The Reserve Bank of India has formally recognized Sahamati, an industry collective, as a self-regulatory organization (SRO) for the country’s fast-evolving account aggregator (AA) ecosystem, marking a significant step in strengthening governance and standard-setting within India’s digital financial infrastructure. The development was first reported by The Economic Times in its article titled “RBI approves Sahamati as SRO for account aggregator ecosystem.”
The designation gives Sahamati a more defined institutional role in overseeing operational practices, enabling coordination among participants, and promoting compliance within the AA framework. The account aggregator system, introduced under the Reserve Bank of India’s regulatory architecture, allows individuals and businesses to securely share financial data across institutions through consent-based mechanisms. It is widely considered a key pillar of India’s broader digital public infrastructure, alongside platforms such as UPI and Aadhaar.
By granting SRO status, the RBI is effectively delegating certain supervisory and standard-setting functions to a body that is embedded within the ecosystem itself. This model is intended to foster agility in governance while maintaining regulatory oversight. Sahamati, which has been active in building technical standards, facilitating industry collaboration, and promoting adoption, is now expected to formalize these responsibilities under a clearer mandate.
Industry participants view the move as a maturation point for the AA framework, which has seen steady growth in recent years. Banks, non-banking financial companies, fintech firms, and data providers have increasingly integrated with account aggregator platforms, enabling use cases ranging from faster loan approvals to more seamless personal finance management. However, expansion has also underscored the need for consistent practices around data security, consent management, dispute resolution, and interoperability—areas where an SRO can play a critical role. More details on the framework can be found via the RBI’s Account Aggregator guidelines.
Sahamati’s responsibilities are likely to include developing codes of conduct, facilitating dispute resolution among member entities, and ensuring adherence to best practices aligned with regulatory expectations. It may also act as a bridge between industry participants and the regulator, helping translate policy intent into operational guidelines.
The RBI’s approach mirrors a broader trend in financial regulation, where self-regulatory bodies are used to complement formal oversight in complex and rapidly evolving sectors. For the AA ecosystem, which sits at the intersection of finance, technology, and data governance, such an arrangement is seen as particularly relevant.
While the move has been welcomed by stakeholders, its effectiveness will depend on how Sahamati balances industry interests with consumer protection priorities. Ensuring trust in the system remains critical, as the account aggregator framework relies on users’ willingness to share sensitive financial data under explicit consent protocols.
The formal recognition of Sahamati is expected to accelerate the ecosystem’s development by providing clearer governance structures and reinforcing confidence among participants. As adoption scales, the success of this SRO model could serve as a reference point for other areas of India’s digital financial architecture.
