on AA, including Federal Bank, IDFC First Bank and IndusInd Bank.
India has done commendable job with respect to almost all the SDGs. What is India’s overall score in the SDG India Index 2023-24?
What is the primary objective of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?
'Take off stage' is an economy means,
What is the Rank of India in the Global Food Security Index 2021?
What is the primary purpose of the drone flying under the SVAMITVA Scheme in rural areas?
Which of the following accurately represents the share of BRICS in the global economy?
Recycling waste materials and make full utilization of byproducts is one of the objective of ______________.
Which of the following is NOT a key component of the BBBP scheme?
The Government of India has prioritised developing a robust and cost-efficient logistics ecosystem. To fulfil this vision, the logistics division of __...
Article 21-A of the Constitution of India and its consequent legislation, the Right of Children to Free and Compulsory Education (RTE) Act, of _________...