RAS question
Which of the following is NOT a component of the Account Aggregator ecosystem?
Correct answer: (C) Credit Information Company (CIC).
A Credit Information Company is not a component of the Account Aggregator ecosystem; the ecosystem centres on Financial Information Providers, Financial Information Users and Account Aggregators.
Explanation
The Account Aggregator framework is built around consent-based movement of a customer's financial data. The RBI explains that an Account Aggregator collects information on financial assets from holders of that information, termed Financial Information Providers, and presents it to customers or specified users, termed Financial Information Users. The transfer depends on the customer's explicit consent, and the Account Aggregator acts as the consent-management intermediary rather than using or storing the data for another purpose. This matches the three components named in the question: FIP, FIU and AA. A Credit Information Company such as CIBIL is separate, governed under the Credit Information Companies (Regulation) Act, 2005, so it is not one of the components of the Account Aggregator ecosystem.
Why the other options are wrong
- (A) Financial Information Provider is wrong because the RBI describes FIPs as the holders of customer financial information from which an Account Aggregator retrieves or collects data.
- (B) Financial Information User is wrong because the RBI identifies FIUs as the specified users to whom Account Aggregators present customer financial information with consent.
- (D) Account Aggregator is wrong because the RBI framework itself sets up AAs as the intermediaries responsible for consent-based aggregation and sharing of financial data.
Concept
This tests the Indian Economy syllabus area on financial-sector digital infrastructure and regulatory frameworks. It recurs in RAS because Account Aggregators link fintech, data consent and RBI regulation, while Credit Information Companies belong to a separate regulatory track.