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NEWSLETTER · DECEMBER 2025 |
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As we close 2025, the Account Aggregator (AA) ecosystem has entered a phase of undeniable scale, trust, and relevance. What began as a policy-led infrastructure is now powering real financial outcomes for millions of Indians.
Today, more than 24 crore individuals are empowered through the AA framework, with 34+ crore consents fulfilled, enabling over 6 crore financial services across 260+ crore AA-enabled accounts. Over 890 institutions now participate in the ecosystem, reflecting how deeply AA is embedded in the country’s digital finance fabric.
This year also marked a pivotal moment for Sahamati as we opened our membership to all regulated entities. With over 100 members now part of the network, Sahamati has evolved into a stronger platform for collaborative governance, shared learning, and collective action. This expansion has reinforced our ability to align stakeholders across banking, lending, insurance, capital markets, and beyond, while strengthening the foundation for fair use guidelines to drive “One Consent, One Purpose”.
Behind this scale lies a year of significant investment in trust and resilience. Sahamati’s technology stack was strengthened through CERT-IN–empanelled VAPT audits, deeper observability, and SahamatiNet-based interoperability validation, ensuring the network remains secure, reliable, and transparent even as volumes grow.
Equally important has been the focus on driving meaningful conversation around the AA framework. The launch of Manthan by Sahamati created a dedicated platform for dialogue across policy, industry, and technology leaders, centred on how consent-based data sharing will shape the future of India’s financial landscape. Alongside this, our flagship publications, Credit Reimagined and Consent to Cover, provided perspectives on how AA is improving access, reducing friction, and rebalancing power in favour of the customer.
Partnerships and strategic collaborations played a defining role throughout the year. Working with organisations such as ACCION, Sadhan, MicroSave Consulting, and I4C, Sahamati focused on advancing inclusive finance, strengthening microfinance use cases, enabling self-help groups to leverage their own data, and improving fraud detection and reconciliation across the ecosystem.
2025 also marked the launch of Sahamati Labs, our platform for building the next frontier of Open Finance. Through initiatives like Aikya, a loan-fraud detection engine, Vaakya, a conversational AI that drives awareness and adoption of the Account Aggregator framework, and our participation in BIS’s Project Aperta, a global effort to connect Open Finance ecosystems across borders, Sahamati Labs is laying the foundation for a truly interoperable financial future. By combining AI with next-generation privacy technologies, such as confidential computing, in collaboration with Google, Labs is addressing fraud, enhancing risk intelligence, and facilitating seamless, consent-driven financial experiences across institutions and geographies.
SAMVAAD continues to anchor the AA ecosystem’s most important conversations. Watch this space for what’s coming at SAMVAAD 2026.
As we look ahead, our direction remains clear. 2026 will be about taking the Account Aggregator framework to the next level of scale, empowering millions more in India and beyond, keeping the customer firmly at the centre, and driving inclusive financial access through consent-led data sharing.
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369+ M
Consents Fulfilled
10+ M
Monthly Accounts Linked on AAs
176
FIPs Live on AAs
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252+ M
Accounts Linked
371+ M
Monthly Data Shares on AA
754 FIUs Live on AAs
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20+ M Monthly Consent Request Fulfilled
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930 Live Entities on AA
90 FIPs on 4+ AAs
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Common Standards & Best Practices |
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Based on feedback and requests from ecosystem participants, we launched a new, focused Fair Use webinar series to enable industry-specific discussions across FIUs, AAs, and FIPs. The “Fair Use Explained” series takes a template-wise deep dive, starting with lending. The first session, held in December 2025, covered lending-specific consent templates and key guardrails, such as one purpose, one consent, boundaries for monitoring and collection, and the distinction between PFM and lending templates. Further sessions in the series will cover other Fair Use templates across use cases. Sign up for our updates to hear from us. Read More>
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Sahamati at the 8th AFIR–FSI–IAIS Asia-Pacific High-Level Meeting
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Sahamati participated in the 8th AFIR–FSI–IAIS Asia-Pacific High-Level Meeting on Insurance Supervision, jointly organised by the Asian Forum of Insurance Regulators (AFIR), the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS), and the International Association of Insurance Supervisors (IAIS), and hosted by the Insurance Regulatory and Development Authority of India (IRDAI).
A) Sahamati showcased India’s digital public infrastructure and the country’s distinctive approach to leapfrogging traditional financial sector development pathways.
The demonstrations highlighted India’s rapid progress in rolling out open finance, particularly the Account Aggregator framework, and how consent-based data sharing is being operationalised at a population scale to improve efficiency, inclusion, and regulatory outcomes across financial services, including insurance.
B) As part of the conference programme, Sahamati participated in a fireside chat titled “From Stranger to Game-Changer – What Account Aggregators Bring to Insurance.”
The session was moderated by Ms. Anita J, Chief General Manager, IRDAI, with Mr. BG Mahesh, Chief Executive Officer, Sahamati, as the panelist. The discussion focused on how the AA framework can address long-standing information asymmetries in insurance, enabling more accurate underwriting, faster onboarding, improved claims experiences, and stronger consumer trust, while remaining anchored in consent, purpose limitation, and data minimisation. The session situated open finance as a structural enabler for next-generation insurance supervision and market development, rather than a purely technological intervention.
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Sahamati at the Digital Governance Summit, Shaastra 2026 |
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Sahamati participated in the Digital Governance Summit at IIT Madras’s Shaastra 2026, delivering a session on the impact of the Account Aggregator ecosystem on India’s financial sector. The session highlighted India’s distinctive techno-legal approach to data empowerment, as embodied in both the Account Aggregator framework and the Digital Personal Data Protection (DPDP) Act.
It highlighted how conferring users with agency and control over their data can meaningfully improve access to financial products and services for individuals and small businesses, while also enabling better pricing, faster decision-making, and more equitable outcomes across the financial system.
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AA Impact StoryHow Dezerv Wealth Monitor Is Powering Smarter Investing with Account Aggregator
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Dezerv Wealth Monitor leverages the Account Aggregator (AA) framework to transform how investors track, analyse, and optimise their wealth. By securely aggregating investment data across mutual funds, equities, and other asset classes, Dezerv enables a single, unified view of an investor’s entire portfolio, backed by deep analytics and data-driven asset allocation recommendations to optimise returns and manage risk.
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Unified portfolio visibility: Enabled over 1.5 lakh investors to view and analyse all their investments in one place through consent-based data sharing
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Faster, digital onboarding: Nearly 70% of client onboarding journeys are completed digitally with minimal human intervention ✓
Higher investor engagement: AA-facilitated clients are 30% more likely to review their portfolios regularly
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Action-oriented insights: Investors are 2× more likely to engage in portfolio restructuring, driven by clearer analytics and timely recommendations
By embedding the AA framework into its wealth monitoring solution, Dezerv has strengthened transparency, improved customer engagement, and delivered more personalised, insight-led investment journeys, demonstrating the tangible value of consent-based data sharing in wealth management.
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Sahamati Foundation is a member-driven industry alliance
formed to promote and strengthen the Account Aggregator ecosystem in
India.
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