Lesson 2 · Practitioner · India · 24 min
India Account Aggregators (AA)
How India’s AA ecosystem shares financial data via consent artefacts—without sharing bank passwords.
Objectives
- ▸Describe FIU, FIP, and AA roles in the India stack
- ▸Explain consent artefact lifecycle
- ▸Design lending / SCF underwriting journeys on AA data
- ▸Handle failures: rejection, partial data, revocation
Account Aggregators are RBI-regulated consent managers. Financial Information Providers (FIPs)—banks, NBFCs, etc.—share data. Financial Information Users (FIUs)—lenders, apps—consume data for a declared purpose. The AA never should become a silent data lake of passwords; it brokers consent and encrypted data flow.
- Purpose limitation: fetch only what the use case needs (e.g., last 6 months bank statements).
- Consent artefact: machine-readable permissions with expiry.
- FI types: deposit accounts, GSTN (where enabled), etc., expanding over time.
Key terms
Account AggregatorFIUFIPConsent artefactPurpose limitation