NBFCs, capital markets lead consents in account aggregator system

NBFCs, RIAs, and stockbrokers dominate India's expanding account aggregator ecosystem, serving over 24 million users in FY25

Non-banking financial companies (NBFCs), registered investment advisers (RIAs), and stockbrokers were the top categories of completed consents on the account aggregator (AA) framework in financial year 2024–25 (FY25), according to data from industry alliance Sahamati.

 

NBFCs, with 276 financial information users (FIUs), accounted for 60.08 per cent of the total consents. Participants in the capital markets segment, which includes RIAs and stockbrokers, together had a 35 per cent share of total consents. There are 39 RIAs and 93 stockbrokers that are FIUs.

 

FIUs are entities that use customers’ data to provide financial products and services. Financial information providers (FIPs) are