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RBI Taps Sahamati as Account Aggregator Watchdog

5 Jun

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Summary

Sahamati Foundation appointed as self-regulator.
Account aggregators facilitate financial data sharing with consent.
RBI recognized Sahamati on Friday for this role.

RBI Taps Sahamati as Account Aggregator Watchdog

The Reserve Bank of India has recognized Sahamati Foundation as the official self-regulator for the Account Aggregator (AA) ecosystem. This decision was formally announced on Friday, following an application process by the Sahamati Foundation. The RBI examined the application against its established framework for recognizing SROs within the AA sector.

Account aggregators serve as crucial digital platforms for the secure sharing of financial data between entities like banks and various financial service providers. A core principle of their operation is that data sharing occurs solely based on explicit customer consent, and these aggregators do not retain any customer data. India currently hosts 17 RBI-recognized account aggregators operating within this regulated environment.

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