In India’s regulated Account Aggregator (AA) framework, approving a consent request authorizes a named financial information provider (FIP) to share specified financial information with a named financial information user (FIU), for the stated purpose and within the access terms shown. The AA manages the consent and transfer; it is not a payment instruction, does not guarantee approval for a loan or other service, and is not permitted under RBI directions to store the financial information it accesses.
What happens after you approve
- A financial service requests data. A lender or another FIU sends a request through an AA. The bank or other participating institution holding the information is the FIP. For example, a lender may request bank transaction information to assess a loan application. RBI directions and the Government of India explainer describe these roles.
- You review the consent artefact. The request identifies the customer, requested information, purpose, recipient, notification destination, and consent creation and expiry details. The precise request should specify which accounts and data categories are involved.
- You approve or refuse. AA registration is voluntary, and you can reject a request. Approval is limited to the accounts, information, purpose, recipient and access terms described in the consent; it is not blanket permission to use all your financial data for any purpose.
- The FIP validates and sends the information. The FIP checks that the consent is valid and follows its usage terms, then digitally signs and securely transmits the requested information in line with the consent artefact.
- The AA mediates the transfer to the FIU. The government describes the information as encrypted by the sender so the recipient, rather than the AA, can decrypt it. The AA’s role is to manage and facilitate the authorized transfer, not to build a readable financial profile.
- You can later review or revoke consent. The AA app can show given and revoked consents and data-request history, and RBI directions require a revocation mechanism, including for parts of the information. App screens and exact steps vary by AA. Sahamati’s FAQ explains these consumer-facing features.
What to check on the consent screen
- Accounts and information: Check which accounts are selected and which kinds of information are requested.
- Purpose: Confirm what service or decision the FIU says it will use the information for.
- Recipient: Look for the named FIU that will receive the data, not just the AA brand.
- Access pattern and duration: Check whether the request is one-time or recurring, and read the validity and access period. The government FAQ says the recipient-access period is shown when consent is given.
- Revocation controls: Locate the AA app’s consent-management screen and check how it lets you revoke all or part of the permission.
Can an account aggregator see your bank data?
RBI directions say an AA must not store financial information accessed from FIPs and must not request or store source-institution passwords, PINs, private keys or similar credentials. The government describes the data as encrypted by the sender for decryption by the recipient. These are framework controls, not a claim that every system is risk-free or that a receiving institution never retains data. The government’s 10 September 2021 explainer puts it this way: “Account Aggregators cannot see the data; they merely take it from one financial institution to another based on an individual’s direction and consent.” Read that as a description of the AA’s intended role, alongside the RBI rules governing it.
What revoking consent does—and does not do
You can reject a pending request or revoke an approved consent later. For recurring access, revocation ends further access under that permission. If you revoke during an unfinished loan cycle, the lender and borrower may need to work out a remedy offline; the practical effect on an application or account depends on the service.
Revocation is not established as a universal command to delete information the FIU has already received. The framework rules described here govern the AA’s handling and access through consent; they do not set one retention or deletion period for every FIU. Check the recipient’s privacy notice and applicable terms to understand what happens to data it already received.
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How large is the AA ecosystem?
The Department of Financial Services, Ministry of Finance, reported 179 FIPs and 989 FIUs live, more than 2.88 billion financial accounts enabled to share data, and 284.6 million accounts linked by users as of 31 March 2026. These are ecosystem adoption figures—not counts of people who approved a particular consent, and not a measure of the likelihood of a loan being approved. The government page reporting these figures was not accessible when checked, so treat them as dated figures and verify the live page before relying on them in a time-sensitive decision.
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