| |
|
|
Latest events and updates about Account Aggregator ecosystem
|
|
|
|
|
55.89 million Consent requests fulfilled
| 50.12 million Accounts linked on AA | |
540+ FIs Actively engaged in AA adoption
| |
456 FIs Live on AA | |
147 FIPs
Live on AA | 75 FIPs Available on 4 or more AAs
|
|
|
323 FIs 17 TSPs Sahamati Certification Framework | 167 Signatories AA Participation Terms | |
1,365 UAT 608 Prod Entries in AA Registry
| |
18,351 Grievances handled
| |
11,254
Grievances resolved | 322 FI Dashboards disseminated
|
|
|
|
|
|
|
FY24 has proved to be a step change for India’s Account Aggregator (AA) ecosystem. The consent-based data-sharing framework has garnered widespread acceptance within the industry as well as rapid adoption and usage. The industry has strengthened and stabilized itself with scale through education, self-regulation, and techno-legal infrastructure.
Cumulative consents fulfilled have reached 55.89 million by February 2024, from 5.89 million by the end of FY23. Similarly, the ecosystem has more than doubled in size with 450+ REs. As a testament to the scale, more than 2.11 billion financial accounts of the 3.5 billion accounts active in India have integrated with the network. In the first half of FY24, AAs have facilitated the disbursement of Rs 129 billion across 1.35 million loans out of a cumulative 2.10 million loans that disbursed Rs. 204 billion.
Further strengthening the network, the recent notification by RBI has allowed the Clearing Corporation of India Limited (CCIL) to join the ecosystem as a Financial Information Provider (FIP). This addition will provide Retail Direct Gilt account data to the network. The availability of this data solidifies the comprehensive overview of personal finance for consumers. At the same time, this data improves the holistic assessment of consumer risk appetite and preferences for investment advice.
Education-led advocacy has proved to be one of the most impactful tools to spread awareness and boost the adoption of the consent-based data-sharing framework. Through collaborations with NABARD and BIRD, the knowledge sessions, demonstrations, training sessions, and workshops for the Regional Rural Banks (RRBs) have yielded substantial results. More than 75% of RRB deposit accounts have integrated into the AA network, fortifying innovation for inclusion.
Similarly, the insurance sector is witnessing supply-side scale-up with life insurance and general insurance institutions onboarding the network as FIPs. As supply strengthens and stabilizes, the industry should anticipate a rapid increase in usage. AAs are set to widen insurance penetration in India. With transactional and tax data bolstering cash-flow-based underwriting, we expect a rapid proliferation of insurance use cases for individuals and MSMEs!
With this momentum, FY25 is poised to usher in the expansion of the market, robust usage, consumer-centric innovation, and financial inclusion!
|
|
DPI Session for Junior Officers
The Ministry of External Affairs (MEA) organized a Digital Public Infrastructure (DPI) Training Session for Junior IFS officers at EkStep in Bangalore. Sahamati participated in the workshop along with CDPI (Centre for Digital Public Infrastructure), EkStep, people+ai, Sunbird, and FIDE (Foundation for Interoperable Digital Economy). Sahamati highlighted the impact of DPI– UPI and AA- on the financial sector. The workshop emphasized that DPI is a paradigm shift that will expand the global digital economy. Indian companies and startups can benefit from this shift through service provision & value addition.
|
|
|
|
|
|
Solidifying the Technical Underpinnings of the AA Network
The webinar on Ecosystem Readiness for 2.0 Implementation delved into various crucial aspects of the readiness assessment of the ecosystem for the NBFC-AA 2.0 specifications. The webinar highlighted the steps critical to ecosystem participants– AAs, FIPs, and FIUs, to ensure a smooth transition to the updated standards. The webinar discussed the developments made in the Central Registry (CR) and the FETCH API. Additionally, CR Self-Service Systems, including the CR Onboard API, were also introduced. To know more about the changes, click the link below!
|
|
|
|
Progressing the Ecosystem with Participatory Governance
On 5th Feb 2023, the Governing Council (GC) Committees convened for their third meeting in Mumbai. The committees achieved significant progress and consensus on crucial elements of the solutions to achieve their intended objectives. Cumulatively, the Fair Use Committee and the Interoperability Committee have unanimously agreed on the need for the Sahamati Network to formalize itself. The draft Omnibus SRO Framework for Regulated Entities under the RBI has opened an avenue to strengthen the ecosystem. The Economic Model Committee has acknowledged calibrating ecosystem pricing into FIP costs, network costs, and a standardized AA cost– to be borne by the FIU. To know more about the committees, click here!
|
|
|
|
Code of Conduct Capping Daily Data Requests to RTAs & Depositories
The PFM Use Case Council deliberated on FIUs repeating a specific data request to depositories or RTAs on the same calendar day, even if the data request was fulfilled successfully. According to the ReBIT schema, depositories and RTAs can only provide data from the previous day’s closing. So, the fetched information remains identical regardless of the number of requests within a day for the same consent ID and FI Data Range. Thus, the council has updated the Sahamati AA Code of Conduct with the Community Guideline DR005, which recommends FIUs make only one data request per day for a given Consent Artefact and FI Data Range if successful data retrieval has occurred.
|
|
|
|
Strengthening Inclusion through AA Training for Branch Managers at RRBs
The Bankers Institute of Rural Development (BIRD), Lucknow, organized an Account Aggregator (AA) workshop. This workshop was conducted by Sahamati and was curated for the branch managers of Regional Rural Banks (RRBs) in India. The workshop witnessed participation from representatives of more than 10 RRBs across the country. Sahamati disseminated in-depth knowledge of AAs and demonstrated real-world use cases with the aim of equipping branch managers with practical insights. Collaborations like these strengthen the resolve of the ecosystem to drive innovation and financial inclusion in the country.
|
|
|
|
Engaging with the Fintech Community
Sahamati participated in the Bharat Fintech Summit to provide a comprehensive insight into the evolution of Account Aggregators (AAs) and their potential impact on India’s financial landscape. The sessions Sahamati participated in delved into the transformative impact of AAs in the financial sector through lean, efficient operations and innovative use cases. We also conducted an insightful workshop exploring novel use cases such as early warning signals, defaulter collection in lending, and cash-flow-based underwriting for credit and insurance. The workshop also highlighted the potential of democratizing wealth advisory through AAs, empowering every Indian with a personal balance sheet.
|
|
|
|
|
|
|
|
|
|
Do not wish to receive mails from Sahamati? Click here to unsubscribe |
|
|
|
|
