Pragati - The Sahamati Newsletter March 2024

23 Apr 2024

Latest events and updates about Account Aggregator ecosystem

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AA Adoption

63.95 million

Consent requests fulfilled 

58.25 million
Accounts linked on AA

557+ FIs

Actively engaged in AA adoption

465 FIs

Live on AA

148 FIPs

Live on AA 

75 FIPs

Available on 4 or more AAs 

Common Infrastructure

342 FIs

17 TSPs

Sahamati Certification Framework

175 Signatories
AA Participation Terms

1,408 UAT 

634 Prod

Entries in AA Registry 


Grievances handled


Grievances resolved 


FI Dashboards disseminated

What’s New

We continue to see healthy traction in the AA Ecosystem, with an average of new monthly successful consents on the AA Framework of 7.95 million over the period of January to March 2024 compared to 5.17 million average successful consents during the period of October to December 2023. This signals a stable and healthy demand uptake in this game-changing Digital Public Infrastructure

Usage of the AA Framework has started to broaden across sectors and financial information users, with the Top 50 FIUs accounting for 85% of the consents during Jan-March 2024, a marked increase from Jan-Dec 2023, where the Top 20 FIUs accounted for more than 80% of the consents. SEBI FIUs today account for around 19% of the total consents utilizing AA to offer Personal Finance Management services to consumers, Demat account opening, and bank account verification. Case studies of the positive impact of the AA Framework from leading Financial Information Users continue to flow in, bolstering our optimism that the AA Ecosystem is here to stay and eventually deliver on its promise of increasing financial inclusion.

Improvements in the success rates of FIPs are one of the important factors for the growth of the AA ecosystem. Although various issues persist with a few FIPs, the FIP performance has shown continuous improvement, resulting in increasing confidence in the ecosystem. Overall, the success rates of financial information providers (FIPs) are improving in account discovery and data delivery. This financial year, we focus on further strengthening the technical infrastructure and the implementation of AA modules across the board.  

With adoption and usage, the ecosystem requires rigorous guardrails to prevent fraud and misuse. In FY25, the ecosystem aims to strengthen governance and formalize self-regulatory mechanisms for the industry. The Reserve Bank of India (RBI) has finalized the Omnibus Framework for Self-Regulatory Organizations (SROs) for Regulated Entities under their purview. We believe the SRO framework is a great step in strengthening governance for the ecosystem. Sahamati has already initiated efforts to strengthen Fair Use guard rails in the AA Ecosystem through various best practice decisions being framed under its Fair Use committee with inputs and deliberations received from PFM, lending, and insurance councils.

I would like to end the note by sharing a significant milestone in Sahamati’s journey as an industry alliance for the AA Ecosystem. Sahamati has started operating from its first office in Bengaluru, and we were privileged that Mr. Nandan Nilekani inaugurated the office in the presence of Dr. Pramod Varma from the Advisory Council and Governing Council members, AA representatives, other ecosystem representatives, and well-wishers. With this development, we are poised to formalize the Sahamati Account Aggregator (AA) Network in FY25. 


Governing Council backs the decisions for a dedicated SRO for the Ecosystem

          Account Aggregator Roadmap for 2024

In March, the Governing Council (GC) for the Account Aggregator (AA) ecosystem convened for the last meeting of the financial year. The GC discussed the scale-up, various updates & initiatives, and participatory governance outputs of the ecosystem. The GC also vetted the transition of Sahamati into a Self-Regulatory Organization (SRO) for the AA ecosystem. Additionally, GC emphasized strengthening the operational role of Sahamati across advocacy, technological infrastructure, support, and dispute resolution. For the finalized SRO framework


                    Ecosystem Update

Lending through Account Aggregators

Representing the AA Ecosystem in Industry Events!

Sahamati participated in the Fintech Festival India 2024 for a panel discussion on Digital Public Infrastructure (DPI). Sahamati also attended the Startup Mahakumbh 2024 to represent the Account Aggregator (AA) ecosystem. These sessions & discussions focused on the potential of consent-based data-sharing via AAs for deepening financial inclusion across access, usage, and quality of financial services in India. We also emphasized the potential of AAs to expand the financial services market in India through operational efficiency, higher conversion rates, lower risks, and supercharging innovation.


cambrigde open banking finance for regulators programme

Lessons from India on Building a Trust Management Infrastructure

Sahamati had the opportunity to interact with the Bank of Thailand (BOT) representatives earlier last month. The focus of the meeting was key learnings from the Indian experience in building trust management standards and infrastructure for the AA ecosystem. The interaction delved into crucial nuances of infrastructure development and highlighted the importance of outsourcing through a multi-vendor approach. The interaction also explored creating verifiable, programmatic credentials for efficient trust management


Fraud Prevention Working Group to Strengthen AA Process Flows

  Fraud Prevention Working Group to Strengthen AA Process Flows

Financial services must be built in a manner that reduces the vulnerability of a customer. Recently, RBI proposed reducing reliance on SMS-OTP for authentication and urged the industry to develop principle-based frameworks. As AAs are one of the critical modules, there is a need to strengthen the AA process flows. Additionally, as the ecosystem scales, it is crucial to safeguard end consumers from potential frauds and scams. Sahamati has set up an AA Fraud Prevention Working Group to identify, prevent, and address potential fraudulent activities in a consultative manner.

              customer interaction


Customer Feedback on the Account Aggregator Experience

The foundational vision of data empowerment has been to confer agency and control to the customers over their financial journeys. The AA ecosystem takes a customer-centric approach to innovation and service delivery. We have had the privilege of engaging with customers who have used Account Aggregators (AAs) to share data. All the customers we spoke to shared a common experience– a drastic reduction in the time required to access and share their bank statement data. We encourage everyone in the ecosystem to conduct user research & surveys and interact with the customers!

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