India's Account Aggregator Scales To 112 Million Users, Says Govt

2025-09-02 07:00:48

(MENAFN- Live Mint) NEW DELHI: India's account aggregator (AA) ecosystem, launched in 2021, has become one of the country's fastest-growing pillars of Digital Public Infrastructure. Four years after its launch, the AA framework now has more than 112 million users and has enabled 2.2 billion financial accounts for secure, consent-based data sharing.

Introduced by the Reserve Bank of India, the AA framework allows individuals to aggregate their financial data, including bank accounts, loans, and investments, and share it selectively with lenders or wealth managers .

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This process is secure, using encrypted, user-permissioned flows that are designed to protect privacy. By acting as a trust-based intermediary, AAs expand access to formal credit and personalized financial services.

The rapid expansion of the AA ecosystem gained international recognition during India's G20 Presidency in 2023.

“During G20 India Presidency in 2023, AA was recognised as a foundational Digital Public Infrastructure (DPI) serving as the data exchange layer, complementing the identity (Aadhaar) and payments (UPI ) layers,” the finance ministry said.

“The role and impact of AA have been acknowledged in key G20 documents, including the Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure (2023). Its significance is also detailed in the Report of India's G20 Task Force on Digital Public Infrastructure (July 2024),” the ministry added.

According to the ministry, the adoption of AAs has accelerated across various sectors, including banking, insurance, pensions, and securities.

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As of September, 112 financial institutions are live as both providers and users of financial information, 56 operate solely as providers, and 410 solely as users.

The platform is expected to play a crucial role in unlocking credit for small businesses and households, deepening financial inclusion, and supporting India's long-term vision of Viksit Bharat @2047, it added.

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