Pragati - The Sahamati Newsletter December 2023

04 Mar 2024

Latest events and updates about Account Aggregator ecosystem


AA Adoption

40.09 million

Consent requests fulfilled 

38.96 million
Accounts linked on AA

510+ FIs

Actively engaged in AA adoption

419 FIs

Live on AA

146 FIPs

Live on AA 

75 FIPs

Available on 4 or more AAs 

Common Infrastructure

312 FIs

17 TSPs

Sahamati Certification Framework

162 Signatories
AA Participation Terms

1,276 UAT 

572 Prod

Entries in AA Registry 


Grievances handled


Grievances resolved 


FI Dashboards disseminated

What’s New

Sahamati wishes everyone a very happy new year! The year 2023 has been momentous for the AA ecosystem. In 2022, we witnessed adoption, and in 2023, we experienced a growth in usage. In the last year, significant legal and regulatory trends have reshaped the landscape of the Account Aggregator (AA) ecosystem.

The Digital Personal Data Protection Act (DPDPA) 2023 marks a pivotal moment in the evolution of the ecosystem. The legislation formalizes the role of consent managers as specialized entities in facilitating consent-based data-sharing transactions. As the first practical implementation of consent managers, the legal foundation of the account aggregator (AA) framework has solidified.

The ecosystem shows signs of maturity as the Reserve Bank of India (RBI) mandated reciprocity for all entities under its purview, emphasizing the need for mutual data exchange. RBI has directed all the participating FIUs to operate as FIPs if they possess financial information specified by the Reserve Bank Information Technology (ReBIT) schema. 

The regulators have acknowledged streamlining eligible entities within their jurisdictions to participate in the AA ecosystem. The PFRDA has notified that Central Recordkeeping Agencies (CRAs) in place of NPS funds are FIPs, and Points of Presence (POPs) are to function as sole FIUs. The SEBI came out with a consultation paper to gather industry opinion on the need to streamline the eligibility of entities under its purview to participate in the AA ecosystem as FIPs or FIUs.

As the ecosystem matures, the financial information schemas are also being streamlined. ReBIT separated insurance schemas into two distinct data schemas for Life Insurance and General Insurance. The introduction of newer schemas can unlock newer use cases. These changes poise the insurance sector for rapid adoption. Similarly, schemas for other FI types, such as GSTN, have also been released.

More than 500 REs across the four financial sector regulators (FSRs) are at various stages of adopting the AA framework. FIPs with tax data falling under the purview of the Department of Revenue (DoR) Ministry of Finance (MoF) are also poised to join the network. The Goods & Services Tax Network (GSTN) was the first to go live in 2023. This year, we focus on activating the Central Board of Direct Taxes (CBDT) on the network.

With these developments, the AA ecosystem has successfully ramped up the supply side for the network. Live entities have collectively empowered more than 1.94 billion financial accounts, constituting 56% of the total financial accounts (including bank accounts, Demat accounts, mutual fund folios, GST taxpayers, and pension accounts) in India, to share data through the AA framework. Over 38.96 million financial accounts have already been linked, representing 1% of the total financial accounts. As the ecosystem witnessed significant adoption across sectors, successful data shares have skyrocketed from 3.3 million in 2022 to an average of 40.09 million by the end of 2023. In December 2023, the average successful fetches amounted to 1.66 lakhs daily. 


As adoption increased, it was crucial to institutionalize self-governance mechanisms for a healthy scale-up. Sahamati convened three committees under its Governing Council (GC) to address Interoperability, Fair Use of AA, and Economic Model. At the same time, Sahamati also constituted Use Case Councils for Lending, Personal Finance Management (PFM), and Insurance, ensuring participatory governance and addressing critical hurdles for the ecosystem. Through deliberations in the lending council, community guideline PC004 on “one purpose, one consent” has been rolled out.

With these legal, regulatory, and self-regulatory developments, the demand side of the network is poised to scale up rapidly. As the AA ecosystem enters a crucial phase this new year, let us strive for a successful scale-up through collective efforts and resolve!

Ecosystem Update

AA Ecosystem Growth FY22-Fy23

            Growth of the AA Ecosystem in 2023

In the last year, the number of live FIPs in the Account Aggregator (AA) ecosystem has doubled from 29 to 57, and the live FIUs have more than doubled from 128 to 268, showcasing a growing acceptance of the framework. Moreover, the reciprocal entities functioning as FIP and FIU have jumped from 29 to 88. This surge indicates a convergence of roles within the ecosystem, fostering a more interconnected and collaborative financial landscape. As the AA framework witnessed significant adoption across sectors, the number of successful data shares has skyrocketed from 3.3 million to 39.1 million, underlining the robustness and reliability of the system.



Release of FIP Health API

Release of FIP Health API

While SAANS Dashboard is currently hosting the data about the technical health of FIPs, we have received requests from FIUs and TSPs to make access to this data available through APIs. We are pleased to announce that our FIP Health API went live on December 18, 2023. The API streams technical health information of FIPs every 30 minutes based on the data received over the last 3 hours from all contributing AAs.  For more details about the API, please check out Sahamati’s Github page.


AA-Workshop at-IIT-Madras Research Park

Account Aggregator (AA) Workshop at 
IIT-Madras Research Park

Sahamati conducted a comprehensive day-long workshop on Account Aggregators (AA) at the Indian Institute of Technology (IIT) Madras Research Park in Chennai. The workshop explained the AA framework, addressed common perceptions, elaborated on the practical implementation, and highlighted the impact on diverse use cases, including lending, insurance underwriting, and personal finance management. The workshop also identified growth opportunities and featured live demos. This workshop was curated for the regional financial institutions to promote awareness, education, and adoption of AAs. The workshop witnessed tremendous curiosity and excitement to join the AA ecosystem.


Bangalore City Experience Fintech Festival India

  Bangalore City Experience: 

Fintech Festival India

The Bangalore City Experience, organized by the Fintech Festival India, was an event that delved into the cutting-edge trends and innovations reshaping the financial landscape. Sahamati participated in a panel discussion on the evolving landscape of Open Banking and API integration. The discussion delved into how the Account Aggregator framework is ushering in Open Banking and Open Finance in India by institutionalizing consent-based data-sharing of financial information across sectors.


AA Webinar with FinBox

  AA Webinar with FinBox

Sahamati participated in a webinar and a panel discussion hosted by FinBox on “The Future of Account Aggregator: An FIU and TSP Perspective!” The webinar focused on the steady rise in the coverage and adoption of the account aggregator (AA) framework to more than 1.94 billion financial accounts with the facility of AAs. The discussion delved into the “principle of reciprocity” that aims to institutionalize balance in the data exchange transactions facilitated by the network. The webinar emphasized the importance of ushering interoperability in the network to improve consumer experience. At the same time, the need for customer awareness & education was highlighted.

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