The RBI announced the AA Master Directions on 2nd September 2016, and under the leadership of Shri Rajeshwar Rao, Deputy Governor (RBI), AA was formally launched on 2nd September 2021. To mark four impactful years since the framework went live, Sahamati announced September 2nd as the “Account Aggregator Foundation Day”.
To recognize this important day in the world’s fastest-growing open finance network, Sahamat reached out to many in the AA ecosystem to make this day memorable.
Under the leadership and guidance of the DFS, RBI, SEBI, IRDAI, PFRDA, over the past four years, the AA Framework is today poised to establish itself as a successful, nation-level DPI (digital publioc infrastructure) delivering significant impact for the financial sector and consumers.
As of 31st July 2025, the framework has demonstrated significant traction:
- More than 700 financial institutions are utilising the AA Framework for 15 impactful use cases, including underwriting, fraud prevention, risk monitoring, demat account opening, insurance policy issuance, and personal finance management, among others.
- The AA Framework has enabled cumulative successful consents of more than 27 crore, with almost 10% of the Indian population having used AA to access various financial services.
- An estimated ₹1.67 lakh crore (yoy growth: 208%) was disbursed via AA across 1.89 crore loan accounts (yoy growth: 251%) in FY25, translating into ₹14,000 crore of monthly disbursements.
Sahamati’s Journey
Sahamati was incorporated in September 2019, though the operations started in June of that year. The AA ecosystem was built by the team brick by brick. We cannot create a large, impactful infrastructure in a short period. We were successful as the team showed tremendous patience, especially in the initial years.
The majority of the first two years was spent on advocacy, i.e. we visited one entity at a time to promote the account aggregator framework, with the hope that they would implement it. In parallel, we started hosting workshops, hosted by several gracious partners in their offices (Banks, NBFCs, fintechs etc.).
While the account aggregators were ready with their technical implementation, we did not have any entities on the data supply side. By the end of 2020, a few private Banks had completed their implementation to provide data. We did not have any financial entities to consume the data for quite some time.
By September 2021, eight private Banks and by June 2022, all 12 Public Sector Banks were live on the account aggregator ecosystem.
This is just the beginning; we have a lot more work to do in the account aggregator ecosystem. One of our top priorities is to develop a customer awareness campaign over the next 12 months. It is good to see several luminaries have noted and congratulated the ecosystem on AA Foundation Day!
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