Capital Market : Account Aggregator The next major digital public infrastructure By Motilal Oswal Financial Services Ltd
Unlocking the next phase of open finance
* The account aggregator (AA) ecosystem has entered the next phase of commercialization, with cumulative consent requests rising to 493.5m as of Jun’26 from
* Information Providers (FIPs), 1,076 live Financial Interface Users (FIUs) and ~314.5m linked accounts, making it one of the world's fastest-growing regulated Open Finance infrastructures.
* While lending remains the largest use case (~62% of successful consents), adoption is broadening rapidly across capital markets (~35%), insurance and enterprise workflows. Cumulative PFM (personal finance mgmt.) users reached ~59.6m, and 8.8m F&O accounts verifications were completed in FY26, reflecting increasing integration into recurring financial workflows.
* The next leg of growth is expected to be driven by AI-enabled financial services, cashflow based MSME lending, embedded finance and recurring consent architectures, positioning AA as India's trusted financial data layer rather than a one-time consent infrastructure.
* Supportive regulation continues to strengthen the ecosystem through the RBI's recognition of Sahamati as the SRO-AA, implementation of the DPDP Act, emerging AI governance frameworks, improving interoperability, customer trust, and long-term scalability.
* Among listed players, CAMS Finserv is best positioned to benefit by leveraging its established financial infrastructure and enterprise relationships. While AA remains a small revenue contributor today for CAMS, growing Open Finance adoption should meaningfully enhance its long-term strategic value. We maintain BUY on CAMS.
Enabler of faster and more secure financial data sharing
* The AA framework, introduced by the RBI, has emerged as the foundation of India's Open Finance ecosystem by enabling secure, consent-based sharing of financial information. Today, over 2.9b financial accounts are AA-enabled across banking, capital markets, insurance and pension products.
* Commercial adoption has accelerated rapidly since the network went live in 2021. The ecosystem has expanded to 17 licensed AAs, 176 live FIPs and 1,076 live FIUs, while cumulative consent requests have increased to 493.5m (Jun'26) from just 0.3m (Apr'22), growing at ~5% MoM. Linked accounts have reached 314.5m, making AA the world's fastest-growing regulated Open Finance network.
* The ecosystem's rapid scale-up has been supported by coordinated regulatory adoption, India's mature digital public infrastructure (UPI, Aadhaar, DigiLocker, etc.) and expanding production use cases across lending, wealth management, insurance and capital markets.
* As the adoption broadens from just one-time onboarding to recurring financial workflows, AA has the potential to become the 'UPI for financial data'creating a trusted financial data layer that enables faster decision-making, lower processing costs, improved customer experience and new monetization opportunities across the financial ecosystem.
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