India's account aggregator loans grow 12% monthly

The account aggregator system in India is seeing a monthly growth of 12% in borrower consents. As of December 2024, the total value of loans facilitated has surpassed Rs 1.3 lakh crore, with over 14.3 crore consents granted since September 2021. The framework, introduced by the Reserve Bank of India in 2021, allows secure sharing of financial data between institutions. Currently, 173 financial information providers are connected to the platform, which acts as an intermediary without storing data. Since April 2024, the system has averaged 2.8 lakh consents daily, a 79% increase from the previous fiscal year. Non-banking financial companies (NBFCs) are the primary users, accounting for 65% of total consents.