CURRENT AFFAIRS

Detailed explanation-1: -Q. Some public sector banks have recently connected to the AA ecosystem. What is the expansion of AA? Notes: Public sector lender Punjab National Bank (PNB) has gone live on the account aggregator ecosystem as financial information user (FIU) as well as financial information provider (FIP).

Detailed explanation-2: -Account Aggregators (AA) use technology to assist you in simple and secure exchange of your data between financial institutions like banks, insurance agencies or mutual fund companies.

Detailed explanation-3: -An Account Aggregator (AA) is a type of RBI regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network.

Detailed explanation-4: -Account aggregator or AA is an RBI-regulated non-banking finance company (NBFC) that facilitates the collection of the financial information pertaining to a customer from financial information providers on the basis of the consent of the customer.

Detailed explanation-5: -Which is the public sector bank to go live on Account Aggregator (AA) framework? Notes: Union Bank becomes India’s first public sector bank to go live on Account Aggregator (AA) framework.