Business EconomyPosted at: Jun 5 2026 11:11PM


RBI recognises Sahamati as SRO for Account Aggregator ecosystem

Bengaluru, June 5 (UNI) In a significant development for the country's digital financial architecture, the Reserve Bank of India (Reserve Bank of India) has officially recognised Sahamati as the Self-Regulatory Organisation (SRO) for the Account Aggregator ecosystem, marking a new phase in the governance of India's consent-based financial data-sharing framework.
Sahamati, which serves as the industry alliance and coordination body for the Account Aggregator framework, will now function as an industry-led Self-Regulatory Organisation (SRO-AA), tasked with strengthening operational standards, governance discipline, interoperability, and ecosystem-wide coordination as adoption accelerates.
The recognition comes as India's Account Aggregator ecosystem continues to scale rapidly into one of the world's largest consent-based financial data-sharing networks. The system currently comprises over 1,120 live regulated financial entities, including 176 Financial Information Providers (FIPs), 1,020 Financial Information Users (FIUs), and 17 operational Account Aggregators.
According to ecosystem data, the framework has enabled more than 450 million consent requests fulfilled, supported over 294 million linked accounts, and now facilitates over 290 million monthly data-sharing transactions across lending, insurance, wealth management, and personal finance use cases.
The Account Aggregator framework, part of India's broader Data Empowerment and Protection Architecture (DEPA), enables individuals and businesses to securely access and share financial information through explicit consent, positioning India as a global reference point for consent-driven digital public infrastructure.
The ecosystem brings together regulated entities across banking, securities, insurance, taxation, and pensions under a unified consent-based architecture. It is jointly shaped by multiple financial sector regulators, including the Reserve Bank of India (Reserve Bank of India), the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA).
Under its role as SRO-AA, Sahamati will be responsible for developing technical and operational standards, enabling dispute resolution mechanisms, ensuring interoperability across participants, strengthening compliance discipline, and facilitating coordinated engagement among ecosystem stakeholders.
The RBI framework for recognising SROs in the Account Aggregator ecosystem emphasises the need for stronger institutional structures to support responsible innovation, enhance transparency, build consumer trust, and ensure sustainable expansion of consent-based data infrastructure.
R. Gandhi, Former Deputy Governor of the Reserve Bank of India and Chairman of Sahamati, said the Account Aggregator framework represents a structural shift in financial data access and participation in the digital economy, adding that institutional mechanisms like SROs are essential to ensure accountability, security, and consumer-centric growth.
B.G. Mahesh, Chief Executive Officer of Sahamati, said India's Account Aggregator system is among the earliest large-scale global implementations of consent-led financial data mobility, adding that the emergence of structured governance frameworks will help ensure responsible evolution of open finance while preserving innovation and inclusivity.
He further noted that digital public infrastructure is not only about scaling technology but also about building trust-based institutions that enable coordinated participation across ecosystems.
The development comes at a critical stage as the Account Aggregator ecosystem transitions from infrastructure creation to large-scale adoption across financial services, with expanding use cases in credit, insurance, investment, and personal financial management.
With this recognition, Sahamati is expected to play a defining role in shaping the future of open finance in India, reinforcing the country's position as a global leader in population-scale, consent-based digital financial infrastructure.
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