The Account Aggregator framework, which went live in September 2021, now has 41 financial information providers and users on its platform, including major private sector banks.
However, public sector banks, including State Bank of India, Bank of Baroda and Punjab National Bank are in various stages of preparation and are yet to go live.
Union Bank of India is the first public sector bank to have gone live on the platform.
SBI is in testing phase while Bank of Baroda is in development phase. Bank of India, Central Bank of India and Punjab National Bank are evaluating the move.
According to data by Sahamati, which is the collective of the AA ecosystem, the private sector lenders, including Axis Bank, HDFC Bank, Federal Bank, ICICI Bank and IndusInd Bank are live on the platform.
NBFCs such as Piramal Capital and Housing Finance and U GRO Capital are also live on the AA platform as well as insurers such as Bajaj Allianz General Insurance.
By April this year, as many as 4.14 lakh accounts were linked across financial information providers and 3.78 lakh consent requests were fulfilled across users.
As many as 18 FIUs and FIPs are actively testing and another 78 are actively engaged.
The AA framework helps to share consent-based financial data between regulated entities.
An AA is a consent manager for financial data. They are NBFCs licensed by the RBI to collect data from, FIPs that hold an individual’s personal financial data like banks, and share the data with, FIUs that provide financial services to the individual.
In what will be a big boost to the AA framework, market regulator SEBI too is likely to join it soon.