RBI Names Sahamati Self-Regulatory Body for Account Aggregator Network

The Reserve Bank of India has recognised the Sahamati Foundation as the self-regulatory organisation for the country's Account Aggregator ecosystem, a step designed to strengthen governance and build trust in India's open finance framework. Account Aggregators are RBI-regulated entities that let individuals and businesses securely share their financial data, with consent, between institutions such as banks, insurers, lenders and investment platforms. The framework is intended to give consumers greater control over their own information while making it easier to access credit, insurance and other services based on a fuller picture of their finances. By designating a self-regulatory body, the central bank aims to set and enforce common standards, improve accountability among participants, handle grievances and promote the healthy, responsible growth of the network. Sahamati, a not-for-profit already active in coordinating the ecosystem, will now play a formal role in overseeing conduct and interoperability. The recognition reflects the RBI's broader strategy of using self-regulatory organisations to complement direct supervision in fast-evolving areas of digital finance, balancing innovation with consumer protection and system integrity.