Pragati - The Sahamati Newsletter January 2024

04 Mar 2024

Latest events and updates about Account Aggregator ecosystem

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AA Adoption

48.3 million

Consent requests fulfilled 

45.2 million
Accounts linked on AA

529+ FIs

Actively engaged in AA adoption

436 FIs

Live on AA

147 FIPs

Live on AA 

75 FIPs

Available on 4 or more AAs 

Common Infrastructure

312 FIs

17 TSPs

Sahamati Certification Framework

164 Signatories
AA Participation Terms

1,324 UAT 

591 Prod

Entries in AA Registry 


Grievances handled


Grievances resolved 


FI Dashboards disseminated

What’s New

2024 is a critical year for the Account Aggregator (AA) ecosystem in India. The collaborative efforts taken by the industry across law, governance, regulation, technology, and markets are converging. Many crucial developments across these facets have created conditions that enable an exponential scale-up of the AA ecosystem.

Currently, Lending is the largest use case in terms of the percentage of successful consents fulfilled in the AA ecosystem. Digitally-savvy NBFCs, one of the earliest adopters of the AA framework, have benefited from zero fraud rates, higher data collection efficiency, lower underwriting costs, and the ability to monitor loan accounts, leading to the disbursement of Rs. 204 billion across 2.10 million personal and small business loans. In the first half of FY24 alone, the figures are staggering—Rs. 129 billion across 1.35 million loans. The business lending via AAs is set to rise further with GSTN on board.

Followed by lending, the investment and wealth advisory services, predominantly via RIAs, constituted 18% of the consents fulfilled. AAs offer new-age apps with RIA licenses to undertake use cases like spend analyses and personal finance management (PFM) due to seamless access to consumer data. 

2023 witnessed the AA ecosystem turning truly cross-sectoral. FIPs under SEBI, such as AMCs via the RTAs, and the Depositories and FIPs under IRDAI, such as health insurers, life insurers, and general insurers, went live on the network. Similarly, pension data through CRAs is also live on the network. This has opened up tremendous opportunities for innovative use cases in the ecosystem. In 2024, the usage across public & private sector banks and insurance is poised to increase.

The Reserve Bank of India (RBI) recently released a draft omnibus framework for Self-Regulatory Organizations (SROs) for Regulated Entities (REs) under its jurisdiction. Account Aggregators (AAs) are licensed and regulated by the central bank under its Master Direction NBFC-AA, 2016. The institutionalization of SROs will strengthen governance mechanisms for the AA ecosystem. 

The AA ecosystem comprises participants across the four financial sector regulators (FSRs): RBI, SEBI, IRDAI, and PFRDA. The AA framework was initially open to the voluntary adoption of all regulated entities under the FSRs. This year, notifications and consultation papers from regulators have attempted to define the eligible entities joining the ecosystem as FIPs and FIUs. This proactive regulatory stance signals the evolution and maturity of the ecosystem. 

Additionally, the AA ecosystem has achieved administrative alignment with the Department of Revenue (DoR) under the Ministry of Finance (MoF) to integrate tax data into the network through strategic entities under their ambit. After the successful joining of GSTN, other strategic entities, such as the Central Board for Direct Taxes (CBDT), Employee Provident Fund Organization (EPFO), etc., have shown momentum to onboard the network. 

These developments have created favorable conditions for the significant rise in the adoption and usage of the Account Aggregator framework this year.


Account Aggregator Roadmap for 2024

          Account Aggregator Roadmap for 2024

The monthly Sahamati Pragati webinar this new year apprised the industry of the progress achieved over the last year. The webinar witnessed record participation and garnered tremendous interest. In 2023, FIPs and FIUs saw exponential growth across the four FSRs and rapid usage by early adopters such as NBFCs and RIAs. This year, the usage across PSBs, insurance, and pensions is poised to increase. At the same time, the ecosystem is expected to strengthen cash-flow-based underwriting for MSMEs with GSTN data. Similarly, the ecosystem aims to integrate more strategic FIPs like CBDT and EPFO for a more comprehensive coverage of FI types in the network.


                    Ecosystem Update

Lending through Account Aggregators

Lending through Account Aggregators

Lending, the largest use case in the ecosystem, has crossed the Rs. 200 billion mark for cumulative loans disbursed via AAs. The year-on-year growth in the value of loans from FY22 has witnessed a CAGR of 170%, with Rs. 129 billion disbursed in H1 FY24 across 1.35 million loans. The average ticket size of cumulative loans disbursed is Rs. 96,572, while the average ticket size of loans disbursed in H1FY24 is Rs. 95,347. Personal consumer loans are the majority category in volume and value, but business loans have not been picked up yet. Read the complete report below.


cambrigde open banking finance for regulators programme

Draft Omnibus SRO Framework for REs

The Reserve Bank of India (RBI) released a draft omnibus framework for a Self Regulatory Organization (SRO) for Regulated Entities (REs) under its purview. SROs strengthen regulatory capabilities in implementing, monitoring, and auditing best practice codes of conduct. The Account Aggregator (AA) ecosystem needs an SRO to engender cooperation and collaboration across sectors and regulators. To make the draft framework better suitable for the AA ecosystem, Sahamati submitted a detailed response and sought clarifications on a few crucial aspects. The complete response can be found here.

                 Technical Update

CR V2.0 to Implement ReBIT Spec 2.0.0

  CR V2.0 to Implement ReBIT Spec 2.0.0

The central registry (CR) hosted by Sahamati enables network participants to authenticate entities they transact in the network. The Reserve Bank Information Technology Pvt Ltd (ReBIT) upgraded the technical specifications for the AA ecosystem in the previous year with the NBFC-AA Specifications 2.0.0. As entities start to go live on the new specifications, Sahamati has updated the current version of CR GET API from 1.0 to 1.1 to ensure that existing implementations do not break as entities start to go live on 2.0. Sahamati has also launched a new version of CR GET API 2.0, which entities will use when they go live on 2.0 specs with discover and communicate with other entities live on the 2.0 and 2.1 specs.

              Technical Governance


Real-time FIP Performance Alerts

SAANS streams real-time statistically derived health metrics of each FIP as received from the AAs to a central time-series database managed by Sahamati for the community. Sahamati has upgraded the infrastructure to a more reliable system with faster queries and high availability. In this version, the load time of the main dashboard for a 30-day period has been reduced from 1 minute to less than 1 second now. This version has enabled setting up real-time performance alerts for FIPs. It also makes it possible to notify AAs to send data, ensuring all AAs are up to date on their implementation.

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