Account Aggregator: The Final Piece Of The India Stack Puzzle

It would not be an exaggeration to call India Stack the heart of Digital India — yes, it’s a collection of open APIs, but it revolutionised Indian fintech startups and banking. With Aadhaar as its foundational layer, India Stack combined eKYC or digital identity, Aadhaar-enabled payments system, unified payments interface (UPI) and now, account aggregator.

Banks such as Axis Bank, Bajaj Finserv, ICICI Bank, IDFC FIRST Bank, HDFC Bank, Indusind Bank, Kotak Mahindra Bank, and State Bank of India (SBI) and fintech startups are exploring use-cases of account aggregator or AA. The AA framework makes data sharing easier across services, but only after gaining consent from users. According to RBI, the AA framework will help financial services companies to easily get transactional and banking data of users to optimise product offerings for their customers.