Sahamati, a collective of the ‘Account Aggregator’ ecosystem was announced today at an event in Mumbai featuring Nandan Nilekani, Arundhati Bhattacharya and head honchos of leading Indian banks such as ICICI, Axis and IDFC.
The ‘Account Aggregator’ is a new class of NBFC approved by the RBI in 2016, whose primary responsibility is to facilitate the transfer of user’s financial data with their explicit consent. Currently no such mechanism exists, even if the user wishes to share data. The Account Aggregator framework, in theory, should allow for the seamless sharing of data between financial bodies of all kinds centered around user consent (i.e ‘Sahamati’).
The body hopes to expand this framework to accomodate other domains such as healthcare and telecom soon.