From Building the Network to Building the Institutions That Sustain It
India’s Account Aggregator (AA) ecosystem has demonstrated that consent-based financial data sharing can operate at scale. The next phase must focus on strengthening the governance, standards and trust needed to sustain its growth.
In his welcome address at Sahamati’s SamvAAd 2026, Shri R. Gandhi, Chairman, Sahamati and former Deputy Governor of the Reserve Bank of India (RBI), highlighted the significance of Sahamati’s recognition as a self-regulatory organisation (SRO) for the AA ecosystem and the responsibilities that come with it.
A distinct model for open finance
India’s AA framework is part of its digital public infrastructure, extending the principles of digital identity and payments to financial data sharing. Its distinctive model enables secure information exchange between Financial Information Providers and Financial Information Users through a regulated intermediary, with the explicit consent of the data owner.
The framework also brings together participants across financial regulatory domains, creating the need for coordination beyond individual institutions and sectors.
Shri Gandhi noted that five years of operations have demonstrated the viability of consent-based data sharing at scale. The priority now is to ensure that growth is accompanied by institutional maturity, consistent practices and public trust.
The role of self-regulation
Sahamati’s recognition as an SRO creates a formal mechanism for addressing operational, governance and ecosystem-wide challenges. Shri Gandhi emphasised its role as a bridge between regulatory intent and industry implementation, while maintaining neutrality across participants.
This calls for participatory governance, common standards informed by industry experience, effective resolution of operational issues and alignment with regulatory objectives and customer interests. Self-regulation, he stressed, must complement the distinct responsibilities of regulators and regulated entities.
Trust must also be consistent across the ecosystem. Customers need confidence in how consent is presented, how their data is handled, how participants conduct themselves and how grievances are addressed.
Measuring progress through customer outcomes
Shri Gandhi urged the ecosystem to look beyond scale as the sole measure of progress. The more important questions are whether customers receive better financial services, institutions make better decisions, access becomes more meaningful and operational risks are reduced.
While lending has demonstrated the framework’s potential, opportunities extend to insurance, investments, pensions, wealth management and personal financial management. The next phase must therefore prioritise deeper adoption and better outcomes, alongside continued expansion.
Innovation will remain essential, particularly as artificial intelligence and other technologies interact with consented financial data. However, it must operate within clear principles of consent, security, accountability and customer protection.
Stewardship for the next phase
Shri Gandhi called for collective action to address challenges that individual institutions cannot resolve alone. Common standards, industry participation and effective self-regulation can translate the regulatory framework into consistent practices across the ecosystem.
The larger transition is from building the network to strengthening the institutions, standards and behaviours that sustain it. As Sahamati takes on its SRO responsibilities, its role will be to support collective accountability while enabling responsible innovation.
The long-term success of India’s AA ecosystem will depend not only on how widely the framework is adopted, but also on whether it remains trusted, interoperable, resilient and capable of delivering meaningful value to customers.