India's Account Aggregator Ecosystem Marks 4 Years of Growth

Celebrating Four Years of India's Account Aggregator (AA) Ecosystem - A Digital Public Infrastructure Milestone

India's Account Aggregator (AA) ecosystem, launched on September 2, 2021, has completed four successful years, emerging as a cornerstone of Digital Public Infrastructure (DPI). The framework enables secure, consent-based sharing of financial data, empowering individuals and businesses to access better financial services.

Rapid Growth and Adoption

• 112 Financial Institutions are live as both Financial Information Providers (FIP) and Financial Information Users (FIU).

• 56 institutions are live solely as FIPs and 410 as FIUs.

• Over 2.2 billion financial accounts are now enabled for AA-based sharing.

• 112.34 million users have already linked their accounts, showcasing rising trust and adoption.

Foundation & Global Recognition

The Reserve Bank of India (RBI) issued Master Directions in 2016 to establish the AA framework. Since its launch in 2021, the AA system has been recognised globally.

During the G20 India Presidency (2023), AA was acknowledged as a foundational DPI, complementing Aadhaar (identity) and UPI (payments). Its role was highlighted in the Policy Recommendations for Advancing Financial Inclusion and the G20 Task Force Report on DPI (2024).

Transforming Financial Access

The AA ecosystem is revolutionising sectors such as banking, securities, insurance, and pensions. By allowing customers to securely share their financial information, AA is unlocking easier access to formal credit, particularly for MSMEs and individuals, driving financial inclusion and economic growth.

Looking Ahead

As India progresses towards Viksit Bharat @2047, the Account Aggregator ecosystem is set to play a transformative role in democratizing finance, ensuring user privacy, and fostering innovation in digital financial services.

 Learn More:

• RBI Master Directions on AA (2016)

• AA Framework - Ministry of Finance