The credit again goes entirely to the government as it came up with the concept of account aggregators: Nandan Nilekani

OCEN is really the API. Let’s say I am running an accounting software company. I have a lot of customers and those customers have data, some of which is on my platform like invoices, balance sheets, etc. I can now ask OCEN to connect to five lenders so that the companies on my platform can go to those lenders using a simple API and get loans from them. It is all about reducing the transactional cost of making these systems work.

It will take some time to put all these pieces in place.

The credit again goes entirely to the government as it came up with the concept of account aggregators. So, suddenly we have a national infrastructure for data empowerment.