Financial institutions primarily request deposit account information, representing 88.1% of all queries coming through India’s Account Aggregator (AA) framework. Investment products (equities and mutual funds) account for 10.7% of requests, demonstrating growing capital market integration, according to the Finarkein report, ‘AA in Action: How India is Using AAs’, released on the sidelines of the Global Fintech Fest 2025 in Mumbai. 

The comprehensive analysis examines query patterns across the ecosystem, which processed 145.6 million consent requests in 2025 alone. While financial institutions primarily access basic banking data, the growing integration of capital market information signals enhanced credit assessment capabilities.  

Regional adoption shows sharp disparities, with Maharashtra leading AA penetration at 12.31%, followed by Delhi and Telangana at 9.58% each. Four high-penetration states account for 40.36% of total AA distribution, while 16 northeastern states and Union Territories show minimal penetration below 0.5%, highlighting significant digital infrastructure gaps. 

The report, based on proprietary ecosystem data from Finarkein, supporting over 50 use cases across banking, lending, insurance and wealth management, reveals a mobile-first adoption pattern with 98% of users engaging through smartphones. Language patterns show English dominating at 94.94% of AA interactions, with Hindi representing the largest regional language at 3.82%.    

Dheeraj Kumar, CTO and Co-Founder, Finarkein, said, "The Account Aggregator journey has redefined how trust moves through data. What began as an RBI-led initiative is now a cornerstone of Open Finance, powering millions of verified, purpose-bound data flows monthly."  

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The ecosystem now encompasses 16 operational Account Aggregators, 180 active Financial Information Providers, and 748 Financial Information Users. Account linking reached 88.72 million accounts in 2025, representing a 501.4% year-over-year increase since April 2023.  

Performance analysis shows Anumati, Finvu, and Onemoney as leading AA providers based on API reliability, customer support, and feature coverage metrics. The framework targets 100 million monthly consents by 2027, positioning India as the global benchmark for Digital Public Infrastructure innovation in financial services.