India: Sahmati Account Aggregator Platform to Allow Borrowers to Share Credit Histories Digitally With Microfinance Lenders

Four financial regulators in India recently began work on Sahmati, a digital account aggregator (AA) platform that allows loan applicants to encrypt their financial data and transmit it to lenders. Sahmati users will be able to share some or all of their credit history, income and tax payment history, and they can also revoke consent for further data sharing at any time.

The organizations behind the effort are the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Provident Fund Regulatory and Development Authority (PFRDA). 

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