Reserve Bank Of India Issues Draft Norms For NBFC-AA

The Reserve Bank of India has issued draft norms for the creation of a new entity in the non-banking financial sector, namely NBFC – Account Aggregator (AA) and proposed that the minimum capital for start such an activity will be Rs. two crore.

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956. NBFC – AA will act as an account aggregator to enable the common man to see all his accounts across financial institutions in a common format. The idea of such an NBFC had emanated from the Financial Stability and Development Council (FSDC). Only companies registered with the RBI as Non-Banking Financial Company (NBFC) AA will be able to undertake the business of an account aggregator.

Extra info:
  • Financial Stability and Development Council (FSDC) is an apex-level body constituted by the government of India.

So lets do:
  • Who is the governor of RBI?
  • Where is RBI headqauter located?


Source The Hindu

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