Q1. Consider the following statements: 1. The Account Aggregator network was introduced as a financial data-sharing system by RBI through the NBFC-Account Aggregator directions dated 2 September 2016. 2. No customer financial information is retrieved, shared or transferred by the AA framework without explicit customer consent. 3. Registering with an Account Aggregator is mandatory for consumers who hold a bank account. 4. AA transfers data from one financial institution to another based on an individual’s instruction and consent. Which of the statements given above are correct?
Explanation
Statements 1, 2 and 4 are correct. Statement 3 is false because the DFS page says registering with an AA is fully voluntary for consumers.
