The new financial year started on a good note, as the monthly count of accounts linked and consent fulfilled were at an all-time high. The monthly
count of accounts linked increased by 33% to 1.6 million and consent successfully fulfilled grew by 32% to 1.85 million. Out of the 5 FIPs that went live on AA during the month, 3 were RRBs. These RRBs, along with 10 more in the pipeline that are ready to go live as FIPs in May 2023, are expected to drive AA adoption in rural India. The entry of SEBI-regulated Depositories, as an FIP in April has made our AA ecosystem completely cross-sectoral. We now have FIPs from all four regulators, and users can share data between sectors seamlessly. 29 FIUs were added during the month.
FIPs continue to integrate with multiple AAs (including the recent entrants – Protean’s SurakshAA, PhonePe, and CRIF Connect AA) for ease of interoperability for users.
In April, Sahamati, in association with AAs, launched Saans – an initiative to bring transparency to the performance of APIs. This is expected to aid FIPs in their efforts to improve the success rates, which continue to remain low at 30%. During the month, our Support team handled more than 300 tickets, of which more than 100 were closed. We are working on further strengthening our common infrastructure to support the AA ecosystem.
And lastly, our first Account Aggregator Community Event
SamvAAd 2023 is here! SamvAAd is designed to be a unique gathering that brings together nearly 1000 attendees from regulators and policy makers, cross sectoral financial institutions (live on AA and new to AA), technology providers and Account Aggregators. Don’t miss the Registration Link below. We cannot wait to see you all at the Westin, Powai, Mumbai, on the 24th of May 2023!
