Mumbai: India’s Account Aggregator (AA) ecosystem is seeing rapid adoption, with deposit account information forming the bulk of financial queries. According to the Finarkein report, ‘AA in Action: How India is Using AAs’, 88.1% of all requests by financial institutions relate to deposit accounts, while investment products like equities and mutual funds account for 10.7%, reflecting deeper integration with the capital markets.

The ecosystem processed 145.6 million consent requests in 2025 alone, highlighting growing trust in the AA framework. Regional adoption shows significant variation: Maharashtra leads with 12.31%, followed by Delhi and Telangana at 9.58% each. Four high-penetration states contribute 40.36% of total AA activity, whereas 16 northeastern states and Union Territories remain below 0.5%, indicating gaps in digital infrastructure.

Finarkein’s analysis also reveals a mobile-first adoption pattern, with 98% of users accessing AAs via smartphones. English dominates interactions at 94.94%, with Hindi at 3.82%.

Dheeraj Kumar, CTO and Co-Founder of Finarkein, noted, “The AA journey has redefined trust through data, evolving from an RBI-led initiative into a cornerstone of Open Finance.”

The ecosystem now includes 16 operational Account Aggregators, 180 active Financial Information Providers, and 748 Financial Information Users, with 88.72 million accounts linked in 2025, a 501.4% increase since April 2023. Leading providers like Anumati, Finvu, and Onemoney are recognized for API reliability, customer support, and feature coverage. India aims to reach 100 million monthly consents by 2027, setting a global benchmark for digital financial infrastructure.