UPSC Prelims Practice Questions — RBI to authorise inter-operability among NBFC-AAs
Q1. With reference to the working of an Account Aggregator (AA) under the Reserve Bank of India's AA directions, consider the following statements: Which of the statements given above is/are correct?
- An AA may keep a copy of the financial information it transmits so that it can serve the customer's repeat requests faster.
- An AA may log in to the customer's net-banking account with the customer's password to fetch account statements on the customer's behalf.
- The information an AA carries can cover insurance policies, mutual fund units and GST returns, not just bank deposits.
- A. 2 and 3 only
- B. 1, 2 and 3
- C. 1 and 3 only
- D. 3 only
Q2. Consider the following pairs of an entity and its role in a typical data flow through an Account Aggregator: Which of the pairs given above is/are correctly matched?
- A bank where the customer keeps a savings account — Financial Information Provider
- A lender examining the customer's bank statements to decide a loan — Financial Information User
- A depository holding the customer's dematerialised securities — Financial Information User
- An insurance company that has issued the customer's life policy — Financial Information Provider
- A. 1, 2, 3 and 4
- B. 1, 2 and 4 only
- C. 2, 3 and 4 only
- D. 1 and 2 only
Q3. Consider the following statements: Which of the following is correct in respect of the above statements?
- An Account Aggregator cannot offer its own loans or investment products to the customers whose financial information it carries.
- Financial information flowing through an Account Aggregator can be shared only with the explicit consent of the customer.
- A. Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
- B. Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
- C. Statement-I is correct, but Statement-II is incorrect
- D. Statement-I is incorrect, but Statement-II is correct
Q4. Consider the following statements: Which of the following is correct in respect of the above statements?
- RBI's interoperability framework for Account Aggregators announced in October 2026 is intended to let an individual view information on all their financial assets on a single platform.
- Under the AA directions, each Account Aggregator must maintain its own repository of customers' financial information, which other Account Aggregators are not allowed to access.
- A. Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
- B. Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
- C. Statement-I is correct, but Statement-II is incorrect
- D. Statement-I is incorrect, but Statement-II is correct
Q5. RBI has decided to make the roughly 15 NBFC-Account Aggregators interoperable. Consider the following statements about the likely consequences of this move: Which of the statements given above is/are correct?
- A customer registered with one AA could have data fetched from providers and shared with users connected through a different AA, reducing the need to register with several AAs.
- Under the existing AA directions, AAs would become permitted to retain the data passing between them so that they can build the consolidated view themselves.
- Data moving from one AA to another would no longer need the customer's consent, since it stays within the regulated AA network.
- A. 1 only
- B. 1 and 2 only
- C. 1 and 3 only
- D. 2 and 3 only
Q6. Which one of the following is a legal pre-condition for an entity to commence business as an Account Aggregator in India?
- A. A certificate of registration from SEBI as a market intermediary under the SEBI Act
- B. A licence from the Ministry of Electronics and IT as a digital intermediary
- C. A certificate of registration from the Reserve Bank of India under the RBI Act, 1934
- D. Registration with NITI Aayog as an operator under the DEPA framework