Economics · Banking Sector Reforms
Evaluate the following statements regarding Open Banking: Statement 1: Open Banking relies on Open APIs to enable third-party developers to build applications around financial institutions, creating a competitive environment. Statement 2: In India, Open Banking is primarily driven by the Account Aggregator framework and the Unified Payments Interface (UPI). Statement 3: Open Banking mandates that banks must share customer data with any third party regardless of whether the customer has provided explicit consent. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct.
- 2Statement 1 and Statement 3 are correct.
- 3Statement 2 and Statement 3 are correct.
- 4Statement 1 and Statement 2 are correct.✓
Correct answer
Statement 1 and Statement 2 are correct.
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