Account aggregator loans growing 12% every month
MUMBAI: The number of consents under the account aggregator system has been growing 12% every month with the value of total number of loans facilitated by the framework crossing Rs 1.3 lakh crore as of December 2024.
According to a report on the account aggregator platform by Sahmati, the number of borrower consents for providing access to their account details to lenders crossed 14.3 crore (cumulative since September 2021) as of December 2024 with 173 financial information providers plugging into the account aggregator platform. Sahamati is a not-for-profit industry alliance to promote the account aggregator system.
The Account Aggregator (AA) framework, introduced by RBI in 2021, enables secure, consent-based financial data sharing between banks, mutual funds, and lending institutions. AAs act as intermediaries, transferring data without storing it. Major banks and financial which participate, allow third parties to access their customer data such as bank statements, GST records, and mutual fund details.
Since April 2024, the AA ecosystem has facilitated on an average 2.8 lakh consents every day – a growth of 79% from 1.6 lakh daily consents in FY24. Digital lenders are the biggest users of the AA ecosystem, driving majority of the requests among NBFCs. NBFCs account for 65% of cumulative consents as of December 2024. NBFCs use the account aggregator framework to enable their systems decide on whether to extend credit.
