New Delhi: The Indian Account Augator (AA), launched in 2021, has become one of the fastest growing pillars of digital public infrastructure in the country. Four years after its launch, AA Framework now has more than 112 million users and has allowed 2.2 billion financial accounts for secure sharing data based on consent.
The AA frame, established by the Indian Reserve Bank, allows individuals to aggregate their financial data, including bank accounts, loans and investments, and share them selectively with creditors or wealth managers.
This process is secured with encrypted flows in operation by a user that is designed to protect privacy. By acting as an intermediary based on trust, AAS extends access to formal credit and personalized financial services.
The rapid expansion of the AA ecosystem gained international recognition during the Indian Presidency of the G20 in 2023.
“During the Indian G20 in 2023, AA was recognized as the basic digital public infrastructure (DPI) serving as a layer of data exchange, which complemented layers of identity (Aadhaar) and payments (UPI),” the Ministry of Finance said.
“The roles and impact of AA have been recognized in the key G20 documents, including political recommendations for progress in financial inclusion and increased productivity through digital public infrastructure (2023).
According to the Ministry, the adoption of AAS accelerated in various sectors, including banking, insurance, pensions and securities.
Since September, 112 financial institutions living as providers and financial information users, 56 only work as providers and 410 only as users.
The platform is expected to play a key role in unlocking the loan for small businesses and households, deepening the financial integration and support of the long -term vision of India about Viksit Bharat @2047, she added.
(Tagstotranslate) ACCRAPATE INGRAGATION INDIA (T) Digital public infrastructure
