On the fourth anniversary of India's Account Aggregator (AA) ecosystem, the government announced a major milestone, revealing that 11 crore users have linked their financial information to AAs. The system streamlines the process of digital data sharing, paving the way for secure, consent-based financial services access.
As of September 5, 2025, more than 112 million, or 11 crore, users have connected their financial information using the AA framework. This structure allows individuals to consolidate and securely share their data including bank accounts, loans, investments and insurance with licensed financial entities.
The primary benefit of this ecosystem is its consent-based, secure data transfer mechanism. Account Aggregators do not store data but act as a bridge between Financial Information Providers (FIPs) such as banks, NBFCs and insurers, and Financial Information Users (FIUs) like wealth managers, lenders and insurers.
The government reported that 112 financial institutions are now operating as both FIPs and FIUs. An additional 56 entities serve exclusively as FIPs, while 410 operate solely as FIUs, showcasing wider adoption across the financial spectrum. This digital infrastructure fosters innovation while ensuring privacy and transparency for users.
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Ajay Seth, Chairperson of IRDAI, highlighted the growing utilisation of AA in insurance underwriting, especially for term insurance policies. He noted that AAs are empowering insurance providers to design policies that are more relevant, affordable and accessible using real-time financial data.
The AA system, operating as a key layer of India’s Digital Public Infrastructure (DPI), is envisioned to support the nation’s goal of “Insurance for All by 2047” by encouraging data-driven product designs and extending insurance coverage across all segments of society.
The Account Aggregator framework has made significant progress, reaching over 11 crore users and engaging 578 financial institutions in total. Its consent-based model enhances user privacy while promoting financial inclusion and innovation in India's digital economy.
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Published on: Sep 8, 2025, 12:59 PM IST
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