RBI Recognises Sahamati Foundation as SRO for Account Aggregator Ecosystem

The Reserve Bank of India (RBI) has recognised Sahamati Foundation as a Self-Regulatory Organisation (SRO) for the Account Aggregator (AA) ecosystem.

The recognition is intended to strengthen governance, standardisation and industry-wide coordination within the rapidly growing Account Aggregator framework.

1. What Is the Account Aggregator Ecosystem?

The Account Aggregator (AA) framework is a technology-driven system that enables the secure, consent-based exchange of financial information between regulated entities.

Through the AA ecosystem, individuals and businesses can seamlessly share financial data with their consent among institutions such as:

• Banks
• Insurance companies
• Mutual fund entities
• NBFCs
• Other regulated financial institutions

The framework promotes financial inclusion, digital lending, wealth management and other data-driven financial services while preserving customer control over data.

2. Sahamati Foundation Recognised as SRO

With RBI’s recognition, Sahamati Foundation will function as the Self-Regulatory Organisation for participants operating within the Account Aggregator ecosystem.

As an SRO, Sahamati Foundation will play a key role in promoting industry standards, facilitating coordination among ecosystem participants and supporting responsible growth of the AA framework.

3. Governance Requirements for the SRO

The RBI has emphasised that an SRO must maintain robust governance standards and institutional independence.

Accordingly, the SRO is expected to establish:

• Strong governance mechanisms
• An appropriately independent Board
• Transparent decision-making processes
• Clearly defined operational and oversight frameworks
• Effective monitoring mechanisms for member activities

These requirements are intended to ensure accountability, credibility and stakeholder confidence in the self-regulatory framework.

4. Oversight and Member Supervision

The recognised SRO will be responsible for developing and promoting best practices among its members.

Its functions are expected to include:

• Industry coordination
• Standard-setting
• Monitoring compliance with prescribed norms
• Facilitating dispute resolution and stakeholder engagement
• Encouraging responsible conduct within the ecosystem

The SRO framework complements regulatory oversight by promoting self-governance and industry discipline.

5. Significance of the Recognition

The recognition of Sahamati Foundation marks an important step in the institutional development of India’s Account Aggregator ecosystem.

As the volume of consent-based financial data sharing continues to grow, the presence of a dedicated SRO is expected to:

• Strengthen industry governance;
• Improve operational consistency;
• Enhance consumer trust;
• Promote interoperability across participants; and
• Support sustainable expansion of the AA framework.

6. Objective of the RBI Decision

The RBI’s decision aims to foster a well-governed, transparent and resilient Account Aggregator ecosystem through industry-led self-regulation.

By recognising Sahamati Foundation as the SRO, the RBI seeks to encourage higher standards of governance, effective member oversight and responsible innovation while ensuring that the AA ecosystem continues to facilitate secure and efficient financial data sharing across the financial sector.