Sahamati Foundation Designated as Self-Regulatory Organization by RBI for Account Aggregator Ecosystem
RBI recognises Sahamati Foundation as SRO for account aggregator ecosystem
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The Reserve Bank of India has officially recognized Sahamati Foundation as the self-regulatory organization for the Account Aggregator ecosystem, which includes over 1,120 regulated financial entities and has facilitated 450 million consent requests, enhancing data sharing across various financial services.
- 01Sahamati Foundation will oversee the Account Aggregator ecosystem as the self-regulatory organization (SRO).
- 02The ecosystem comprises 1,120 regulated financial entities, including 176 Financial Information Providers (FIPs) and 1,020 Financial Information Users (FIUs).
- 03Over 450 million consent requests have been fulfilled through the AA framework, supporting more than 290 million monthly data shares.
- 04R Gandhi, former RBI deputy governor, emphasized the importance of the SRO in establishing institutional trust and upholding industry standards.
- 05B G Mahesh, CEO of Sahamati, highlighted the role of the SRO in promoting accountability and inclusivity in India's open finance landscape.
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The Reserve Bank of India (RBI) has recognized Sahamati Foundation as the self-regulatory organization (SRO) for the Account Aggregator (AA) ecosystem, which currently includes 1,120 regulated financial entities. This ecosystem comprises 176 Financial Information Providers (FIPs) and 1,020 Financial Information Users (FIUs), along with 17 operational Account Aggregators. Sahamati reports that the AA framework has enabled the fulfillment of over 450 million consent requests and supports more than 290 million monthly data shares across various sectors, including lending and insurance. R Gandhi, former deputy governor of the RBI, stated that the establishment of an SRO is critical for fostering institutional trust and ensuring responsible market conduct. B G Mahesh, CEO of Sahamati, noted the SRO's role in promoting shared accountability and maintaining the ecosystem's inclusivity and interoperability as India advances in its open finance journey.
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The recognition of Sahamati as the SRO is expected to enhance consumer trust and accountability in the financial data exchange process in India.
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