As many as 3.3 million users have linked their accounts on the Account Aggregator (AA) framework out of which 3.28 million users successfully shared data via AA, as per the Economic Survey 2023.
The Account Aggregator—which was released by the Reserve Bank of India in 2016—is a global techno-legal framework that enables individuals to share their financial data quickly and securely, with their consent, with any regulated third-party financial institution of their choice. The AA framework is currently live across over 110 crore (1.1 billion) bank accounts.
With 23 banks onboarded to the AA framework, more than 1.1 billion bank accounts are now eligible to share data on AA, the survey found.
The AA ecosystem includes Financial Information Providers (FIPs) such as banks, AMCs, pension funds etc., and Financial Information Users (FIU), that consume and process the data.
As on 31st December 2022, 27 financial Institutions have gone live as FIPs, including all 12 public sector banks, 10 private sector banks, one small finance bank, and four life insurance companies, while 119 Financial Institutions have gone live as FIUs viz; 93 Reserve Bank of India (RBI) regulated, 12 Securities and Exchanges Board of India (SEBI) regulated, 12 Insurance Regulatory and Development Authority-regulated entities, and 2 Pension Fund Regulatory and Development Authority-regulated entities.
The survey also found that onboarding Goods and Services Tax Network (GSTN) as a FIP on the Account aggregator platform will open up avenues for access to credit for MSMEs
“Enhancing opportunities and productivity of the MSME sector have large-scale implications for a resilient production ecosystem, thus strengthening the growth prospects of the industry and the economy as a whole. These reforms, therefore, must continue,” it said.
Edited by Akanksha Sarma