India’s Account Aggregator ecosystem, as per a report by Sahamati, has enabled nearly 3.8 crore financial products and services in FY26. The network has processed more than 45 crore cumulative consents and conducted over 500 crore data fetches. This ecosystem, which now handles over 7 lakh consents daily, has expanded beyond credit underwriting to offer a broader range of financial services.
India’s Account Aggregator (AA) ecosystem boasts 5.96 crore Personal Finance Management users, with a user base that has seen a compound annual growth rate of 164% since FY23. In FY26, around 67.65 lakh futures and options accounts were verified through the AA network, with a significant portion of income verification at top brokers being done via this system.
During the fiscal year, nearly 1.51 lakh life insurance policies were issued using the Account Aggregator framework. With approximately 6 crore users utilizing AA-powered PFM experiences, various entities like banks, Registered Investment Advisors (RIAs), and wealth platforms are aiding customers in obtaining a consolidated view of their financial status across different financial instruments.
The report also emphasizes the evolution of Personal Finance Management (PFM) from basic awareness and tracking to providing insights, planning tools, and facilitating informed financial decision-making. The AA system is not only enhancing income verification and compliance processes but also reducing complexities and turnaround times for investors in capital markets.
Furthermore, the report sheds light on the diverse applications of the AA framework in compliance scenarios, including monitoring for insider trading prevention. While insurance adoption through AA is still in its nascent stages compared to lending or capital markets, there are positive indications of progress as life insurers increasingly leverage consented financial data to enhance underwriting outcomes for clients.
BG Mahesh, CEO of Sahamati, highlighted the transformative impact of the Account Aggregator ecosystem, emphasizing the significance of individuals having control over their financial data for improved financial outcomes. The long-term value of the AA system lies not just in facilitating data sharing but in empowering individuals to achieve better financial results through their own data.
