Aadhaar’s architect Nandan Nilekani has introduced a game-changer platform, Sahamati, which is based on a new class of non-banking financial institutions called the account aggregator (NBFC-AA) model.
The model will work as consent brokers, which will take users permission to access their financial accounts, aggregate and organise all their financial information in one place.
As per the RBI plan, the business of an account aggregator the model firm is to provide the service of retrieving or collecting such financial information pertaining to its customer and consolidating, organizing and presenting such information to the customer or any other financial information user as may be specified by the Bank.
The central bank in 2016, it had approved a new class of Non-banking Financial companies (NBFCs) to act as Account Aggregators. The responsibilities of the account aggregator are to provide services based on the explicit consent of individual clients, it added. This primarily includes transfer, but not storing, of a client’s data.
“Thanks to AA and other digital infrastructure that we built, India will become a leader in empowering individuals and small businesses with their own data,” said Nandan Nilekani, former Chairman of UIDAI.
In 2015, four major financial regulators namely Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDA), and Pension Fund Regulatory and Development Authority (PFRDA) came together to allow related entities under their control to share data with user consent.