Finance Minister Nirmala Sitharaman speaks about Account Aggregator Ecosystem

Smt Nirmala Sitaraman, Finance Minister, Government of India
“India achieved 80% financial inclusion rate in just 6 years which in normal course would take 50 years: Smt Nirmala Sitharaman”
  • The Department of Financial Services (DFS), Ministry of Finance, hosted the Digital Payments Awards ceremony at Vigyan Bhawan on 18th June 2025, in a significant move to recognize and strengthen the nation’s digital payments ecosystem.

Date: June 18, 2025
Source: PIB

“Nearly 700 entities join account aggregator system; 15 crore accounts linked: Union minister Sitaraman”
  • Union Finance Minister Nirmala Sitharaman highlighted the rapid adoption of the Account Aggregator (AA) platform, with participation growing from only 24 entities in FY22 to nearly 700 across banking, insurance, securities, and pensions by FY25.

Date: June 18, 2025
Source: Economic Times

“India’s DPI new factor of production, says FM”
  • India’s digital public infrastructure has emerged as the new ‘factor of production’ in the 21st century and has been instrumental in formalisation of the economy, said finance minister Nirmala Sitharaman while presenting the interim budget on 1st Feb 2024.

Date: 2nd Feb 2024
Source: The Economic Times

“Customer data with account aggregators completely safe in India: Sitharaman”
  • Nirmala Sitharaman reassures the safety of customer data with account aggregators, emphasizing the robustness of India’s data protection mechanisms.

Date: November 23, 2023
Source: Indian Express

“NBFCS, Small Finance Banks need to curb over-enthusiasm to lend: FM”
  • Sitharaman highlighted the key role to be played by account aggregators in the coming days and clarified that they facilitate exchange of financial data but don’t own it.

Date: November 23, 2023
Source: Business Standard

“Improve CASA ratio, leverage Account Aggregator framework: FM to RRBs”
  • Sitharaman advised RRBs to capitalize on the account aggregator framework, particularly for extending credit to the allied agricultural sector, such as fisheries and animal husbandry, as well as providing loans to street vendors under the PM SVANidhi scheme.

Date: August 4, 2023
Source: Business Standard

“Deploy AI, Web3 for fraud detection, early warning signals: FM Sitharaman to banks”
  • FM Sitharaman has urged banks to Institute more reforms like the account aggregator framework to allow private and public sector banks to interact within the system: Sitharaman

Date: September 17, 2022
Source: Inc42

“FM Sitharaman asks bank to be ready to meet the credit demand of the economy”
  • She also highlighted that the regional rural banks needed to be given more attention by their sponsor banks as these banks need help with digitisation, and upgradation of their systems. “They need assistance to get their accounts onto digital platforms. Account Aggregators have to go to them. The government has created an agricultural infrastructure fund and we need that to have a better reach through the RRBs,” she said.

Date: September 16, 2022, 9:46 PM IST
Source: Business Standard

Nirmala Sitharaman chairs 26th meeting of FSDC
  • Nirmala Sitharaman, during the 26th meeting of FSDC, discussed the advancements and challenges related to the Account Aggregator framework.

Date: September 15, 2022
Source: The Statesman

“Onboard Account Aggregator system by July end: Finance Minister to PSBs”
  • The Finance Minister has directed Public Sector Banks to onboard the Account Aggregator system by the end of July, emphasizing the importance of this framework.
  • The account aggregator system will help banks leverage user data with their consent to provide better service.

Date: July 8, 2022
Source: Inc42

“FM Sitharaman asks banks to sign up for Account Aggregator framework to improve credit flow and promote digital lending”
  • FM Sitharaman has urged banks to participate in the Account Aggregator framework, emphasizing its role in enhancing credit flow and promoting digital lending.
  • FM Sitharaman also directed the banks to run pilots for Account Aggregator model and cashflow-based lending.

Date: February 22, 2022
Source: Swarajya