Introduction
The Account Aggregator framework was opened for public use in September 2021 with eight founding banks. Since then, the ecosystem has expanded rapidly: more FIPs, more FIUs, more AA operators, and significantly more end-user adoption.
For lenders evaluating AA integration, understanding the current state of the ecosystem, its scale, and institutional participation is essential for setting realistic expectations and designing implementation roadmaps. To ground this growth narrative, here’s what account aggregator is in India.
This data-oriented guide compiles the most current publicly available data on AA adoption in India and contextualizes it for lending institutions.
AA Adoption Growth Trends
Sahamati’s publicly disclosed data and industry reporting indicate that the AA ecosystem has processed millions of consent artefacts through 2024, with lending institutions (NBFCs and banks) driving the majority of this volume. These figures are reported by the Reserve Bank of India.
The growth trajectory is steep: ecosystem participants consistently report quarter-on-quarter increases in AA usage, driven by onboarding of new financial institutions and scaling of existing integrations. This is where digital lending and account aggregator becomes critical to understand real-world application of this growth.
These trends are reflected in Sahamati ecosystem reports.
FIP Coverage: Who Is Live and What It Covers
As of early 2025, the AA ecosystem includes:
Banks: Over 100 banks are in various stages of FIP integration. All major scheduled commercial banks, SBI, HDFC, ICICI, Axis, Kotak, PNB, Bank of Baroda, Canara Bank, and Union Bank, are live FIPs. Several mid-size private banks and small finance banks are also live. Cooperative banks and rural cooperative banks remain largely absent.
Insurance: Select life and general insurance companies are live FIPs under IRDAI’s directive. Coverage is growing but not yet comprehensive across the insurance sector.
Securities: CDSL (Central Depository Services Limited) and NSDL (National Securities Depository Limited) are live FIPs, enabling demat account data access. Select mutual fund RTAs are also live.
The practical implication for lenders: for borrowers with primary accounts at major scheduled commercial banks, which covers the large majority of urban and semi-urban India’s salaried workforce, FIP coverage is effectively complete. Rural cooperative bank coverage remains a gap for agricultural or rural lending programs.
Active AA Operators and Market Structure
RBI has granted eight NBFC-AA licenses. The operationally active AA operators as of 2025 include Onemoney, Finvu, CAMS Finserv, and Perfios Account Aggregation Services. Each operates its own consent management infrastructure and has varying FIP and FIU integration coverage.
The AA operator market is consolidating around a few well-integrated players. OneMoney and Finvu have the broadest FIU client bases. CAMS Finserv has particular strength in the securities data access space, given CAMS’ existing position as an MF RTA.
For FIUs choosing an AA operator, integration quality, uptime reliability, and the operator’s FIP coverage are the key selection criteria.
Drivers of Account Aggregator Adoption
The rapid growth of AA adoption is driven by clear operational benefits for lenders and financial institutions. The framework enables efficiency improvements and significantly faster processing in credit workflows. This is exactly how account aggregator reduces loan processing time.
Additionally, the framework addresses long-standing challenges in financial data access, including unreliable document-based workflows and manual verification delays.
Consent and Transaction Volumes: Scale of Adoption
Sahamati’s publicly disclosed data and industry reporting indicate that the AA ecosystem processed millions of consent artefacts through 2024, with lending institutions (NBFCs and banks) being the dominant FIU category.
Lending use cases represent the large majority of AA data usage. Wealth management and insurance are growing but smaller in volume. MSME lending use cases are emerging as a significant growth category following the expansion of the framework’s MSME-relevant data types.
The growth trajectory is steep: ecosystem participants consistently report quarter-on-quarter volume growth as more FIUs go live and as existing FIUs scale their AA-integrated workflows.
Sector-Level Adoption Patterns
Digital-first NBFCs and fintech lenders: Early and rapid adopters. Most digital lending platforms that operate at scale have integrated AA or are in the process of integrating. The data quality and TAT benefits are particularly compelling for these organizations.
Public sector banks: Slower adoption as FIUs, though all major PSBs are live as FIPs. The underwriting workflow transformation required for AA adoption is more complex to implement in PSB environments.
Private sector banks: Moderate adoption as FIUs. Several major private banks have live AA integrations for at least some lending products, with plans to expand.
Housing finance companies: Emerging adoption, particularly for home loan income verification use cases, where AA data significantly reduces documentation burden.
Insurance companies: Beginning to explore AA data for underwriting, an adjacent use case to lending that is gaining traction.
Challenges and Limitations
Despite strong adoption, the AA ecosystem still faces challenges:
- Legacy banking systems slow FIU adoption
- Rural and cooperative bank participation remains limited
- Organizational resistance to workflow transformation persists
These challenges often stem from reliance on older data-access methods. A comparison with legacy approaches like account aggregator vs screen scraping highlights why transition takes time.
Additionally, concerns around data sharing and privacy remain important considerations. This aligns with the Digital Personal Data Protection Act, 2023.
What the Numbers Mean for Lenders Considering AA
The AA ecosystem is past the proof-of-concept stage; it is operational at scale for the borrower segments most relevant to urban and semi-urban lending.
FIP coverage for major bank accounts is complete. Consent infrastructure is reliable. The analytical ecosystem (data providers like Fineye, credit model providers, and bureau integration partners) has matured to support end-to-end automated underwriting.
For lenders evaluating integration timing: the infrastructure risk of early adoption is substantially lower than it was in 2021–22. The ecosystem’s growing scale also means more FIP data is available, enabling AA-based assessment for a larger proportion of a typical NBFC’s applicant pool.
✅ Key Takeaways
- FIP coverage for major scheduled commercial banks is effectively complete; lenders serving urban and semi-urban India can rely on AA data for the majority of their applicant pool.
- Eight NBFC-AA licences have been granted; Onemoney, Finvu, CAMS Finserv, and Perfios are the primary active operators.
- Lending use cases dominate AA data volumes. Digital-first NBFCs and fintechs are the fastest-growing FIU segment.
- The ecosystem is past proof-of-concept and operating at scale; infrastructure risk for FIU integration is low.
- Rural cooperative bank FIP coverage remains a gap for lenders serving agricultural or rural segments.
Frequently Asked Questions
Precise user count data is not publicly disclosed by individual AA operators. Sahamati’s ecosystem reporting indicates millions of successful consent transactions through 2024, with the lending segment accounting for the majority.
Transaction volume data by individual FIP is not publicly disclosed. SBI and HDFC Bank, as India’s two largest banks by account volume, are likely the highest-volume FIPs given their customer base size.
Several small finance banks have completed FIP integration. The specific status of each institution is reflected on the Sahamati ecosystem registry at sahamati.org.in.
Rural adoption is constrained by cooperative bank and RRB participation gaps rather than rural borrower demand. As rural financial institutions complete FIP integration, rural use cases will become accessible.
GST data integration into the AA framework has been under discussion. NeSL (National E-Governance Services Limited) has been identified as a potential FIP for GST data. A definitive timeline for live availability has not been publicly announced as of early 2025.
Conclusion
The Account Aggregator ecosystem has moved from an ambitious regulatory framework to an operational financial infrastructure in under four years. The growth metrics, FIP coverage, consent volumes, and FIU adoption tell the story of a system that works and is being used at scale.
For lenders, the question is no longer whether AA works—it clearly does. A closer look at account aggregator ROI for lenders highlights the tangible business impact.
The real question is how quickly institutions can leverage this infrastructure to gain a competitive advantage in lending.
