Sahamati, the non-profit backed by 30+ financial giants, just secured RBI recognition as the Account Aggregator SRO. This isn't a rubber stamp; it hands Sahamati the keys to define operational standards and resolve disputes for data sharing. For founders building fintech tools, this means a singular authority will shape how 17 AAs and 1100+ FIUs operate.
How We Got Here
India's Account Aggregator ecosystem, launched in 2016, has facilitated consent-based data sharing across 1,120 financial entities. Sahamati, a non-profit formed in 2019, positioned itself early by raising ₹50 crore from over 30 players including SBI and Zerodha.
The Numbers
- Sahamati will set operational and technical standards for 17 operational Account Aggregators.
- RBI’s SRO criteria included a minimum ₹2 crore net worth and no single shareholder holding over 10% equity.
- Its governance structure mandates at least one-third independent directors, including the chairperson.
- Sahamati must also maintain at least 25 unique FIPs and 25 unique FIUs as members.
What Happens Next
🇮🇳 Why This Matters for India
For product managers building lending solutions in Hyderabad, this brings a unified standard for accessing financial data, potentially accelerating underwriting cycles by weeks.
The Take
The real win here isn't just standardization; it’s the large financial incumbents who funded Sahamati now dictating the data sharing rules. This subtly raises the bar for smaller fintechs trying to innovate within the AA space, requiring stricter adherence to established norms.
Source:
Inc42 ↗