An Account Aggregator is a company that the Reserve Bank of India (RBI) licenses to move your financial data from one institution to another. It is a type of NBFC, or non-banking financial company, which means a finance firm that the RBI regulates but that is not a bank. The RBI issued the rules for these companies in 2016 and last updated them in September 2024.

Think of an AA as a courier that carries only what you have approved. It does not lend you money, hold your savings or give advice. The data it carries can come from banks, mutual funds, insurers, pension records and GST filings, depending on what you allow.

In June 2026, the RBI recognised the Sahamati Foundation as a self-regulatory organisation for the AA system, which means an industry body that helps set standards for its members. You may also see this setup called the AA framework or consent-based financial data sharing. Banks and insurers (the latter overseen by IRDAI, the insurance regulator) take part as data providers.

Did You Know?
Sahamati, the industry body for Account Aggregators, said on 2 September 2026 that more than 500 million consents have been fulfilled and that customers have linked over 310 million accounts.

How does an Account Aggregator work?

Three parties take part. There is you, the institution that holds your data (called a Financial Information Provider, or FIP) and the business that wants it (called a Financial Information User, or FIU). The AA sits between them.

1. You sign up with an AA. You link your mobile number to an AA app. Signing up is voluntary.
2. A requester asks for your data. A lender or money app (the FIU) sends a request through the AA and states what it needs and why.
3. You read the consent request. It lists which data, from which accounts, for what purpose and for how long.
4. You approve or reject it. If you approve, you pick the accounts to include and confirm the link with your bank.
5. The data moves. Your bank (the FIP) sends the data, digitally signed, through the AA to the requester. The RBI rules say the data must not stay with the AA.
6. The consent ends. It lapses on its expiry date, or earlier if you cancel it.

Pro Tip
Share only the accounts the requester really needs, such as your salary account for a loan application, and choose the shortest consent period on offer.

Account Aggregator example with real numbers

Key components of an Account Aggregator setup

An AA setup has a few moving parts. Knowing each one helps you judge a consent request before you approve it.

1. Account Aggregator (AA). The RBI-licensed company in the middle. It carries data and records your consent. It is not allowed to support transactions by customers, so it cannot move your money.
2. Financial Information Provider (FIP). The institution that holds your data. Examples are banks, NBFCs, mutual fund houses, depositories and insurers.
3. Financial Information User (FIU). The business asking for your data, such as a lender. It must be registered with, and regulated by, a financial sector regulator.
4. Consent artefact. The digital record of your approval. It states who you are, what data is requested, the purpose, who receives it, and when the consent starts and expires.
5. Purpose and period. The two lines to check before you tap approve. Ask whether the purpose is clear and whether the time period is no longer than the requester needs.
6. Cancel and audit controls. You can revoke a consent, even for part of the data, and the RBI rules require each consent to be logged so it can be checked later.

Benefits of an Account Aggregator

1. Less paperwork. A lender can receive your statements directly from your bank. A home loan applicant in Pune no longer has to download and email months of PDFs.
2. You stay in control. Nothing moves without your approval, and you can withdraw a consent you gave earlier.
3. No passwords handed over. The RBI rules bar an AA from accessing or storing your login details, such as passwords and PINs.
4. A fuller picture for lenders. A lender can look at your real income and spending, not only your credit score. This can help people with irregular income, such as a freelancer in Ahmedabad or a small shop owner.

Risks and limitations

1. Over-sharing. Approving every account and the longest time period exposes more data than the requester needs. Read the purpose and period, and untick accounts that are not relevant.
2. What happens after the data arrives. The AA rules cover the AA itself. Once a requester has your data, how it stores and uses it depends on that company and the law, so check that it is a regulated entity and read its privacy terms.
3. Incomplete coverage. An AA can only show accounts held at institutions that have joined the system, so the picture may be partial.
4. Fake requests. Fraudsters can imitate consent screens. Open consent requests only inside your own AA app, and never share an OTP with anyone who calls or messages you.

Important
An AA is not allowed to support transactions by customers, so a consent request can share your data but cannot move your money. Be wary of anyone who says otherwise.

Frequently asked questions

1. What is an Account Aggregator in simple words?

An Account Aggregator is an RBI-regulated company that carries your financial data from your bank, mutual fund house or insurer to a lender or app, but only after you approve it. Think of it as a consent-based courier for your data. It does not lend money, hold your savings or make payments for you. You can say no, and you can cancel a consent later.

2. Is it safe to share my data through an Account Aggregator?

The system has safeguards. The RBI rules require your explicit consent, ask for the data to be digitally signed and sent securely, and stop an AA from asking for your passwords or PINs. Safety also depends on you. Approve requests only from lenders and apps you trust, read the purpose and time period, and open requests only inside your AA app. Once a requester receives the data, its own privacy practices apply.

3. Does an Account Aggregator store or use my data?

Not for its own purposes. The RBI Master Direction says the data must not become the AA’s property and must not reside with it. An AA may use or disclose the information only as your consent allows. It is also limited to the business of account aggregation, so it cannot run another business, such as lending, using your data.

4. How is an Account Aggregator different from KYC or a credit score?

KYC proves who you are to a financial institution. A credit score is a number that credit bureaus build from your loan and card repayment history. An Account Aggregator does something else: it moves your actual account data, such as bank statements, to a lender or app you approve. A lender may use all three. KYC shows identity, the score shows repayment history, and AA data shows income and spending.

5. What kind of data can be shared through an Account Aggregator?

The framework covers banking, securities, insurance and pension information. Providers can include banks, NBFCs, mutual fund houses, depositories, insurers, the pension record-keeping agency and the GST network (GSTN), according to the Department of Financial Services. What gets shared on any day is limited to what your consent lists. A provider can share data only if it has joined the network, so not every account will show up.

6. Can I withdraw my consent later?

Yes. The RBI rules say you must be able to revoke a consent, including for part of the data you agreed to share. You can usually do this from your AA app. Cancelling stops further sharing under that consent. Data a requester has already received is covered by its own policies, so ask about this if it matters to you.

7. Who regulates Account Aggregators in India?

The RBI licenses and regulates AAs under its Master Direction for NBFC Account Aggregators, issued in 2016. An AA company must hold net owned fund (the company’s own capital) of at least ₹2 crore, and the RBI can raise that amount. The institutions that supply data answer to their own regulators, such as the RBI, IRDAI and SEBI.

8. When should I consider using an Account Aggregator?

It makes sense when you apply for a loan and the lender asks for statements, or when you want one view of accounts across several banks and funds. A complete and current picture is also a useful starting point for a financial plan. Use it only for purposes you understand, and keep a short list of the consents you have given.