Sahamati, an industry body for the NBFC-Account Aggregator (NBFC-AA) ecosystem, has deferred the rollout of its new account aggregator fee model to December 1, citing the upcoming festive season and requests for a deferment. The decision was made to "keep in mind the upcoming festive season and requests for postponement." Implementation and operational challenges have been identified, with industry participants pointing to legal reviews, agreements between multiple institutions, and systems to collect and distribute payments. Holiday schedules have also reduced the time available for completing these steps, executives at companies using the network said.
Key points
Sahamati has deferred the rollout of its new account aggregator fee model to December 1.: Sahamati has deferred the rollout of its new account aggregator fee model to December 1.
The decision was made to "keep in mind the upcoming festive season and requests for postp…: The decision was made to "keep in mind the upcoming festive season and requests for postponement."
Implementation and operational challenges have been identified, with industry participant…: Implementation and operational challenges have been identified, with industry participants pointing to legal reviews, agreements between multiple institutions, and systems to collect and distribute payments.
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Sahamati, an industry body for the NBFC-Account Aggregator (NBFC-AA) ecosystem, has postponed the rollout of its new account aggregator fee model to December 1 from November 1, citing the upcoming festive season and requests for a deferment, according to a circular seen by ET.The circular, dated October 26, said the decision was taken “keeping in mind the upcoming festive season and requests for postponement”.Implementation and operational
Sahamati defers new account aggregator fees to December 1
Synopsis
Industry participants had flagged that implementing the changes involved legal reviews, agreements between multiple institutions and systems to collect and distribute payments. Holiday schedules had also reduced the time available for completing these steps, executives at companies using the network said.
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