India’s Account Aggregator (AA) framework, launched on September 2, 2021, has now crossed a significant milestone. In these four years, it has transformed into a key part of India’s Digital Public Infrastructure (DPI). Today, a total of 112 financial institutions function as both Financial Information Providers (FIP) and Financial Information Users (FIU), while 56 operate solely as FIPs and 410 solely as FIUs. This expanding adoption highlights AA’s growing importance in financial data sharing.
Scale, Security, and Convenience
Over 2.2 billion financial accounts are now enabled for secure, consent-based data sharing, with 112.34 million users already having linked their accounts. The AA framework allows users to bring together their financial data—bank accounts, loans, investments—and share them with lenders or wealth managers in an encrypted, permission-driven manner, ensuring privacy and user control.
During India’s G20 presidency in 2023, AA was officially recognised as a foundational layer in Digital Public Infrastructure, complementing the identity (Aadhaar) and payments (UPI) platforms. It was also featured in critical G20 documents like the “Policy Recommendations for Advancing Financial Inclusion through Digital Public Infrastructure” and India’s G20 Task Force report (July 2024).
Expanding Horizons for Credit Access
By simplifying secure sharing of financial data, AA is unlocking new frontiers for formal credit access—particularly for MSMEs and personal lending. With nearly a quarter billion users, the framework is building trust and enabling financial digitization across sectors like banking, insurance, securities, and pensions.
The VUK Business Bureau covers economic developments, policy updates, and market trends with clarity and precision. Focused on delivering in-depth analysis of finance, trade, taxation, and entrepreneurship, the bureau provides readers with reliable insights into how business and economic decisions impact everyday life in Uttarakhand and across India.
