The work on the account aggregator framework started in 2016. Various entities have contributed in the areas of policy and technology. The market players have played an important role in embracing the AA framework in the initial years.
Learn about the timeline of the Account Aggregator Framework.
| Policy | Tech | Market | |
|---|---|---|---|
| 2016 | Mar: RBI consultations on electronic consent Sep: RBI Master Directions on AA | ||
| 2017 | Jun: Srikrishna Committee Panel on Data Protection set up by Govt of India Aug: Supreme Court Right-to privacy judgement | Mar: Electronic consent framework published by Ministry of Electronics & IT (MeitY) Aug: Launch of DEPA | |
| 2018 | Jul: Draft privacy bill and Srikrishna Committee report released | Mar: Draft Technical Standards for AA published by ReBIT | Oct: 9 applicants for AA licenses, 5 in-principle licenses issued by RBI |
| 2019 | Oct: 1st NBFC-AA operating license issued to Onemoney by RBI Dec: Joint Parliamentary Committee on privacy bill formed | Jan: AA sandboxes ready for POCs Jul: POCs by 5 financial institutions demonstrated Nov: Final v1.1.1 Tech Standard published by ReBIT | Jan: CEO roundtable of biggest banks and NBFCs Jul: Sahamati industry alliance launched to drive adoption of AA |
| 2020 | Jan: 3 more NBFC-AA operating licenses issued by RBI (Finvu, NADL, CAMS) | Mar: Central Registry v1.0 launched by Sahamati Sep: v1.1.2 Tech Standards published by ReBIT Sep: Certification Framework v1.0 launched by Sahamati | Jul: First-ever AA hackathon organized, 50 teams, 500 developers, 1 month Dec: First 10 institutions (including 3 AAs) achieve certification |
| 2021 | Sep: RBI, Ministry of Finance, NITI Aayog publicly advocate the adoption of AA | Jul: Managed rollout with 2 AAs, 6 financial institutions underway to test out tech rails in production Nov: Customer experience guidelines to be issued | Mar: Common Ecosystem Participation Terms v 1.0 released for a uniform legal framework Sep: AA go-live announced Oct: 30 TSPs list themselves offering AA-enabled services |
| 2022* | Jan: Market guidelines on Reciprocity Obligation to be published | Mar: AA for joint, corporate accounts | Jan: Insurance companies to launch POCs Mar: Assisted-mode journeys for adoption at scale Aug: All Public Sector Banks (PSBs) go live as FIPs |