The concept of Financial Information Provider (FIP) was introduced under Account Aggregator (AA) framework, regulated by the RBI. FIPs are institutions that store and provide financial data when authorized by customers. This data is used for financial services like loans, investments, and insurance.
Entities classified as FIPs:
1) Banks and Banking Companies → (A)
• Provide savings account, loan, credit history data.
2) Insurance Repositories → (B)
• Store policy details and claim records.
3) Central Recordkeeping Agency (CRA) → (C)
• Maintains National Pension System (NPS) records.
4) Goods and Services Tax Network (GSTN) → (E)
• Shares tax payment and business turnover data.
Study Notes
Category
