Nearly 700 entities join account aggregator system; 15 crore accounts linked: Sitharaman

New Delhi [India], June 18 (ANI): Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Wednesday said that in just 3 years, nearly 700 entities as of Financial Year (FY) 2025 across banking, insurance, securities, and pensions have joined the Account Aggregator (AA) platform, up from only 24 in FY22.
Addressing a gathering at the Digital Payments Awards 2025 in New Delhi, Sitharaman noted the surge in adoption of the AA platform--a consent-based data-sharing framework aimed at improving access to financial services. The number of accounts linked through AA has soared to over 15 crore, compared to just 1.5 lakh in FY22.
Highlighted the rapid digital transformation in India's financial ecosystem, Sitharaman said that the expansion of AAs platforms has facilitated loans worth over Rs 88,700 crore and empowered nearly 1 crore users to manage their personal finances more efficiently while significantly lowering onboarding costs for financial intermediaries.
'The number of accounts linked through AA has soared to over 15 crores, compared to a mere 1.5 lakh in FY22 - driving loans worth over Rs 88,700 crore and empowering nearly 1 crore personal finance management users, while lowering onboarding costs for intermediaries,' Sitharaman said.
The Finance Minister also highlighted the success of Direct Benefit Transfer (DBT) in transforming welfare delivery. Since its inception in 2014, nearly Rs 44 lakh crore has been transferred through DBT, ensuring full transparency in government transfers and schemes.
The government has saved Rs 3.48 lakh crore by eliminating leakages due to the integration of digital infrastructure and real-time Aadhaar-enabled systems, she added.
Finance Minister further added, 'Every fintech firm should view rural India as a fertile ground - not just as a social responsibility but as an opportunity to create new markets.'
Concluding her address, Sitharaman encouraged fintech firms to look beyond urban markets. 'Rural India is not just a social responsibility. It is a fertile ground for innovation, inclusion, and opportunity. The next big wave of growth lies in Bharat beyond the metros.'
During the Fintech Payments Award 2025, the major fintechs PhonePe, PayTm, and Google Pay got the first, second and third places as the leaders in the offline digital payments acceptance infrastructure category.
Punjab National Bank, Bank of Baroda and Uco Bank received the first, second and third positions under the public bank category, while HDFC Bank, City Bank and IDFC Bank were winners of the private bank category.
Equitas Small Finance Bank and India Post Payments Bank were recognised as the players redefining financial access and inclusion at the grassroots level.
Under the fraud prevention and grievance redressal category, Canara Bank and Yes Bank were awarded as a special mention while WhatsApp Meta, Navi, and Mobikwik jointly shared the first spot, and Jupiter Money and FamApp received the award under the third-party App Providers (TPAPs) category.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Mint

33 minutes ago

• Mint

Foreign investors infuse ₹1209 cr in Indian equities this week, net outflow in June stands at ₹4192 cr: NSDL

Mumbai (Maharashtra) [India], June 21 (ANI): Foreign investment in the Indian equity market remained positive during the week from June 16 to June 20, though the net inflows declined compared to the previous week, as per the latest data released by the National Securities Depository Limited (NSDL). According to the data, foreign investors made net inflows worth ₹ 1,209 crore in Indian equities this week. The inflows were largely supported by significant buying activity on Wednesday and Friday. Market experts attributed this trend to foreign participation in several block deals offered during the week, along with notable inflows on Friday due to the FTSE rebalancing. Siddhartha Khemka, Head Research, Wealth Management, Motilal Oswal Financial Services told ANI "FPI inflows this week has been driven by buying seen in several blocks offered during the week as well as large inflows on Friday due to FTSE rebalancing. Overall Indian economy stands strong driven by healthy economic growth multi year low inflation, rate cut by RBI as well as prospects of a above normal monsoon". Despite the positive movement this week, foreign portfolio investment (FPI) flows for the month of June so far continue to remain in the negative. As of June 20, the net outflows by foreign investors stood at ₹ 4,192 crore. However, this is an improvement from the previous week (ending June 13), when net outflows were higher at ₹ 5,402 crore. This reduction in outflows reflects some signs of stabilization in FPI sentiment. Khemka added that the recent inflows are being driven by India's strong economic fundamentals. These factors are collectively boosting investor confidence and encouraging selective foreign investment, even amid global uncertainties. Looking ahead, he suggested that both global and domestic factors will influence FPI trends in the coming week. Key global triggers include geopolitical developments, fluctuations in crude oil prices amid tensions in middle east, and the approaching deadline for the imposition of US reciprocal tariffs. On the domestic front, important drivers will be macroeconomic indicators, institutional buying support, and sector-specific triggers such as monsoon progress, consumption trends, and infrastructure push. These elements are expected to determine stock specific movements and FPI behaviour in the short term. Earlier in May, the net foreign portfolio investment (FPI) inflows remained in positive and stood at ₹ 19,860 crore, making May the best-performing month so far this year in terms of foreign investment. The previous months' data also showed that FPIs had sold stocks worth ₹ 3,973 crore in March. In January and February, they had sold equities worth ₹ 78,027 crore and ₹ 34,574 crore, respectively. (ANI)

Time of India

33 minutes ago

• Time of India

Elon Musk's Tesla to open first showroom in India in July: Know city, EV models, price and more

The world's richest person, Elon Musk, is finally bringing Tesla to India. The electric vehicle giant is all set to open its first Tesla showroom in India this July, with Mumbai being the chosen city. After years of speculation and delays, this move marks Tesla's official entry into the Indian market, which is the third-largest car market in the world. Tesla's First Showroom in India to Open in Mumbai According to a Bloomberg report, Tesla is opening its first retail showroom in Mumbai, Maharashtra, in July. This marks a major step by Elon Musk to introduce Tesla cars in India. A second showroom is also reportedly in the pipeline for New Delhi, further strengthening the company's presence in the country. Tesla Starts Importing Model Y and Components Tesla has already begun importing the first batch of its Model Y electric SUVs along with spare parts, Supercharger units, accessories, and Tesla-branded merchandise. These items are being shipped from the United States, China, and the Netherlands, showing the brand's serious intentions to build a solid infrastructure here. The Model Y, currently the world's best-selling Tesla car, has arrived from Tesla's Gigafactory in Shanghai. Five rear-wheel drive units have been shipped to Mumbai, with each car valued at around Rs 27.7 lakh (approximately $31,988). Due to India's high import taxes, each car attracted over Rs 21 lakh in duties. This aligns with the country's 70% import tax on fully built electric vehicles (CBUs) priced under $40,000. Tesla Model Y India Price to Be Higher Than in the US In India, the Tesla Model Y is expected to cost over $56,000, excluding taxes and insurance. This is a lot more than its US base price of $44,990 (or $37,490 after government incentives). The steep price could be a challenge in India, where most buyers are price-conscious and value affordability over luxury. Can Tesla Succeed in India's Price-Sensitive Market? Electric vehicles (EVs) currently make up only about 5% of new passenger car sales in India. Of these, luxury cars form less than 2% of the total. This means Tesla will have to work hard to gain traction in a market where price plays a major role in buying decisions. However, despite these challenges, Elon Musk and Tesla seem confident about the Indian EV future. Earlier delays were mainly due to disagreements over high import taxes and the demand for setting up a local manufacturing plant. But now, Tesla is moving ahead with its India plans. Tesla Hiring and Expanding Infrastructure in India Tesla currently does not have an official country head after the exit of Prashanth Menon. However, the company is actively hiring for roles in retail, charging infrastructure, and public policy. It's also setting up warehousing operations in Karnataka and increasing its storage capacity near Gurugram, close to Delhi, to support its growing logistics needs. What This Means for Indian Car Buyers With Elon Musk's Tesla stepping into India, car buyers who have been waiting for high-performance electric vehicles now have a new option. The arrival of the Tesla showroom in India and the Model Y gives Indian consumers access to cutting-edge EV technology. However, unless Tesla finds a way to reduce costs—either by local production or reduced duties—it may remain a niche brand for now. Elon Musk's Tesla opening a showroom in India is a major moment for the country's electric vehicle market. Starting with Mumbai, and soon expanding to New Delhi, Tesla is making its presence felt. While the high price of a Tesla car could be a hurdle, the company's long-term success will depend on how well it adapts to Indian conditions and consumer expectations. For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here

News18

an hour ago

• News18

FASTag Annual Pass: How To Apply For Unlimited Toll Access With Just Rs 3000

Last Updated: FASTag Annual Pass Application Process: In this article, we have created a step-by-step guide, mentioning how applying for the annual Pass of FASTag. In a move to offer a seamless travel expirence on highways, the central government has proposed an Annual Pass for FASTag for just Rs 3,000. The computers will be able to take the benefits on 15th August 2025, barring commercial vehicles. If you are interested in the pass and wondering how to get it or where to apply it. Do not worry, we have got your back. In this article, we have created a step-by-step guide, mentioning the process of applying for the annual Pass of FASTag. Whether you're a frequent highway traveller or someone who often uses highways, this pass will allow you to ditch long queues, save time and a big chunk of money. It offers to use highways unlimitedly by paying a certain fee. Important Steps To Keep In Mind First things first, ensure that your vehicle is equipped with a valid and active FASTag, issued by leading banks in India such as HDFC, ICICI, Axis Bank, etc or wallet services like Paytm. For offline, the customers are advised to visit the nearest toll plaza office. Once reached, they will ask a few details and requirements, as mentioned below. Step-by-Step Guide For Offline Interested customers can visit the FASTag official web portal, use their FASTag-issuing bank's app, or log in Choose the FASTag interface, click on the service and make the annual payment in advance. To note, the unlimited FASTag fee will vary, depending on the location and vehicle type. Once payment and documents are verified, the Annual Pass is linked to your FASTag ID, allowing the vehicle to pass through the designated toll plaza(s) without getting additional charges (as per the pass terms). After completing the entire process, do not forget to double-check check confirmation message or email for the same for the validity period, toll plaza name, and pass details for records. First Published: June 18, 2025, 15:49 IST