IndusInd Bank—First Bank to go live on RBI’s ‘Account Aggregator Framework’

IndusInd Bank—First Bank to go live on RBI’s ‘Account Aggregator Framewor

: IndusInd Bank has gone live as a ‘Financial Information Provider’ (FIP) under the new ‘Account Aggregator Framework (AAF)’ of the Reserve Bank of India (RBI).

o    Thus, IndusInd Bank has become the first bank to do so.

o    Due to this, customers will now be able to view statements of their accounts, track deposits, plan investments, avail credit cards on a single-window platform.

o    As FIP, IndusInd Bank also allows customers to share their finance info with financial information users in a more secure manner, basis exclusive from the customer on the AAF. 

o    Other benefits which customers will avail are: (1) Elimination of the need to submit documents physically (2) Better Control on shared financial info (3) SMEs and individuals can share financial info digitally which offers security.

o    RBI announced ‘Account Aggregator Framework (AAF)’ in June 2016. This AAF allows to transfer the client data, without storing it. It is medium for financial service companies to get approval from their customers before using their personal info to optimize their products offerings. This allows customers to select their preferred product and services from banks.

o    Static Part: 

o    Headquarter of RBI: Mumbai, Maharashtra

o    Governor of RBI: Shaktikanta Das

o    HQ of IndusInd Bank: Mumbai

o    Tagline of IndusInd Bank: We make you feel richer

o    MD and CEO of IndusInd Bank: Sumant Kathpalia

Question: 

Q.1 Which is the first bank to go live as a ‘Financial Information Provider’ (FIP) under the new ‘Account Aggregator Framework (AAF)’ of the Reserve Bank of India (RBI)?
a. ICICI Bank
b. IndusInd Bank
c. IDFC First Bank
d. HDFC Bank