From Data-Blind Courier to Citizen’s Consent Manager
India’s Account Aggregator (AA) framework was designed to move financial data securely without accessing, storing or monetising it. Its next evolution, according to Shri Sivasubramanian Ramann, Chairperson, Pension Fund Regulatory and Development Authority (PFRDA), must focus on empowering citizens to understand and control how their data is used.
At SamvAAd 2026, Sahamati’s flagship conference on the Account Aggregator ecosystem, Shri S. Ramann, Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), delivered a plenary address as part of the wider discussion on trusted data, financial inclusion and the future of India’s financial services.
Trust begins with data blindness
The AA framework enables financial information to move between institutions through encrypted, consent-based exchanges. Its data-blind architecture is not a limitation, but the foundation of trust, ensuring that customer information is not accessed or monetised by the intermediary.
Shri Ramann highlighted how this can advance financial inclusion, particularly for small businesses and first-time borrowers whose financial activity may not be reflected in conventional credit records. With consent, cash-flow information can help lenders assess borrowers beyond traditional collateral and documentation.
Consent must remain with the citizen
Consent, he emphasised, is not a one-time event but an ongoing relationship. Individuals must be able to review, manage and withdraw permissions as easily as they grant them.
He called for the AA ecosystem to evolve towards a more citizen-centric consent management model, where people can clearly see what information they have shared, with whom, for what purpose and for how long. Consent must be understandable and meaningful, not merely legally valid.
Building for people, not just compliance
Shri Ramann urged the ecosystem to prioritise simple, accessible consent experiences, protect data blindness and make withdrawal as easy as granting permission. He also underscored the collective responsibility of ecosystem participants to uphold trust, warning that misuse by one participant could undermine confidence in the entire network.
He highlighted the potential of explainable AI to help citizens understand their financial information, ask better questions and make informed decisions, including through PFRDA’s regulatory sandbox.
The larger ambition is to build a financial data ecosystem in which individuals, not institutions, remain in control. As the AA framework evolves, its success will depend on whether every citizen can understand their choices and trust that those choices will be respected.