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 entities that hold users’ financial data. Account aggregators (AAs) are entities registered with the Reserve Bank of India (RBI) that deliver data from FIPs to FIUs.

 

The AA ecosystem facilitated financial services for 24.4 million users in FY25.

 

Within the ecosystem, around Rs 1.07 trillion was disbursed across 12.2 million loans, 4.73 million futures and options (F&O) accounts were verified, 28,472 life insurance policies were issued, and 7.69 million personal finance management (PFM) customers were served during the year.

 

According to Sahamati data, 115.8 million consent-based data transactions enabled around 47.7 crore users to access financial products and services.

 

Overall, the ecosystem comprises 179 FIPs, 748 FIUs, and 16 AAs.

 

Top categories with completed consents in FY25

          FIU Categories % share

Number of FIUs

Non-banking financial companies 60.08 276 Registered Investment Advisors 23.08 69 Stock brokers 11.92 93 Private Banks 2.05 14 Housing Finance Companies 0.73 52       FIU: Financial Information User     Source: Sahamati