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Sahamati has postponed the introduction of a standardised fee model for India's Account Aggregator (AA) network by one month, moving the planned implementation date from November 1 to December 1, 2026. The deferral gives participating banks, non-banking financial companies (NBFCs), digital lenders and Account Aggregators additional time to align their billing systems, contractual terms and technical integrations before the new payment structure takes effect.
According to a circular dated October 26, 2026, reported by Business Standard and The Economic Times, the postponement follows requests from ecosystem participants and takes the ongoing festive season into account. Sahamati—the industry alliance serving as the Reserve Bank of India's (RBI) recognised self-regulatory organisation (SRO) for the AA ecosystem—has indicated that detailed operational and implementation guidelines will be communicated through subsequent circulars.
Executive Summary: Key Takeaways at a Glance
- Revised Rollout Date: The standardised Account Aggregator pricing model has been deferred from November 1, 2026 to December 1, 2026, following Sahamati's October 26 circular.
- Reported Benchmark Rate Card: Based on a reported seven-month bank-statement benchmark, Financial Information Users (lenders) will pay ₹5.88 to ₹6.55 per successfully shared bank account, distributed among the data-providing bank (₹2.80), Sahamati (₹0.40) and the Account Aggregator (approximately ₹2.68 to ₹3.35).
- 80% Delivery SLA for Banks: To qualify for their fee share under the reported framework, Financial Information Providers (FIPs) must meet a minimum monthly delivery-success threshold starting at 80%.
- Tech Middlemen Excluded from Fee Split: Technology Service Providers (TSPs) do not receive a direct share of the standardised transaction fee, prompting a shift toward separate software or subscription contracts.
- Zero Direct Charge to Customers: Retail consumers cannot be charged a direct network fee for sharing their own financial data through the AA framework, though standard loan processing charges remain separate.
The proposed pricing model is designed to replace the fragmented, bilateral commercial arrangements that have historically governed financial-data sharing across the network. Crucially, the October 26 announcement is a shift in implementation timing rather than a cancellation of the standardised rate structure.
Account Aggregator Pricing Model Delayed: What Has Changed?
The standardised Account Aggregator pricing structure was originally scheduled to take effect on November 1, 2026. Following Sahamati's October 26 circular, the scheduled commencement date has moved to December 1, 2026.
The one-month extension provides participating institutions additional time to update bilateral agreements, configure single-bill invoicing systems, test payment reconciliation workflows and verify API delivery performance during the high-volume festive lending period.
| Development Parameter | Verified Details |
|---|---|
| Original implementation date | November 1, 2026 |
| Revised implementation date | December 1, 2026 |
| Date of postponement circular | October 26, 2026 |
| Reason reported | Festive-season operational considerations and participant requests for additional preparation time |
| Organisation communicating the change | Sahamati (RBI-recognised SRO for the Account Aggregator ecosystem) |
| Principal institutional participants affected | Financial Information Users (FIUs), Financial Information Providers (FIPs), Account Aggregators (AAs) and Technology Service Providers (TSPs) |
| Customer-facing implication | No direct fee charged to retail customers for sharing their financial data through the AA network |
| Further operational specifications | To be issued by Sahamati through subsequent implementation circulars |
Sources: Business Standard (October 26, 2026) and The Economic Times (October 26, 2026).
The postponement should not be interpreted as meaning that every data-sharing transaction across the network is free of charge throughout November 2026. Prior to the standardised rollout, Account Aggregators and participating institutions have operated under varied bilateral commercial agreements. The December 1 date specifically governs the transition to the proposed common fee structure.
What Is the Account Aggregator Framework?
The Account Aggregator framework is a consent-based financial-data-sharing architecture introduced by the Reserve Bank of India in September 2016 through its Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016.
It enables an individual or business customer to digitally authorise the encrypted transfer of eligible financial information from an institution holding that record to a regulated institution requesting it. Instead of downloading PDF bank statements, sharing net-banking passwords or submitting physical photocopies, a customer grants granular digital consent for a specific purpose and duration.
Whether a lender is underwriting micro-credit or personal loans, verifying cash flows for self-employed and freelance borrowers, or consolidating retirement and investment portfolios such as the National Pension System (NPS) and Sovereign Gold Bonds (SGB), the framework relies on four distinct participants:
- Customer: The individual or entity that owns the financial information and decides whether to authorise its transfer. Every consent artefact specifies what data is being shared, which institution will receive it, the purpose of access and how long the consent remains valid.
- Financial Information Provider (FIP): The regulated institution that holds the customer's financial record and supplies it upon receiving a valid consent artefact. Examples include banks, NBFCs, mutual fund depositories, insurance repositories and the Goods and Services Tax Network (GSTN).
- Financial Information User (FIU): The regulated institution requesting access to the customer's data to deliver a financial product or service—such as a bank or NBFC evaluating a loan application, a SEBI-registered investment adviser or an insurer.
- Account Aggregator (AA): An RBI-licensed NBFC-AA that acts as a consent manager and encrypted conduit between the FIP and the FIU. Under the RBI's Master Directions, an Account Aggregator is strictly data-blind: it cannot view, store, process or resell the financial information passing through its pipes.
Importantly, an Account Aggregator is not a payment aggregator and does not collect or settle consumer funds. Furthermore, the RBI framework makes consumer participation strictly voluntary: no bank or lender can force a customer to register with an Account Aggregator solely because the institution uses the network.
How Will the New Account Aggregator Fee Model Work?
The proposed pricing structure replaces bespoke bilateral pricing with a common network fee paid by the institution requesting the data. Under the model detailed in Business Standard's October 13 report on the proposed rate card, the commercial flow operates through a single-bill settlement mechanism:
- Who Pays: The Financial Information User (FIU)—such as a lender or wealth platform requesting the data—pays the standardised network fee.
- Single-Bill Collection: The FIU pays the total fee to its Account Aggregator through a single consolidated invoice.
- Three-Way Distribution: The Account Aggregator retains its facilitation share and distributes the designated allocations to the Financial Information Provider (FIP) that supplied the data and to Sahamati to fund SRO operations and network registry maintenance.
Reported Account Aggregator Fees: The Seven-Month Benchmark
According to Business Standard's October 13 report, Sahamati's pricing circular illustrated the fee structure using a seven-month bank statement as a benchmark. For that benchmark period, the total charge ranged from ₹5.88 to ₹6.55 per bank account whose data was successfully shared, depending on the number of months of transaction history requested.
| Fee Component (Seven-Month Bank-Statement Benchmark) | Participant Role | Reported Amount (per Account) |
|---|---|---|
| Total Benchmark Charge Paid by FIU | Lender / data-requesting institution | ₹5.88 – ₹6.55 |
| Financial Information Provider (FIP) Share | Bank / institution supplying the statement | ₹2.80 |
| Sahamati (SRO) Share | Self-regulatory organisation & network governance | ₹0.40 |
| Account Aggregator's Remaining Share | Consent manager & encrypted data intermediary | Approx. ₹2.68 – ₹3.35 |
| Technology Service Provider (TSP) Share | Third-party tech integration vendors | ₹0.00 (Excluded from direct fee split) |
Note on methodology: The total benchmark range (₹5.88–₹6.55) and fixed allocations (₹2.80 to the FIP and ₹0.40 to Sahamati) are sourced from Business Standard's October 13 report. The Account Aggregator's remaining share (₹2.68–₹3.35) is calculated by subtracting the two fixed allocations (₹3.20 combined) from the reported total range.
Important Qualification: These figures describe a reported seven-month bank-statement benchmark; they should not be treated as one universal flat fee for every financial asset class, statement duration or multi-fetch consent flow. Because the complete month-by-month rate card was not independently published in an open Sahamati public document at the time of this review, participating institutions should consult Sahamati's formal member circulars before locking in financial projections.
Why Is Sahamati Introducing a Standardised Pricing Model?
As the Account Aggregator network scaled from pilot integrations to hundreds of millions of linked accounts, an underlying economic asymmetry became unsustainable: the institutions bearing the heaviest infrastructure costs were not being compensated by the network.
Banks and other Financial Information Providers had to build, secure and maintain high-availability API gateways, encryption modules and consent-verification servers to serve data requests initiated by competing lenders—while receiving zero share of the transaction fee. Meanwhile, commercial terms between FIUs, Account Aggregators and technology middlemen varied widely across bilateral contracts.
| Dimension | Legacy Bilateral Regime (Pre-Dec 1, 2026) | Proposed Standardised Regime (From Dec 1, 2026) |
|---|---|---|
| Fee Determination | Individually negotiated bilateral contracts between FIUs, AAs and TSPs | Common network rate card governed by Sahamati circulars |
| FIP (Bank) Compensation | Banks bore API maintenance costs without receiving a standardised transaction share | FIPs receive ₹2.80 per successful benchmark share, subject to delivery SLAs |
| Quality / Uptime Enforcement | No direct fee-linked penalty when bank APIs timed out or failed | Minimum 80% monthly delivery-success threshold required for FIP payout eligibility |
| SRO Funding | Funded primarily via membership and institutional contributions | Sahamati receives ₹0.40 per benchmark transaction to support network operations |
| TSP Revenue Model | TSPs often participated directly in per-transaction fee splits | TSPs excluded from the standardised network fee; must contract separately for software/SaaS |
Three strategic objectives underpin this transition:
- Direct Economic Incentive for Data Providers: By paying FIPs ₹2.80 per successful benchmark pull—contingent on meeting delivery-quality standards—banks gain a clear revenue justification to upgrade server capacity and reduce API latency.
- Predictable Revenue for Account Aggregators: A standardised rate card reduces race-to-the-bottom pricing pressures among licensed NBFC-AAs and helps them budget for cybersecurity, compliance and consent-management infrastructure.
- Transparent Cost Visibility for Lenders: FIUs gain a uniform benchmark for raw data-retrieval costs, making it easier to model borrower onboarding expenses.
What Does the New Fee Model Mean for Banks, Lenders and TSPs?
1. Banks and Financial Information Providers: The 80% Delivery SLA
For banks supplying customer-authorised financial statements, the new model turns an IT compliance cost centre into a potential fee-income stream. However, that revenue is strictly conditional on technical reliability.
Business Standard's October 13 report noted that FIPs must achieve a minimum monthly delivery-success threshold of 80% starting December 1 to receive their share of the fee, with the threshold expected to increase in subsequent phases. Because Sahamati has since postponed the pricing launch by one month to December 1, 2026, banks should verify the exact measurement windows, error-code exclusions and future SLA escalation dates in Sahamati's upcoming operational circulars.
2. NBFCs and Digital Lenders: Unit Economics and Funnel Costs
Lenders and NBFCs—where leadership teams closely track digital underwriting margins, as seen across major credit providers from Asirvad Micro Finance to consumer fintech platforms—will bear the standardised fee as Financial Information Users.
While ₹5.88 to ₹6.55 per shared account looks modest in isolation, digital lending teams evaluate data costs across their entire conversion funnel. Just as e-commerce and fintech analysts model Average Order Value (AOV) and customer acquisition benchmarks, credit risk teams must account for two multipliers:
Illustrative Lender Cost Calculation (7-Month Benchmark):
- Single-Account Pull: ₹5.88 to ₹6.55 per successful bank-account fetch.
- Multi-Account Borrower Scenario: If a borrower links 2 bank accounts (for example, a primary salary account and a secondary savings account), a single loan application incurs ₹11.76 to ₹13.10 in raw AA network fees.
- Conversion Funnel Effect: If an NBFC approves and disburses loans to 20% (1 in 5) of applicants who complete the AA data pull (with an average of 1.5 accounts linked per applicant), the effective AA network cost per disbursed loan is approximately ₹44.10 to ₹49.13—before adding separate credit-bureau checks, KYC verification and analytics software fees.
Lenders must therefore distinguish the standardised AA network fee from the total cost of processing a loan application, which also includes internal tech integration, statement-analytics engines and compliance overhead.
3. Technology Service Providers (TSPs): Disintermediation from Transaction Splits
Technology Service Providers (TSPs) have played a vital role in helping banks and lenders integrate their core systems with the Account Aggregator network and build value-added cash-flow analytics.
Under the proposed structure reported by Business Standard, TSPs will not receive a direct cut of the standardised network fee. While this removes TSPs from the regulated three-way transaction split (FIU to AA, FIP and Sahamati), it does not mean that third-party technology contracts will vanish. Instead, TSPs and participating institutions are expected to structure separate commercial agreements—such as annual maintenance contracts (AMCs), fixed SaaS subscriptions or separate analytics fees—outside the core AA data-transfer tariff.
Will Account Aggregator Charges Affect Customers?
No direct network fee can be charged to retail customers. Under the proposed model, participating entities are prohibited from charging consumers directly for sharing their own financial data through the Account Aggregator network. The Financial Information User (the bank, lender or financial service provider requesting the record) pays the network charge.
However, consumers should keep three practical realities in mind:
- Separate Product Fees Still Apply: The absence of a direct AA data-sharing charge does not make the underlying loan or investment product free. Lenders remain free to levy standard, transparently disclosed loan processing fees, documentation charges and interest rates in accordance with RBI fair-practices codes.
- Fewer Technical Timeouts: Because banks (FIPs) will now earn ₹2.80 per successful benchmark transfer only if they maintain at least an 80% monthly delivery-success rate, borrowers should experience fewer failed OTP/consent sessions when applying for instant credit.
- Granular Consent Control Remains Intact: Registering with an Account Aggregator never gives a lender blanket access to all of your bank accounts. You retain full authority to review, approve, reject or revoke any specific data-sharing request.
How Large Is India's Account Aggregator Network in 2026?
The introduction of a formal rate card comes as India's digital public infrastructure and enterprise technology ecosystems prepare for landmark capital-market milestones—ranging from major public issuances like the Jio Platforms IPO 2026 to nationwide open-finance adoption.
According to the Department of Financial Services (DFS), Ministry of Finance, the official adoption position of the Account Aggregator framework as of March 31, 2026 was:
| Network Adoption Indicator (As of March 31, 2026) | Official DFS Figure |
|---|---|
| Financial Information Providers (FIPs) live on network | 179 |
| Financial Information Users (FIUs) live on network | 989 |
| Financial accounts enabled for data sharing | More than 2.88 billion |
| Accounts actually linked by users | 284.6 million |
Why the Distinction Between 2.88 Billion and 284.6 Million Matters: Analysts and readers must interpret these two headline numbers carefully. The 2.88 billion figure represents the total number of underlying financial accounts at live FIPs that are technically enabled for data sharing—not 2.88 billion individual people or completed transactions. By contrast, the 284.6 million figure represents accounts that customers have actively linked to an Account Aggregator (~9.88% of enabled accounts as of March 31, 2026), which is a much closer indicator of active consumer participation.
What Happens Next Ahead of December 1, 2026?
Between now and the revised rollout date of December 1, 2026, participating institutions must monitor Sahamati's subsequent operational circulars to resolve four critical implementation questions:
- Billing and Settlement Mechanics: The exact invoicing cycle, tax treatment (GST applicability on pass-through vs. facilitation shares), dispute-resolution timelines and automated reconciliation rules between FIUs, AAs, FIPs and Sahamati.
- SLA Measurement Windows: How the 80% monthly delivery-success threshold for FIPs will be calculated, whether scheduled maintenance windows or user-side OTP cancellations are excluded, and whether future SLA step-ups are also shifted by one month.
- Contractual Transition for Existing Agreements: How legacy bilateral rate cards and existing TSP technology contracts will sunset or transition into the December 1 standardised framework.
- Full Rate-Card Granularity: How statement durations shorter or longer than the seven-month benchmark, multi-fetch periodic consents and non-bank financial data (such as GST, mutual fund or insurance records) are priced.
Finally, industry participants should distinguish Sahamati's December 1 commercial pricing rollout from separate regulatory initiatives by the Reserve Bank of India regarding technical interoperability across Account Aggregators. Neither announcement should be conflated with the other without checking the specific circular governing each requirement.
Frequently Asked Questions (FAQs)
1. When will the Account Aggregator pricing model start in India?
Sahamati has postponed the scheduled start date of the standardised Account Aggregator pricing model by one month, moving it from November 1, 2026 to December 1, 2026, according to a circular dated October 26, 2026 reported by Business Standard and The Economic Times.
2. Why has Sahamati delayed the new Account Aggregator pricing model?
The reported reasons for the one-month deferral are requests from participating financial institutions for additional preparation time and operational considerations around the ongoing festive season. Sahamati has stated that further implementation and operational details will follow through subsequent circulars.
3. Will customers have to pay Account Aggregator fees to share bank statements?
No. Under the proposed model, participating entities cannot directly charge retail customers for sharing their own financial data through the Account Aggregator network. The regulated financial institution requesting the information (the FIU, such as a lender) pays the standardised network fee.
4. How much will banks and lenders pay under the reported Account Aggregator rate card?
Based on a seven-month bank-statement benchmark reported by Business Standard on October 13, 2026, the total charge paid by a requesting institution ranges from ₹5.88 to ₹6.55 per successfully shared bank account, depending on the length of history requested. This figure is an illustrative benchmark rather than a single flat rate for every data type or request duration.
5. How is the Account Aggregator fee split among FIPs, AAs and Sahamati?
In the reported seven-month benchmark (₹5.88–₹6.55 total), ₹2.80 is allocated to the Financial Information Provider (the bank supplying the data) and ₹0.40 is allocated to Sahamati (the ecosystem's SRO). The Account Aggregator retains the remaining share of approximately ₹2.68 to ₹3.35. The FIU pays via a single bill to the Account Aggregator, which distributes the applicable shares.
6. What is the difference between an FIP and an FIU in the Account Aggregator ecosystem?
A Financial Information Provider (FIP) is an institution that holds and supplies a customer's financial records, such as a bank maintaining a savings or current account. A Financial Information User (FIU) is a regulated institution that requests customer-authorised financial information to provide a product or service, such as a bank or NBFC evaluating a loan application.
7. Can an Account Aggregator read or store customer financial data?
No. The Reserve Bank of India's Account Aggregator Master Directions strictly prohibit an Account Aggregator from viewing, storing or reselling the financial information it transfers from providers to users. It operates solely as a consent manager and encrypted conduit.
8. Does the postponement mean all Account Aggregator transactions are free until December 1?
Not necessarily. Prior to the rollout of the standardised pricing model, commercial terms across the network have been governed by separate bilateral agreements between participating institutions and Account Aggregators. The December 1, 2026 date marks the scheduled start of the new standardised fee model, and institutions should verify transitional arrangements against Sahamati's implementation circulars.
Conclusion
The postponement of India's Account Aggregator pricing model from November 1 to December 1, 2026 gives banks, NBFCs, fintech lenders and Account Aggregators an extra 30 days to prepare for a foundational shift in how consent-based financial-data sharing is monetised.
By introducing a single-bill fee structure for requesting institutions and routing a direct share to data-providing banks that meet delivery-quality benchmarks, the proposed framework seeks to align economic incentives with technical reliability across a network that already connects 179 FIPs and 989 FIUs. At the same time, retail consumers remain protected by the core principles of the RBI framework: participation is voluntary, data sharing requires explicit consent, and customers are not charged a direct network fee to share their own financial records.
Sources and Regulatory References
- Business Standard — Account Aggregator network's new pricing model rollout postponed by a month (October 26, 2026)
- The Economic Times — Sahamati defers new Account Aggregator fees to December 1 (October 26, 2026)
- Business Standard — Account aggregator network gets a rate card; tech middlemen cut out (October 13, 2026)
- Reserve Bank of India — Master Direction: Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016
- Department of Financial Services, Ministry of Finance — Account Aggregator Framework and Adoption Statistics
Written and Verified by Harsh Nath Jha | Founder & Editor-in-Chief, Sahityashala Finance
Editorial & Verification Note: This article distinguishes confirmed regulatory provisions under the RBI's NBFC–Account Aggregator Master Directions and official Ministry of Finance adoption data from media-reported terms of Sahamati's October 2026 pricing circulars. The reported seven-month bank-statement benchmark figures are illustrative and should not be represented as a complete official rate card across all statement periods or asset classes.
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