Economics · Banking Sector Reforms
What is the primary function of the Account Aggregator (AA) framework in India, which serves as a crucial pillar of Open Banking?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To digitally manage and track the physical printing and distribution of bank passbooks.
- 2To serve as a social media and networking platform exclusively for commercial bank employees.
- 3To act as a financial intermediary that consolidates data from multiple Financial Information Providers and shares it with Financial Information Users based on explicit customer consent.✓
- 4To provide high-interest loans directly to small and medium enterprises.
Correct answer
To act as a financial intermediary that consolidates data from multiple Financial Information Providers and shares it with Financial Information Users based on explicit customer consent.
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