India's Account Aggregator Revolution: How BG Mahesh is Building the "UPI of Data" | 100M+ Users Already In

You know how UPI completely changed the way we send money to friends? Well, there's another quiet revolution happening in India's fintech space, and honestly, most people don't even know about it yet.

It's called Account Aggregator, and if you ask BG Mahesh – the CEO of Sahamati who's been leading this charge – it's going to be just as transformative as UPI was for payments. Actually, they're calling it the "UPI of Data," and after looking at the numbers, I can see why.

What's All This Fuss About Account Aggregators?

Let me break this down in simple terms. You know how frustrating it is when you're applying for a loan and the bank asks for your salary slips, bank statements, tax returns, and basically your entire financial history? And then you spend hours collecting all these documents, printing them out, and submitting them?

Well, Account Aggregators (AAs) basically say "forget all that hassle." This model empowers individuals with control over their financial data, facilitating secure and consent-based data sharing across financial institutions.

Think of it this way – instead of you running around collecting documents, you just give permission once, and your bank can directly fetch your financial data from other banks or financial institutions. But here's the key part: you're in complete control. You decide what data to share, with whom, and for how long.

The Numbers Don't Lie – This Thing is Taking Off

Here's what caught my attention: the total number of successful consents on the Account Aggregator Framework crossed 100 million as of August 15, 2024. And we're talking about just three years since it really got rolling!

But wait, it gets better. AA consents grew by 1059 percent, which makes India's AA ecosystem the fastest growing Open Finance ecosystem in the world. That's not a typo – over 1000% growth in a year!

And here's the real impact: loans worth ₹42,300 crore have been facilitated through the AA framework since its launch. That's actual money reaching real people and businesses.

Meet the Guy Making It Happen

BG Mahesh isn't new to the game. Before Sahamati, he founded OneIndia.com, a portal that served content to over 100 million users monthly in Indian languages, which was later acquired by DailyHunt.

What I find interesting about Mahesh is his perspective on how these digital platforms take off. "Our experience in technology has been that once all the building blocks are in place and we are able to get everyone connected and on the same platform, suddenly magic happens and things take off. We saw that with UPI. The same can happen for Account Aggregators".

At Sahamati, Mahesh oversees all programs and works to establish productive relationships between market participants, policymakers, and the citizenry. Basically, he's the guy making sure everyone plays nice together in this new data-sharing sandbox.

Why This Actually Matters to You

Look, I know "financial data sharing" sounds boring. But here's why you should care:

Faster loans: Remember waiting weeks for loan approval? Since 2021, 269 million cumulative consents have empowered Indians with faster loans, smarter financial choices, and full control of their data.

You're in control: Unlike those sketchy apps that grab all your data, AAs work on consent. You decide what to share and when.

Better financial products: When lenders can see your complete financial picture quickly, they can offer you better rates and products that actually fit your situation.

The Scale is Mind-Blowing

Here's something that'll blow your mind: about 80-90 million people are using AA in India. And get this – more than 140 million consent requests have been successfully fulfilled using AAs as of December 2024, and it's estimated that almost 7-8% of the Indian population has already registered with AAs.

That's faster adoption than most social media platforms had in their early days!

What's Next?

The momentum isn't slowing down. The Account Aggregator ecosystem marked itself as not only the fastest-growing Open Finance ecosystem worldwide—with an impressive 1059% year-on-year growth from 2022-23 to 2023-24—but also the largest, having surpassed 100 million consents as of August 2024.

The usage has expanded from the basic use case of just loan applications to insurance, wealth management, and even tax filing. It's becoming the backbone of India's financial ecosystem.

The Bottom Line

To be honest, when I first heard about Account Aggregators, I thought it was just another fintech buzzword. But looking at these numbers and understanding the impact it's having – from helping people get loans faster to giving them control over their financial data – it's clear that BG Mahesh and the Sahamati team are onto something big.

Initiatives like UPI, Aadhaar, and the Account Aggregator framework have dramatically reduced friction in identity verification, payments, and data access—unlocking new pathways for financial inclusion.

If UPI changed how we move money, Account Aggregators might just change how we think about our financial data entirely. And with 100 million consents already in the bag, it looks like India's ready for this next digital revolution.

What do you think? Have you used an Account Aggregator yet, or is this the first time you're hearing about it? I'd love to know in the comments!