Pragati - The Sahamati Newsletter July 2023

10 Aug 2023

Latest events and updates about Account Aggregator ecosystem


What’s New

With great pleasure, we bring to you the newsletter for July 2023 on AA ecosystem! Exciting times are here, with GSTN officially going live as a FIP of six AAs, becoming the first entity outside the financial sector to start participating in the AA Ecosystem. This milestone brings forth opportunities and progress for the MSME (Micro, Small, and Medium Enterprises), setting the stage for cash flow-based lending and transformative growth for the Indian Economy.

July witnessed a significant rise in consents fulfilled, reaching an impressive count of 15.656 million by the end of the month, registering a monthly growth rate of 14%. The growth rate was less than in previous months due to an AA conducting a data correction procedure to avoid the "double-counting" of recurring consents. TallyEdge AA has obtained an operational license from the Reserve Bank of India to make the total number of operational AAs an impressive twelve. Three FIP banks achieved the successful onboarding of 10 AAs, establishing a benchmark in interoperability. CDSL (Central Depository Services Limited) has already gone live with 9 AAs. GSTN is dedicated to completing the integration process with all AAs in the current phase.

Cross-Sectoral adoption showed further improvement during the month with notable developments. Two Asset Management Companies (AMC) granted their RTA legal approval to join the AA Ecosystem and go live, bringing the total number of live AMCs to 17. Three new insurance companies and five RRBs joined the AA Ecosystem as FIP. The rising trends in consents fulfilled and more FIPs and FIUs joining the network reflect both users’ and institutions’ increasing acceptance and adoption of the Account Aggregator framework. 

Another highlight in the Data Empowerment journey is the release of SEBI’s consultation paper on Financial Information Users (FIUs) within the AA framework. This strategic move aims to enhance safeguards within the system, instilling greater confidence and trust by curbing the misuse of financial information in frauds and mis-selling.

The Digital Personal Data Protection Bill, 2023 has been passed in both houses of the Legislature. When it comes into effect, the legislation is poised to reshape data usage and processing across domains. The first-mover advantage to the AAs is consent managers in the financial ecosystem can spill over and diversify into other domains. The AA Network is poised to undergo a transformative impact as the bill is enacted, akin to what "demonetization" had on the uptake of UPI. A momentous shift awaits Account Aggregators, heralding a new era in financial data-sharing.


AA Adoption

14.93 million

Consent requests fulfilled 

15.65 million
Accounts linked on AA

410+ FIs

Actively engaged in AA adoption

249 FIs

Live on AA

86 FIPs

Live on AA 

30 FIPs

Available on 4 or more AAs 

Common Infrastructure

240 FIs

11 TSPs

Sahamati Certification Framework

147 Signatories
AA Participation Terms

948 UAT 

372 Prod

Entries in AA Registry 


Grievances handled


Grievances resolved 


FI Dashboards disseminated




GST is Live as FIP 

GSTN has gone live on the AA Network as a FIP. The inflow of GST data provides a significant impetus to MSME-centred financial innovation unlocking credit access through cash flow-based underwriting & lending. As the ecosystem evolves and stakeholders embrace this transformative change, AAs pave the way for MSME growth in India, fostering growth in the country. The benefits of GST data on AA extend beyond fulfilling the MSME credit crunch and will feed into larger macroeconomic benefits.



SEBI Consultation Paper  

SEBI has issued a consultation paper to enhance safeguards within the AA framework, specifically preventing financial information misuse in various fraudulent activities.  Sahamati has recently engaged in a similar market feedback exercise to gather industry opinions on AA use cases for SEBI-licensed entities, and the SEBI paper further reinforces our commitment to this initiative



Sahamati launched the AA consent template dashboard

Following the discussion with FIUs on AA consent template transparency in June 2023, Sahamati launched the FIU Transparency Dashboard. AA Consent dashboard presents information live FIUs share, in a spirit of self-governance, about distinct consent templates (collection of consent parameters) employed in their AA journeys. In phase one of the initiative, consent templates used by a select cohort of FIUs were published to add all live FIUs in the coming days



AA Health Dashboard

The SAANS dashboard– “Swasthya of AA Network as a Service,” aims to provide a transparent view into each network participant’s real-time health of “Live” AA APIs. In addition to CAMS, Finvu, Anumati, Onemoney, and NADL, Protean AA has also started to report data to the dashboard. All stakeholders, including policymakers, AAs, FIPs, and FIUs, are now using the dashboard to drive efficiencies in the AA Ecosystem and ensure improved customer experience



Mutual Funds on AA: a Deep Dive session

Sahamati hosted its monthly Pragati webinar on Mutual Funds and SIP Data. The session witnessed approximately 300 attendees across financial institutions and TSPs. As part of his keynote speech, Shri Harsh Roongta mentioned the importance of the AA framework, amongst other things, in easing tedious client data collection processes for investment advisors. The use case and schema presentation was done by Sahamati in collaboration with KFin Technologies, followed by a showcase of innovative wealth management solutions by two technology service providers.

Follow us on

Can’t view the mail? Click here

Do not wish to receive mails from Sahamati? Click here to unsubscribe