Module: General Practice
Q3: Which entity has the Reserve Bank of India recognized as a Self-Regulatory Organisation for the Account Aggregator Ecosystem (SRO-AA)?
✅ Correct Answer: B
The correct answer is Sahamati Foundation.
The Reserve Bank of India recognized the Sahamati Foundation as the Self-Regulatory Organisation for the Account Aggregator Ecosystem (SRO-AA). A Self-Regulatory Organisation is a not-for-profit group that helps regulators and industry members work together.
They make sure everyone follows the rules, shares important information, and protects consumers.
However, they are not allowed to fine people or companies.
Under this same broad framework, the Reserve Bank of India also approved the Fintech Association for Consumer Empowerment (FACE) as the Self-Regulatory Organisation for the FinTech sector (SRO-FT). The Sahamati Foundation works as an industry group across different sectors to help share financial data securely with people's permission.
This is based on India's Data Empowerment and Protection Architecture.
The foundation works closely with over 1,120 regulated financial entities, 176 Financial Information Providers (FIPs), and 1,020 Financial Information Users (FIUs) to make this data sharing happen.
The Reserve Bank of India recognized the Sahamati Foundation as the Self-Regulatory Organisation for the Account Aggregator Ecosystem (SRO-AA). A Self-Regulatory Organisation is a not-for-profit group that helps regulators and industry members work together.
They make sure everyone follows the rules, shares important information, and protects consumers.
However, they are not allowed to fine people or companies.
Under this same broad framework, the Reserve Bank of India also approved the Fintech Association for Consumer Empowerment (FACE) as the Self-Regulatory Organisation for the FinTech sector (SRO-FT). The Sahamati Foundation works as an industry group across different sectors to help share financial data securely with people's permission.
This is based on India's Data Empowerment and Protection Architecture.
The foundation works closely with over 1,120 regulated financial entities, 176 Financial Information Providers (FIPs), and 1,020 Financial Information Users (FIUs) to make this data sharing happen.
🧠 Real-World Scenario:
Imagine Two competing finance apps are arguing over how to securely share a user's data. Suddenly, they need a referee to step in, but the RBI is too busy.
According to the rules, they can turn to the Sahamati Foundation (the SRO-AA) to settle the dispute and enforce industry standards. This means Sahamati acts like a principal to keep everyone in line, though only the RBI can actually fine them.