Account Aggregator Ecosystem
Why it matters?
Launched in 2021, the Account Aggregator (AA) framework enables secure, consent-based sharing of financial data across sectors. With 112.34 million users and 2.2 billion accounts linked, it strengthens India’s Digital Public Infrastructure.
What you should know?
The Account Aggregator (AA) framework was launched in September 2021 after RBI issued Master Directions in 2016.
The RBI in 2016 approved AA as a new class of NBFC, whose primary responsibility is to facilitate the transfer of user’s financial data with their explicit consent.
AA enables individuals and businesses to securely share financial data across banks, insurance, pensions, and securities with their consent.
Financial institutions participate as Financial Information Providers (FIPs) and Financial Information Users (FIUs).
Data is shared only in an encrypted, permission-driven format.
AA is recognised globally as part of India’s Digital Public Infrastructure (DPI), along with Aadhaar (identity) and UPI (payments).
It was acknowledged in the G20 India Presidency (2023) as key for financial inclusion and productivity.