Transforming Financial Inclusion: Introducing Assisted Account Aggregator Framework and Strategic projects taken up by Sahamati

In the digital age, access to financial services plays a vital role in driving financial inclusion. Recognizing this, the Account Aggregator (AA) framework was introduced by the Reserve Bank of India (RBI) in 2016. It aimed to empower individuals by granting them control over their financial data.

Under the existing self-served AA flow, users are required to download an aggregator app on their smartphones. They open an account or handle with an RBI registered AA, link their financial accounts, and provide consent to share data for availing financial services.

While this has been effective for smartphone users, it leaves out a vast customer segment that is either low on digital literacy or doesn’t have smartphones. Further, a large section of this customer segment will typically have their Aadhaar number seeded in their bank accounts and not their mobile number as is required for a self serve mode.

This necessitates the building up of Assisted models for Account Aggregator. Several models that seek to expand the reach of Account Aggregator services in an assisted mode thus, promoting financial inclusion have been emerging that hold great promise in the time to come.

Some of the notable strategic projects which Sahamati is working to promote Assisted Account Aggregator Framework as a means to achieve financial inclusion are detailed below:

1. Pilot with IPPB  (Self-serve journey through assistance provided by GDS)
2. Pilot with MoRD (Efficient monitoring of DDU-GKY, a GOI Youth Employment Scheme, via AA)
3. Interoperable passbook printing (The humble p(AA)ssbook: Re-imagining trust, courtesy the BC network)

At SamvAAd 2023, first Account Aggregator Community Event held in Mumbai on 24th May, all the three Strategic use cases were showcased and were well received by the audience. Click on the links below to read more about them