Explanation:
Option (a) is incorrect. The Account Aggregator framework is not regulated solely by the RBI but is a multi-regulatory initiative led by RBI, SEBI, IRDAI, PFRDA, and the Ministry of Finance. Conversely, the DPDP Act establishes a broader data protection framework under the Data Protection Board, not specifically a multi-regulatory financial framework.
Option (b) is partially correct but incomplete. While Consent Managers under the DPDP Act can operate across all sectors (health, education, employment, digital commerce, etc.), Account Aggregators are not limited to sharing only banking data. They enable secure sharing of various financial data including banking, loans, tax, investment, and pensions.
Option (c) is incorrect. Account Aggregators are specifically designed to be "data blind" and neither see nor store the financial data shared by Financial Information Providers. This is a key feature of the AA framework, not a difference from the DPDP Act.
Option (d) is correct. Both frameworks establish consent-based data sharing models that prioritize user empowerment, transparency, and interoperability. However, they differ in their sectoral scope (AA focuses on financial data while DPDP covers all personal data across sectors) and regulatory oversight (AA is overseen by financial regulators while DPDP will be overseen by the Data Protection Board).
Explanation:
Option (a) is incorrect. The Account Aggregator framework is not regulated solely by the RBI but is a multi-regulatory initiative led by RBI, SEBI, IRDAI, PFRDA, and the Ministry of Finance. Conversely, the DPDP Act establishes a broader data protection framework under the Data Protection Board, not specifically a multi-regulatory financial framework.
Option (b) is partially correct but incomplete. While Consent Managers under the DPDP Act can operate across all sectors (health, education, employment, digital commerce, etc.), Account Aggregators are not limited to sharing only banking data. They enable secure sharing of various financial data including banking, loans, tax, investment, and pensions.
Option (c) is incorrect. Account Aggregators are specifically designed to be "data blind" and neither see nor store the financial data shared by Financial Information Providers. This is a key feature of the AA framework, not a difference from the DPDP Act.
Option (d) is correct. Both frameworks establish consent-based data sharing models that prioritize user empowerment, transparency, and interoperability. However, they differ in their sectoral scope (AA focuses on financial data while DPDP covers all personal data across sectors) and regulatory oversight (AA is overseen by financial regulators while DPDP will be overseen by the Data Protection Board).