What is an Account Aggregator?

An Account Aggregator (AA) is a licensed entity authorised by the Reserve Bank of India (RBI) to fetch financial data from various Financial Information Providers (FIPs) and share it with Financial Information Users (FIUs) only with the user’s explicit consent.

Note: An Account Aggregator ID (AA ID) will be linked to FIP accounts on Account Aggregator to help identify and fetch relevant financial information.

Related question(s):
Why do I need an Account Aggregator account on PhonePe?
Who are Financial Information Users (FIUs)?