RBI Recognizes Sahamati Foundation as Self-Regulatory Body for Account Aggregator Ecosystem
The Reserve Bank of India (RBI) has officially recognized the Sahamati Foundation, marking a significant development in the maturation of the digital finance space. This recognition establishes specialized oversight within the Account Aggregator Ecosystem, strengthening regulatory compliance and market trust.RBI Decides to Recognize Sahamati Foundation as SRO-AA
The decision follows an invitation issued by the Reserve Bank concerning the application for Self-Regulatory Organisations (SROs) for the Account Aggregator Ecosystem. The RBI examined applications against a defined framework released on March 12, 2025.Based on this comprehensive examination, the RBI has determined that Sahamati Foundation meets all necessary criteria. Consequently, the foundation has been recognized as an SRO dedicated to overseeing the ecosystem.
Implications for the Account Aggregator Ecosystem
This formal recognition enhances the robustness of the Account Aggregator framework. The introduction of a specialized Self-Regulatory Organisation bolsters confidence among financial institutions and users alike.The move underscores RBI's commitment to maintaining regulatory integrity within nascent digital finance structures. Establishing an SRO ensures industry self-governance aligns with central bank oversight.
Details of the Regulatory Appointment
A formal application was submitted by Sahamati Foundation seeking recognition from the Reserve Bank. This submission was thoroughly assessed against the stated requirements set forth in the 'Framework for recognising Self-Regulatory Organisations (SROs)'.The official designation recognizes Sahamati Foundation's capability to function as a specialized SRO within this rapidly evolving sector. The RBI Press Release confirms that the foundation has successfully navigated the rigorous vetting process mandated by the central bank.
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