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


Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.


Join the Conversation

1 Comment

Leave a comment

Leave a Reply to Anonymous Cancel reply

Your email address will not be published. Required fields are marked *