The rainy season started with showers of exciting news. GSTN is in the final leg of going live on the AA Framework, with ReBIT publishing the GSTN data schemas. The enthusiasm amongst the Financial institutions, not just lenders but also insurance companies & others, to build and roll out innovative cash flow-based products for MSMEs has been highly encouraging. We expect to see the first few roll-outs in lending and insurance begin in the next month or so.
The cumulative number of consents successfully fulfilled through AA reached 13.76 million in June 2023, registering a monthly growth rate of 28%. The number of new consents successfully fulfilled in June was 2.9 million, which translates into 97000 consents per day. The total number of entities that are live on AA has now reached 247, with 75 FIPs and 230 FIUs.
As the AA Framework becomes a critical infrastructure for financial institutions, so does the need to strengthen the foundation of governance and improve adherence to SLAs. With community efforts, Saans: the AA API health dashboard now includes reporting from 5 AAs and is increasingly adopted by FIPs to self-monitor and improve their delivery rates. Starting with transparency dashboards, the community has shown an intent to move towards the implementation of best practice codes of conduct and data governance audits in the medium to long term.
The Digital Data Protection Bill was cleared by the Cabinet and is expected to be tabled in the monsoon session of the Parliament. The legislation, once improved, will define newer standards of Data Empowerment and Data Governance in the country with consent managers being one of the critical components towards ensuring it.
Now that AA is truly cross-sectoral, with FI types from all FSRs active, adoption within a sound governance framework will define the success of the ecosystem in the times to come. I would like to conclude by saying that exciting times are ahead, with India set to fortify its position as an emerging leader in Digital Public Infrastructure and make definitive strides toward the national targets of financial inclusion.
