Pragati - The Sahamati Newsletter October 2023

01 Jan 2024

Latest events and updates about Account Aggregator ecosystem


What’s New

October 2023 witnessed a significant regulatory push for the rollout of the AA ecosystem in India. At the same time, pertinent self-regulatory initiatives were kickstarted this month to enable the AA ecosystem for the next scaling-up phase. Key stakeholders in the ecosystem have come together to promote collaboration and devise innovative solutions to address critical challenges. These steps signify a crucial stride towards implementing participatory governance mechanisms within the ecosystem.

On 26 October 2023, the Reserve Bank of India (RBI), vide its notification, mandated ‘reciprocity’ for all entities participating in the Account Aggregator (AA) ecosystem. This exhorts all asset information-holding FIUs to necessarily implement the AA framework as FIP and enable data sharing. We expect all the other financial sector regulators (FSR) to come out with similar notifications. This will be a crucial step in implementing Open Finance in India. 

Sahamati is committed to fostering collaboration and developing solutions for pressing issues within the ecosystem. We have constituted three committees to address crucial hurdles in the next phase of scaling up the AA ecosystem: the Committee on Interoperability, the Committee on Audit Framework for Data Governance, and the Committee on Pricing for FIPs. Members of these committees include representatives from FIUs,  FIPs, and AAs. The outcome of these will be shared in the coming months. Similarly, the PFM-FIU Council and the Lending Council have been formed to espouse industry-level discussions, aggregate feedback, and deliberate solutions.

Reserve Bank Information Technology Private Limited (ReBIT) published the Insurance Regulatory and Development Authority of India (IRDAI) Financial Information (FI) Type schemas this month. ReBIT has separated schemas across life and general insurance. This provides much-needed clarity for the FIPs and the FIUs. This development is poised to promote the adoption of insurance use cases in the AA ecosystem.


AA Adoption

29.8 million

Consent requests fulfilled 

28.3 million
Accounts linked on AA

470+ FIs

Actively engaged in AA adoption

370 FIs

Live on AA

136 FIPs

Live on AA 

75 FIPs

Available on 4 or more AAs 

Common Infrastructure

270 FIs

17 TSPs

Sahamati Certification Framework

158 Signatories
AA Participation Terms

1,169 UAT 

507 Prod

Entries in AA Registry 


Grievances handled


Grievances resolved 


FI Dashboards disseminated


Self Regulation Initiatives

Self Regulation Initiatives

Sahamati is a member-driven industry alliance that fosters self-regulatory mechanisms for the country’s Account Aggregator (AA) ecosystem. The ecosystem has successfully scaled up the supply side of the network, with around 1.94 financial accounts live with the AA facility. To enable the demand-side scale-up, the ecosystem must strengthen consumer choice of AA through interoperability, ensure fair usage of data, and remove disincentives of technology costs for legacy institutions. To enable these, Sahamati has constituted GC-Committees for Interoperability, Audit Framework for Data Governance, and Pricing for FIPs.




A national workshop on the Account Aggregator (AA) framework, organized by the National Bank for Agriculture and Rural Development (NABARD) and the Bankers Institute of Rural Development (BIRD), Lucknow. The workshop assembled 75 officials across India from 43 Regional Rural Banks (RRBs). Their participation reflected a strong commitment to advancing the financial sector, driven by the belief in the AA framework’s potential to enhance financial inclusion and streamline processes, aiming to provide a superior customer experience. 


Podcast with Sattva Knowledge Institute

Podcast with Sattva Knowledge Institute

Sattva Knowledge Institute hosted Shalini Gupta, Head of Strategy at Sahamati, to discuss the role of account aggregators in achieving digital financial inclusion. In India, despite progress in financial inclusion, access to financial services is still limited. The credit gap amounts to Rs 25 lakh crores due to fragmented data and cumbersome sharing processes. Account aggregators are introducing open banking, which has the potential to transform the credit market, enabling millions to securely and efficiently access and share their financial data across institutions.


PrivacyNama by MediaNama

  PrivacyNama by MediaNama

B.G Mahesh, Chief Executive Officer (CEO), Sahamati, represented the AA ecosystem as the first population-scale implementation of consent managers in India at MediaNama’s privacy conference, PrivacyNama. One of the main themes of the conference was to understand the Digital Personal Data Protection Act 2023 and its impact on the various businesses in India. Mahesh highlighted the importance of crucial artefacts like consent templates and purpose codes to drive transparency and effectively informed consent among consumers.


Pragati with Fintech Convergence Council

     Pragati with Fintech Convergence Council

Sahamati held an exclusive webinar for the Fintech Convergence Council (FCC) on the impact of the Account Aggregator (AA) framework on the lending industry in India. According to the analysis undertaken by Sahamati, AA has the potential to expand the credit-served population from the current 200 million to 370 million. The session highlighted the potential of AAs to reduce fraud rates to zero, increase the top line and bottom line of lending businesses, cut down operating costs and turnaround times, and usher efficiency in the lending processes.


International Advocacy

International Advocacy

Siddharth Shetty, co-founder of Sahamati and co-author of Data Empowerment and Protection Architecture (DEPA), spoke about the Account Aggregator (AA) Framework for Consent-based Data Sharing at the “Masterclass Series on Responsible Payments Digitization” hosted by The United Nations-based Better Than Cash Alliance and the Arab Monetary Fund. This global acclaim for India’s Digital Public Infrastructure (DPI) is also reflected in the Global Partnership for Financial Inclusion (GPFI) report on G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure. Read to know more about India’s DPI diplomacy!

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