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Sahamati, the industry alliance anchoring the operationalization of India’s Account Aggregator (AA) ecosystem, released its latest Data Unlocked report today. The report provides a detailed analysis of how consent-based AA data flows are enabling innovation and broadening financial inclusion in the country. The report highlights real-world use cases, case studies from early adopters, and quantified insights on how the AA ecosystem is being leveraged to deliver financial services across sectors.
India’s open finance ecosystem, powered by the Account Aggregator (AA) framework, reached a major milestone in FY25, moving from pilot-stage adoption to early population-scale usage.
The key highlights from the report are:
- in FY25 11.58 crore consent-based data transactions that allowed an estimated 4.77 crore users to access financial products and services.
- This includes 2.84 crore transactions in capital markets and insurance: 2 crore users leveraging personal finance management tools, income verification for 84 lakh futures & options accounts, and 33,000 life insurance policies.
- Assuming one service per user, over 4.4% of India’s adult population availed a financial product through AA, while more than 15.4% used it to apply.
The report presents detailed case studies from early adopters in capital markets and insurance, with quantified data points showing improvements in turnaround times, straight-through processing, risk management, and customer experience. It also includes live and conceptual use cases, offering a practical view of how the AA ecosystem is being applied across different financial services.
B.G. Mahesh, CEO, Sahamati, said, “The Data Unlocked Report 2025 marks a key milestone for India’s financial landscape. Open finance in India has now become truly cross-sectoral, not only in the supply of financial information, but also through use cases that are driving measurable impact across lending, capital markets, insurance, and other financial services. By enabling more personalized, tailored, and innovative financial services, the AA ecosystem is charting India’s path towards holistic financial inclusion across access, usage, and quality.”
The report lays out how the growth of the ecosystem reflects a shift from early “plumbing” use cases, which leveraged reduced friction and secure data flows, towards more sophisticated applications that span the full lifecycle of financial products. Institutions are now building on this open finance foundation to innovate across onboarding, eligibility verification, monitoring, servicing, collections, portfolio management, and advisory services.
By combining ecosystem-level metrics with detailed examples from institutions, the report provides a clear picture of how the AA framework is being used to deliver financial services more efficiently and reach a broader set of users. It offers insights for institutions, policymakers, and industry stakeholders on the practical and strategic opportunities presented by open finance in India.