An Account Aggregator (AA) is a non-banking financial company (NBFC) licensed by the Reserve Bank of India (RBI). It acts as a secure digital bridge between your financial data sources (like banks) and financial institutions that require this data — all with your explicit consent.

Through an AA, you can digitally share financial information such as bank statements, tax returns, or salary details with a lender when applying for a loan — eliminating the need to manually collect and submit physical documents.

Earlier, this process involved gathering paperwork from multiple institutions. With an AA, the entire exchange happens digitally in just a few clicks — provided both the lender and you are part of the AA ecosystem.

What is Account Aggregator? – Sahamati

The AA framework functions through regulated entities known as:

• Financial Information Providers (FIPs) – institutions that hold your financial data (e.g., banks)
• Financial Information Users (FIUs) – entities that need access to your data (e.g., lenders)

Here’s a step-by-step breakdown:

• Register on the AA Network
  When applying for a loan, you can opt to register with an Account Aggregator of your choice.
• Consent-Based Data Sharing
  You provide one-time consent via OTP to share specific financial data from your accounts. You control what information is shared, for how long, and can revoke access at any time.
• Encrypted & Secure Data Exchange
  Upon consent, the AA fetches the required data from the FIP (e.g., your bank) and securely shares it with the FIU (e.g., the lender) using end-to-end encryption. Importantly, the AA does not store your data.
• Faster Loan Processing
  With secure and real-time access to your financial data, the lender can efficiently assess your eligibility, verify income, and process your loan application faster.

Choosing to use an Account Aggregator (AA) when applying for a loan offers multiple advantages:

• Simplified Documentation
  Say goodbye to the tedious task of gathering physical documents from various financial institutions. With AAs, you can digitally authorize access to your financial records, significantly streamlining the loan documentation process.
• Enhanced Privacy and Security
  AAs follow stringent data protection protocols. Your financial information is shared using end-to-end encryption and is never stored by the AA, ensuring maximum security and confidentiality.
• Faster Processing Times
  By enabling the instant sharing of verified data, the AA framework helps lenders quickly assess your profile, thereby reducing overall loan approval and disbursal times.
• Full Transparency and Control
  The AA ecosystem is built on a consent-based model. You decide what data to share, who to share it with, and for how long — giving you complete control and visibility over your financial information.

At Hiranandani Financial Services Private Limited, we are committed to delivering a faster and more seamless loan experience.

By choosing to apply for a loan through an AA-enabled process, you can significantly reduce the time taken for document verification and approval. With your consent, we can securely access your financial data via trusted Account Aggregator (AA) channels — eliminating the need for physical paperwork.

This digital process ensures:

• Faster verification
• Quicker approvals
• Prompt access to funds

Experience a smarter, more efficient way to get the financial support you need.

Yes, the Account Aggregator (AA) framework is regulated by the Reserve Bank of India (RBI), ensuring strict compliance with data privacy and security standards. AAs use end-to-end encryption for all data exchanges and do not store any personal or financial information, ensuring your data remains private and secure.

No, it is not necessary to register with all AAs. You can choose any RBI-licensed AA to register and share your financial data with lenders. Once registered, you can use that AA platform to securely share information with any participating lender within the AA network.

The Account Aggregator ecosystem operates under a robust regulatory framework to ensure the security, privacy, and protection of users’ financial data. Key regulatory aspects include:

1. 1. Data Privacy and Security
      Account Aggregators must comply with stringent data privacy regulations, ensuring that users’ financial information is collected, stored, and shared securely and responsibly.
   2. User Consent and Authorization
      The framework mandates explicit user consent before any financial data is accessed or shared. Users are fully informed about the consent they provide and retain the right to revoke it at any time.
   3. Risk Management and Compliance
      Account Aggregators are required to implement comprehensive risk management strategies to prevent data breaches, fraud, and unauthorized access. Compliance measures include regular audits, mandatory reporting, and penalties for non-compliance.
   4. Consumer Protection
      Regulations are designed to safeguard consumers against misuse of their financial data or abusive practices by Account Aggregators. This includes requirements for transparent disclosures, effective dispute resolution mechanisms, and clear liability frameworks in the event of data breaches or unauthorized transactions.
   5. Licensing and Registration
      Account Aggregators must obtain necessary licenses or registrations from regulatory authorities to operate legally. These licenses are granted based on criteria such as financial stability, technical competence, and adherence to regulatory standards.

• You have full control over your financial data and can revoke consent to share your information at any time by following these simple steps:

  1. Login
     Use your registered mobile number to log in to your Account Aggregator’s website or app. For more details and access to AA platforms, visit: https://sahamati.org.in/aa-apps/
  2. Check Active Consents
     View all your currently active consents for data sharing.
  3. Review Details
     Carefully review the consent details, including which data is being shared and with whom.
  4. Revoke Consent
     Select the consent you wish to withdraw and click on the “Revoke”
  5. Confirm Revocation
     Confirm your action by clicking “Revoke Consent” to proceed.

  Receive Confirmation
  You will receive a notification or SMS confirming that the consent has been successfully revoked.

• • For any Account Aggregator (AA) consent-related queries or assistance, please visit your AA service provider’s website.
  • For additional support, you can contact us at: https://hfs.in/customer-service/