112 financial institutions, over 2.2 billion accounts enabled on Account Aggregator framework: Govt

New Delhi, Sep 2 At least 112 financial institutions have gone live on the Account Aggregator (AA) framework, both as financial information providers (FIP) and financial information users (FIU), while 56 have gone live solely as FIP and 410 as FIU, Finance Ministry said on Tuesday.

Over 2.2 billion financial accounts are now enabled for secure, consent-based data sharing through the AA framework, with 112.34 million users having already linked their accounts, underscoring the growing scale and trust in this transformative initiative, the ministry said in a statement.

The AA framework was officially launched on September 2, 2021, establishing a secure, consent-based system for financial data sharing.

In 2016, the Reserve Bank of India issued the Master Directions for the Account Aggregator (AA) ecosystem.

The AA Framework allows users to aggregate their financial information (like bank accounts, investments, loans, etc.) from multiple sources and share it with service providers (lenders, wealth managers) for services like loan applications or financial planning.

AAs act as intermediaries, ensuring data privacy and user control through encrypted, permission-driven data sharing.

During G20 India Presidency in 2023, AA was recognised as a foundational Digital Public Infrastructure (DPI) serving as the data exchange layer, complementing the identity (Aadhaar) and payments (UPI) layers.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor