Sahamati’s latest lending impact report highlights rapid growth in secured lending, rising bank participation and expanding access for women and new-to-credit borrowers, signalling the next phase of the Account Aggregator ecosystem.
India, August 27, 2026: The Account Aggregator (AA) ecosystem is entering a new phase of growth, with adoption expanding beyond unsecured retail credit into secured lending. Facilitating an estimated ₹3.82 lakh crore of loan disbursals across 3.68 crore loans. AA accounted for 8.4% of India’s retail and MSME lending by value and 11.8% by loan volume, according to Sahamati’s latest Credit Reimagined: Account Aggregator (AA) Impact Report H2 FY26. The report highlights a significant broadening of AA adoption, with the framework expanding beyond unsecured retail lending into secured credit and seeing increasing participation from banks.
The report also highlights strong momentum across other secured lending products. AA-enabled home loans and loans against property recorded 1.09 lakh loans worth ₹20,777 crore in FY26, with loan volumes increasing significantly over the previous year. This signals wider adoption of consent-based financial data for higher-value credit underwriting.
The shift is also being driven by growing adoption among mainstream financial institutions. Banks accounted for 47.3% of AA-enabled lending by value in H2 FY26, nearly matching NBFCs.
The report also presents early evidence of the framework’s potential to advance financial inclusion. Among participating institutions, new-to-credit borrowers accounted for 18.2% of AA-enabled loan originations by volume, while women borrowers accounted for 19.8% of loan volumes and 19.1% of disbursed value. These findings point to the potential of consent based financial data to help lenders assess borrowers with limited or evolving formal credit histories.
Key findings
- Banks account for 47.3% of AA-enabled lending by value in H2 FY26.
- AA now powers 4% of India’s lending by value and 11.8% by loan volume.
- ₹3.82 lakh crore of AA-enabled lending across 68 crore loans in FY26.
- 624% growth in AA-enabled home loans and loans against property.
- 8% of AA-enabled loan originations were to women borrowers, accounting for 19.1% of disbursed value.
- 2% of AA-enabled loan originations were to new-to-credit borrowers.
B.G. Mahesh, Chief Executive Officer, Sahamati, said, “For the first few years, the Account Aggregator framework demonstrated its value in unsecured lending. We are now seeing its adoption broaden with strong momentum in secured lending and increasing participation from banks. This marks an important shift in the evolution of India’s Open Finance ecosystem, where consent based financial data is becoming a core part of credit underwriting. As more financial information sources come on stream, the framework will help make lending faster, more inclusive and more efficient for both financial institutions and customers.”
Shalini Gupta, Chief Policy & Advocacy Officer, Sahamati, said, “The next phase of AA adoption will be defined by the breadth of financial information available and the range of credit journeys it can support. Expanding data sources and deeper adoption across secured lending can strengthen cash flow based underwriting and help extend formal credit to a wider range of borrowers, including those with limited traditional credit histories.”
Looking ahead, the expansion of financial information sources such as GST, CBDT and EPFO is expected to further strengthen cash flow based lending and unlock new use cases across retail, MSME and secured credit, accelerating the next phase of the Account Aggregator ecosystem.
Find the full report here: Link