Nandan Nilekani unveiled an account aggregator model “Sahamati”
Aadhaar architect Nandan Nilekani has launched an account aggregator model – Sahamati – via which, individuals and small businesses can share their digital financial data with third-parties in a safe and secure manner. For example, a user seeking a loan will be able to quickly share bank statements and other details required by lending institutions digitally through their choice of preferred Account Aggregator (AA). So far, six AAs have received in-principle approval from the RBI. These include NESL Asset Data, CAMS Finserv Financial Services, Cookiejar Technologies Pvt Ltd, FinSec AA Solutions Pvt Ltd, Yodlee Finsoft Pvt Ltd, and Jio Information Solutions. In order to support the ecosystem, Sahamati has been formed as a Section 8 non-profit. It will be headed by BG Mahesh who founded OneIndia.com. Sahamati will apply for the SRO (self-regulatory organisation) licence with the Reserve Bank of India (RBI), which will give it a self-governing body status, allowing it to work on a code of conduct and best practices for member organizations. The technology framework was developed by non-profit iSpirt.