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India's account aggregator (AA) ecosystem has reached a meaningful scale in facilitating retail and MSME credit, with monthly loan disbursements touching around INR 24,000 crore during the first half of FY26. According to Sahamati's Credit Reimagined H1 FY26: AA Impact Report, the framework enabled loan disbursals worth approximately INR 1.47 lakh crore across 1.5 crore loans between April and September 2025. This marks a sharp rise from the INR 14,000 crore monthly average recorded in the preceding half year. The report highlights growing adoption across products and borrower segments, particularly unsecured and digitally originated loans, and notes that nearly one in ten personal loans is now facilitated through the AA ecosystem. The findings underline the growing role of consent-based data sharing in improving credit access, efficiency and risk management.
India's account aggregator ecosystem is rapidly emerging as a critical pillar of the country's digital lending infrastructure, enabling faster and more reliable credit flows across retail and MSME segments. According to Sahamati's recently released Credit Reimagined H1 FY26: AA Impact Report, the framework facilitated loan disbursals worth an estimated INR 1.47 lakh crore during the first half of FY26, covering around 1.5 crore individual loans. On a monthly basis, AA-enabled lending averaged close to INR 24,000 crore, reflecting a significant increase from the roughly INR 14,000 crore monthly disbursements reported in the second half of FY25. Advertisement
The report estimates that AA-facilitated lending accounted for about 7.7 per cent of total lending by value and 10.8 per cent by volume across retail and MSME loans during the six-month period. This indicates that the framework is no longer limited to pilot use cases and is increasingly embedded within mainstream lending operations. Adoption has expanded across multiple loan products and borrower profiles, with particularly strong uptake in unsecured and digitally oriented loans. Notably, the findings suggest that approximately one in ten personal loans in the country is now facilitated through the account aggregator ecosystem.
The growing traction of the framework aligns with policy and regulatory priorities highlighted in the recent Economic Survey released by the Ministry of Finance. The survey reiterated the potential of consent-based digital public infrastructure that enables secure sharing of bank transaction data and GST records, especially to support credit expansion among underserved, low-income, new-to-credit and MSME borrowers. In line with this direction, lenders are increasingly relying on AA-based data flows to improve underwriting quality and reduce turnaround times.
For borrowers, the shift represents a move towards safer and more transparent access to credit. Instead of uploading bank statements or sharing sensitive net banking credentials, customers are increasingly opting to share financial data through clear, purpose-specific and time-bound consent. This approach gives borrowers greater control over how their data is accessed and used, while also reducing the risks associated with manual and non-consensual data-sharing practices.
Beyond credit underwriting, the report notes a rising use of AA data in post-disbursement risk management. Lenders are adopting the framework for ongoing monitoring, early warning signals, targeted collection strategies and fraud prevention, particularly in small-ticket and high-volume loan portfolios. These applications are helping reduce overall credit risk and improve portfolio resilience.
Commenting on the findings, Sahamati's chief executive B.G. Mahesh said the AA ecosystem was moving beyond experimentation and becoming a preferred data-sharing channel for both customers and financial institutions. He noted that reliance on actual financial behaviour, rather than indirect proxies, was making credit decisions faster, fairer and more robust. As adoption deepens, the account aggregator framework is steadily positioning itself as foundational infrastructure for India's evolving digital credit ecosystem.
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