Major Financial Institutions Set to Invest in Sahamati for Enhanced Data Sharing
Banks, asset management firms, stock brokers are set to become shareholders in Sahamati
The Economic Times
Image: The Economic Times
Several prominent banks and asset management firms are finalizing investments in Sahamati, a not-for-profit entity that facilitates a consent-based financial data sharing system in India. This move aims to strengthen the non-banking financial company (NBFC)-Account Aggregators ecosystem, enhancing collaboration among financial information providers and users.
- 01Major banks like State Bank of India and HDFC Bank are acquiring stakes in Sahamati.
- 02Sahamati aims to become a self-regulatory organization (SRO) for the NBFC-Account Aggregators ecosystem.
- 03The entity promotes a consent-based financial data sharing system in India.
- 04Sahamati's revenue for FY25 was ₹15 crore (approximately $1.8 million USD), with a net surplus of ₹1.1 crore (approximately $132,000 USD).
- 05The organization has recently appointed notable figures to its board, including former RBI governor R Gandhi.
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Sahamati, a not-for-profit entity based in Bengaluru, is poised to receive significant investments from major banks and asset management firms, including the State Bank of India, HDFC Bank, and ICICI Bank, each set to acquire stakes between 7.5% to 8.5%. Additionally, tech-led stock brokers like Zerodha and Angel One are taking 8% stakes, while wealth management startup Dezerv has acquired 2%. This strategic move follows the Reserve Bank of India's framework issued in March 2022 for establishing a self-regulatory organization (SRO) for the non-banking financial company (NBFC)-Account Aggregators ecosystem, positioning Sahamati to play a crucial role in this sector. Founded in 2019, Sahamati aims to promote financial data sharing and has reported a revenue of ₹15 crore (approximately $1.8 million USD) with a net surplus of ₹1.1 crore (approximately $132,000 USD) for FY25. The organization has also strengthened its leadership by appointing prominent figures to its board, enhancing its credibility and operational capacity within the financial ecosystem.
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The investment in Sahamati by major financial institutions is expected to enhance the efficiency and security of financial data sharing in India, benefiting consumers and businesses alike.
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