India's Account Aggregator (AA) ecosystem facilitated nearly 3.8 crore financial products and services in FY26, according to a report released on Wednesday, 24 June by Sahamati, the industry alliance of the AA ecosystem. The network has cumulatively delivered over 45 crore consents and more than 500 crore data fetches, underscoring its rapid expansion beyond credit underwriting into a broader financial services infrastructure.

Scale and Daily Activity

The AA network now processes over 7 lakh consents daily, a figure that reflects the ecosystem's growing operational depth. The platform counts 5.96 crore Personal Finance Management (PFM) users, with that user base expanding at a compound annual growth rate (CAGR) of 164 per cent since FY23 — one of the fastest adoption curves recorded in India's fintech sector.

This comes amid a broader push by the Reserve Bank of India (RBI) to democratise financial data access, with the AA framework serving as the regulatory backbone for consent-based data sharing across banks, insurers, and investment platforms.

Capital Markets and Insurance Adoption

Nearly 67.65 lakh futures and options accounts were verified through the AA network in FY26, with 70–80 per cent of income verification at leading brokers now conducted via the system. The AA framework is also streamlining compliance workflows, including monitoring for the prevention of insider trading — a use case that signals the ecosystem's growing role in regulatory infrastructure.

On the insurance front, nearly 1.51 lakh life insurance policies were issued using AA data during the fiscal year. While adoption in insurance remains at an earlier stage compared to lending or capital markets, the Sahamati report identified encouraging momentum as life insurers increasingly use consented financial data to improve underwriting outcomes.

PFM: From Tracking to Decision-Making

With close to 6 crore users accessing AA-powered PFM experiences, banks, Registered Investment Advisors (RIAs), and wealth platforms are enabling customers to obtain a consolidated view of their finances — spanning bank accounts, investments, insurance, pensions, and other assets. According to the report, PFM is evolving from basic awareness and expense tracking towards insights, planning, and informed financial decision-making.

Notably, this shift positions the AA framework not merely as a data pipe but as an active enabler of financial wellness — a distinction that could influence how regulators and product builders approach the next phase of open finance in India.

What the Industry Said

BG Mahesh, CEO of Sahamati, said: 'The Account Aggregator ecosystem is demonstrating what becomes possible when individuals are empowered to control and use their own financial data.' He added that the long-term value of AA lies not just in enabling data sharing, but in helping individuals unlock better financial outcomes from their own data.

What's Next

As the AA ecosystem matures, analysts expect deeper integration with tax filing, pension management, and cross-border financial services. The pace of insurance adoption and the expansion of compliance use cases will be key indicators of whether the network can sustain its triple-digit growth trajectory into FY27.