RBI recognises Sahamati Foundation as SRO for account aggregator ecosystem

RBI has recognised Sahamati Foundation as the SRO for the Account Aggregator ecosystem, strengthening governance and trust in open finance

The Reserve Bank of India (RBI) on Friday recognised Sahamati Foundation as the self-regulatory organisation (SRO) for the Account Aggregator (AA) ecosystem.

 

The AA ecosystem has 1,120 live regulated financial entities, 176 Financial Information Providers (FIPs), 1,020 Financial Information Users (FIUs), and 17 operational Account Aggregators.

 

Sahamati claims that the AA framework has facilitated over 450 million fulfilled consent requests, enabled more than 294 million linked accounts, and now supports over 290 million monthly data shares across lending, insurance, wealth management and personal finance use cases.

 

“The establishment of an SRO introduces an important layer of institutional trust for the ecosystem. It creates a mechanism through which industry participants can collectively uphold standards, strengthen responsible market conduct, and ensure that the ecosystem evolves in a manner that remains secure, interoperable and consumer-centric,” said R Gandhi, former deputy governor, Reserve Bank of India, and chairman, Sahamati.

 

 

Account Aggregators (AAs) use technology to assist in the simple and secure exchange of data between financial institutions such as banks, insurance agencies and mutual fund companies. This information cannot be shared without consent, according to Sahamati.

 

“As financial ecosystems become increasingly interconnected, our role as SRO is to help create shared accountability across participants and ensure that India's open finance journey continues to remain inclusive, interoperable and globally relevant,” said B G Mahesh, chief executive officer (CEO), Sahamati.