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NEWSLETTER ·
SEPTEMBER 2025
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As
we close Q3, the
release of the
Data Unlocked
FY25
Report,
our first
cross-sectoral
report,
underscores the
growing impact
of the Account
Aggregator (AA)
ecosystem across
financial
services. The
report
highlights how
AA has evolved
into a
cross-sectoral
enabler,
creating new
opportunities
not only in
supply but also
in demand, and
demonstrating
its
transformative
potential across
the financial
landscape.
The
implications
of the
report
came
alive on
the
ground
at
GFF
2025,
where
Sahamati
team
highlighted
how the
Account
Aggregator
framework is
driving
innovation
across
products,
processes,
and customer
journeys,
with
sessions
emphasizing
strategies
to scale
adoption,
strengthen
interoperability,
and build
ecosystem
trust.
RBI
Governor
Shri
Sanjay
Malhotra
lauded AA
for
empowering
individuals
to safely
share
financial
data with
regulated
entities and
noted that
its success
hinges on
integrating
broader
financial
information
and ensuring
seamless
interoperability
across FIPs
and FIUs.
Sahamati
continues to
advance
these
efforts,
fostering
collaboration
and evolving
AA into a
robust,
consent-driven
infrastructure
that
underpins
inclusive
and
resilient
financial
services.
Sahamati
membership
remains central
to driving this
momentum, and
last month, we
proudly crossed
the milestone of
100
members.
Each member
plays a vital
role in shaping
the ecosystem by
actively
participating in
working groups,
leveraging
shared
resources, and
contributing to
collaborative
initiatives that
strengthen
frameworks and
accelerate
adoption. As we
look ahead, our
collective focus
will be on
deepening trust,
broadening
adoption, and
fostering
innovative
financial
experiences
—
positioning the
Account
Aggregator
framework as a
global model for
consent-driven
data sharing.
Turning
to our knowledge
initiatives, we
released the
next episode
of
Manthan,
featuring
Shalini Gupta,
Chief Policy &
Advocacy
Officer,
Sahamati, in
conversation
with Rakesh
Joshi, Chairman,
Bima Sugam. They
explore the
moment for
insurance in
India, the
national mission
of Insurance
for All
by
2047,
and how AA is
powering
inclusion at
scale. The
discussion
illustrates that
this
transformation
is not merely
digital but a
reimagining of
the insurance
value chain
through advanced
technologies,
automation, and
consent-based
data
flows.
As
we close Q3 and
step into the
next quarter,
the AA ecosystem
marks a
significant
milestone with
300 million
cumulative
consents
achieved as
of September
2025.
This achievement
underscores the
growing trust,
adoption, and
impact of the
framework and
sets the stage
for continued
collaboration,
innovation, and
inclusive growth
in the months
ahead.
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308+
M
Consents
Fulfilled
12+
M
Monthly
Accounts
Linked
on
AAs
180
FIPs
Live
on
AAs
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223+
M
Accounts
Linked
399+
M
Monthly
Data
Shares
on
AA
776
FIUs
Live
on
AAs
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19+
M
Monthly
Consent
Request
Fulfilled
|
927 M
REs
Live
on
AA
92
FIPs
on
4+
AAs
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The
AA
ecosystem
continues
to
scale
new
heights!
In
FY25,
it
facilitated
the
delivery
of
an
estimated
4.77
crore
financial
products
and
services,
including
2.84
crore
in
capital
markets
and
insurance.
Explore
the
full
insights
in
our
cross-sectoral
report
→
Data
Unlocked
FY25:
Sahamati
Cross-Sectoral
Report
The
next
episode
of
Manthan
is
now
live!
Strengthening
Ecosystem
Performance:
Council
Workshop
on
SLAs
&
Conduct
Guidelines
On
29th
September,
representatives
from
cohorts
of
FIPs
and
AAs
came
together
in
a
day-long
Council
Workshop
to
discuss
common
operating
guidelines
for
the
AA
ecosystem.
The
session,
attended
by
several
AAs
and
FIPs
from
across
sectors,
focused
on
aligning
perspectives
around
SLAs
and
shared
codes
of
conduct,
a
key
step
in
building
a
fair,
transparent,
and
sustainable
data-sharing
framework.
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Enhancing
Interoperability
Across the
AA Ecosystem
through
Sahamati
Router
Pilot
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Traditionally,
Regulated
entities
participating
in
the
AA
ecosystem
would
have
to
establish
separate
connections
and
integrations
with
one
another,
each
facing
unique
challenges
related
to
data
exchange,
security,
and
compliance
with
standards.
SahamatiNet
Router
addresses
these
challenges
by
allowing
each
participant
to
integrate
with
SahamatiNet
Router,
thereby
effortlessly
connecting
with
and
exchanging
data
with
other
members
of
the
ecosystem,
without
needing
to
establish
multiple
individual
integrations.
Preparations
are
underway
for
testing
the
SahamatiNet
Router
(MVP)
for
both
the
integration
and
observability
metrics.
We
have
initiated
the
onboarding
process
with
a
few
of
the
regulated
entities,
engaging
closely
with
them
to
address
their
technical
queries
and
ensure
smooth
onboarding.
The
ecosystem
has
completed
the
migration
of
Token
Service
APIs
as
per
the
Circular
linked
here>>
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Pragati
Webinar
on
“From Insights
to Impact:
Strategies to boost
AA Success
Rates"
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The
September
edition of
Pragati Webinar
brought together
industry leaders
to explore
strategies for
boosting AA
success rates.
Abhishek
Varshney
(Sahamati)
opened the
session,
outlining how
organizations
can implement AA
effectively,
followed by
Ankita Agarwal
(Fibe/EarlySalary)
sharing her
early adopter
experience.
Experts from
Perfios and
Finbox offered
practical
insights and
real-world
solutions.
Read
more>>
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Sahamati
co-hosted a
closed-door workshop
with MicroSave
Consulting (MSC) in
Delhi
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On September
26th, Sahamati
and MicroSave
Consulting (MSC)
co-hosted a
closed-door
workshop at
the India
International
Centre, New Delhi,
bringing together
policymakers and
ecosystem leaders to
explore how Account
Aggregators (AA) and
other Digital Public
Infrastructure (DPI)
can accelerate
financial inclusion,
particularly for
members of Self-Help
Groups (SHGs).
During the session,
Ms. Shalini Gupta
underscored how the
AA framework serves
as a
customer-centric,
secure, and
privacy-first
infrastructure that
bridges local and
formal financial
data, unlocking
access to credit for
underserved
communities.
The discussion
culminated in the
release of a
whitepaper on
data-driven
financial inclusion,
highlighting
actionable pathways
to leverage DPI for
empowering SHGs and
last-mile users.
Read
the full
whitepaper
here>>
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Webinar
on “Your
Data, Your
Power: AA
Decoded”
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On Thursday, 11
September 2025, FACE
hosted a virtual
session under its
FACE Forward
knowledge
initiative,
presented by Abhishek
Varshney, Senior Lead
– Partnership,
Sahamati. The webinar
explored the AA
Framework’s
relevance for lenders,
showcasing how
consent-based data is
transforming credit
underwriting, sharing
impact numbers from the
latest lending report,
and highlighting key use
cases. Participants also
discussed adoption
challenges and the path
ahead for scaling AA-led
lending. The session
offered an engaging
platform to understand
practical adoption
pathways and the
evolving role of Account
Aggregators in shaping
India’s new credit
ecosystem.
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"India’s
digital public
infrastructure is
taking another leap
forward. Sahamati
Labs, the innovation
arm of Sahamati (the
industry alliance
driving the Account
Aggregator (AA)
ecosystem), has
partnered with
Google Cloud India
to integrate
Artificial
Intelligence (AI)
into the Account
Aggregator (AA)
framework…”
👉
Read the full
article here
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Team
Sahamati
participated
in
GFF
2025,
demonstrating
the
AA
Framework
as
a
foundational
tool
for
secure,
data-driven
financial
innovation.
Insights
and
encouragement
from
the
RBI
Governor,
the
Finance
Minister,
and
Shri
Nandan
Nilekani
reinforced
AA’s
potential
to
shape
resilient,
interoperable,
and
inclusive
financial
systems.
“A
balanced
mix
of
policy
support,
DPI,
and
forward-looking
regulation
has
actually
shown
the
results.
Aadhar,
UPI,
AA
Framework,
digilocker,
all
of
them
have
really
decisively
changed
the
contours
of
how
public
finance
is
handled
for
the
betterment
of
the
citizen.”
～
Finance
Minister
Nirmala
Sitharaman
“The
success
of
the
Account
Aggregator
framework
will
depend
on
two
critical
things
—
one,
integrating
with
more
financial
information,
especially
information
vital
for
assessing
the
financial
status
of
an
individual;
and
two,
ensuring
interoperability
across
Account
Aggregators,
because
otherwise
it
becomes
very
difficult
for
FIPs
and
FIUs
to
integrate
with
each
one
of
them
and
get
the
network
benefits.”
～The
RBI
Governor,
Shri
Sanjay
Malhotra
Watch
his
full
speech
here-
Keynote
Address
by
Governor
Shri
Sanjay
Malhotra
at
the
Global
Fintech
Fest
2025
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Highlights
from
Sahamati’s
GFF 2025
Sessions
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Account
Aggregator in
Action
On 7th October
2025, the Sahamati
Team conducted a
workshop on how the
Account Aggregator
(AA) ecosystem is
driving innovation
across financial
services.
The session
showcased live and
emerging use cases
that are reshaping
products, processes,
and customer
journeys. It
highlighted how AA
has evolved into a
cross-sectoral
enabler, creating
new opportunities
not only in supply
but also in demand,
and demonstrating
its transformative
impact across the
financial
landscape.
Transforming
Lending with
AA: From
Risk
Assessment
to Recovery
Sahamati hosted a
panel discussion on
how the Account
Aggregator (AA)
Framework is
reshaping risk
assessment, lending
efficiency, and
customer
experience.
Moderator:
Shalini Gupta
(Sahamati)
Panelists:
Amit Talgeri –
Axis Bank, Ashish
Goyal – Fib,e
Shachindra Nath
– UGRO, Vamsi
Madhav – Finvu
AA
The
discussion spotlighted
real-world AA use cases
across underwriting,
risk monitoring, and
collections,
demonstrating measurable
gains in cost
efficiency, fraud
prevention, and
portfolio quality.
Speakers also outlined
strategies for scaling
adoption and envisioned
how innovations like AI
and real-time data
enrichment can further
strengthen AA-led
lending.
Session
on Creating an
efficient Lending
Marketplace
leveraging
AA
Sahamati,
in partnership with the
Bill & Melinda Gates
Foundation (BMGF) and
Accion, convened a
closed-door roundtable
with leading lenders and
LSPs to deliberate on
mechanisms to enhance
efficiency in the
evolving interaction
between the Account
Aggregator (AA)
ecosystem and Lending
Service
Providers.
Account
Aggregator:
Reshaping Credit
Markets and
Securities Market
Offerings
The session examined how
the Account Aggregator
(AA) Framework is
redefining the future of
India’s lending
and securities markets
by enabling secure,
real-time sharing of
asset
information.
Moderator:
Anuj Kumar
(CAMS)
Panelists:
B.G. Mahesh –
Sahamati
Sachin Seth – CRIF
Ashish Kashyap –
INDmoney
B.G.
Mahesh highlighted how
AA is emerging as a
vital enabler for the
financialization of
assets such as deposits
and mutual funds,
positioning them as
“data
capital.” The
discussion also explored
the growing opportunity
in securitising physical
assets, with AA expected
to serve as the bridge
linking credit and
securities markets
through trusted,
interoperable data
flows.
AA
+ AI: The Future of
Data-Driven
Financial
Services
This
session explored how the
convergence of the
Account Aggregator (AA)
framework and Artificial
Intelligence (AI) is
redefining the future of
financial services,
enabling smarter
products, personalized
advisory, and deeper
inclusion while
maintaining privacy,
security, and
governance.
Moderator:
Suyesh Shankar –
Sahamati
Labs
Panelists:
Dr. Vivek Raghavan
– Sarvam AI,
Jayesh Kenaudekar
– Pryvx, Ekta
Parashar – Google,
Nirav Prajapati –
Ignosis
Systems
The
panel highlighted how
GenAI tailored for
Indian languages and
dialects can help
millions in Tier 2 and 3
towns access financial
services in their mother
tongue. This isn’t
just about translation,
but about building
trust, comprehension,
and access for the next
billion.
The discussion also
delved into data
privacy, fraud
prevention. Panelists
emphasized that
combining AA’s
consent-based data
infrastructure with
responsible AI can
unlock a new era of
personalized, equitable,
and privacy-preserving
financial experiences
for every Indian,
regardless of language
or literacy.
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Sahamati
Foundation
is a
member-driven
industry
alliance
formed to
promote and
strengthen
the Account
Aggregator
ecosystem in
India.
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