Account Aggregator: Unlocking India's Financial Future

The Account Aggregator ecosystem is transforming financial data sharing in India, expanding credit access for MSMEs and individuals while strengthening digital infrastructure. Launched in 2021, it now connects over 112 million users and has been recognized globally for enhancing financial inclusion and productivity through secure, consent-based data exchanges.

The Ministry of Finance announced that the Account Aggregator ecosystem is set to revolutionize formal credit access in India, benefiting MSMEs and personal lending sectors, aligning with the nation's goal of a developed India by 2047.

Launched on September 2, 2021, the Account Aggregator framework provides a secure, consent-based system for sharing financial data, following the Reserve Bank of India's 2016 Master Directions.

With the system's fourth anniversary, its rapid growth spans banking, securities, insurance, and pensions, enhancing India's digital public infrastructure with over 112 financial institutions participating and over two billion accounts enabled for data sharing.

(With inputs from agencies.)