Speaking at SamvAAd 2026, Nandan Nilekani outlined the next phase of India’s Account Aggregator ecosystem, calling for deeper adoption, richer data sources and a focus on inclusive lending, entrepreneurship and employment.
At SamvAAd 2026, Nandan Nilekani, Co-founder and Non-executive Chairman of Infosys, called for India’s Account Aggregator (AA) framework to move from a proven model to delivering impact at population scale. With the infrastructure now in place, he identified the next two to three years as an opportunity to expand adoption, deepen use cases and bring millions of underserved individuals and businesses into formal finance.
Drawing a comparison with Aadhaar and UPI, Nandan Nilekani noted that AA currently reaches around 207 million users, while UPI has approximately 550 million monthly active users. He said there was no reason AA could not reach 500 million Indians, or half a billion people, with the potential to make consent-based data sharing a mainstream part of India’s digital infrastructure.
From proving the model to taking on greater responsibility
Ten years after the RBI issued its Account Aggregator Master Direction on September 2, 2016, Nandan Nilekani said the ecosystem had demonstrated its value and was ready to take on greater responsibility. The priority now is to broaden participation and data availability, while making AA a single channel through which financial institutions can access the data they need, with customer consent.
He emphasised the network effect at the heart of AA. Each additional Financial Information Provider (FIP) makes new data available to all participating Financial Information Users (FIUs), multiplying its potential value. Greater data supply, supported by the participation of institutions across financial sectors, will be critical to expanding the framework’s reach.
Combining data to unlock inclusive lending
Nandan Nilekani called for AA to move beyond serving primarily salaried customers and extend its reach to self-employed individuals, gig workers, nano enterprises, street vendors and self-help group (SHG) borrowers.
Combining datasets can unlock lending opportunities for segments often excluded by traditional, asset-based underwriting. GST data, income tax returns and current account information can help lenders assess cash flows for small businesses and self-employed borrowers. Banking, SHG and livelihood data can support lending to women borrowers, while banking and EPFO data can help enable unsecured credit for salaried individuals. Health and financial data could also support the expansion of insurance
He urged the ecosystem to bring more sources onto AA, including income tax returns, EPFO, small savings schemes, SHG records, FASTag and utility bill payments. The objective is to make economic activity more visible and verifiable, allowing people to access financial products based on their data rather than assets they may not own.
Beyond lending, he highlighted opportunities in personal finance, pensions, insurance claims, government schemes, scholarships, tax planning and visa processing. AA could become the trusted channel for data needs across financial services and beyond.
Connecting AA, AI and small-business employment
Nandan Nilekani placed small-business growth at the centre of India’s employment opportunity, emphasising that MSMEs are AI job-proof. As AI automates tasks across service and manufacturing industries, he argued that enabling millions of small businesses to grow and create a few jobs each could become an important engine of employment.
AA can help businesses demonstrate cash flows and access finance, while AI can improve financial management, compliance and access to expertise. Together with digital platforms that expand market access, these capabilities can help traditional enterprises and new startups become more productive.
Three priorities for the next phase
Nandan Nilekani identified interoperability, participatory governance and a sustainable economic model as essential to AA’s next phase. Interoperability can simplify onboarding and connect participants more efficiently. Governance must sustain trust and accountability as the ecosystem grows. A viable economic model is needed to adequately compensate data providers and Account Aggregators and ensure continued investment in the infrastructure.
He also called for consumer awareness to become a driver of adoption. Nandan Nilekani launched #AAseAasaanHai, Sahamati’s consumer awareness campaign, which uses short films to demonstrate how AA can simplify everyday financial journeys, beginning with access to credit.
His central message was clear – AA must be measured not merely by consents and transactions, but by the people and businesses it enables. The ambition is to make trusted data a foundation for inclusive finance, entrepreneurship and a more productive, data-driven Indian economy.