India has witnessed a rapid evolution in the financial services ecosystem, driven by regulatory innovation, fintech collaboration, and a strong push for digital inclusion. In the aftermath of the COVID-19 pandemic, the push towards digitization has only accelerated, and open banking initiatives have gained significant traction. Below is an updated overview of India’s major open banking efforts and technological architectures leading into 2025.
1. Account Aggregator (AA) Framework
The Account Aggregator ecosystem, officially launched in 2021, has grown robustly. Regulated by the RBI, it allows individuals and businesses to share their financial data securely between financial institutions with explicit consent. As of 2025, over 15 Account Aggregators such as CAMS Finserv, OneMoney, FinVu, and Anumati are operational and integrated with major banks and financial institutions.
A real-life example is Axis Bank using the AA framework to streamline credit underwriting for MSMEs, significantly reducing loan approval times and increasing financial inclusion.
2. Open Credit Enablement Network (OCEN)
OCEN, spearheaded by iSPIRT, has transformed the credit landscape by creating a standard language for embedding lending into digital platforms. This has enabled platforms like IndiaMART and Paytm to offer instant credit facilities to their users.
For instance, e-commerce sellers on platforms like Amazon India can now access collateral-free loans from multiple lenders through OCEN-integrated APIs, reducing friction and documentation hurdles.
3. Data Empowerment and Protection Architecture (DEPA)
DEPA is India’s flagship framework for data governance, emphasizing user consent, security, and interoperability. It supports data-sharing using standardized protocols, with key components like the Consent Artifact and secure APIs built on the ORGANS principle (Open, Revocable, Granular, Auditable, Notice, Security by Design).
DEPA has been integrated into financial services, healthcare, and telecom sectors. One notable example is HDFC Bank leveraging DEPA for pre-approved loan offers using verified user consented data.
India’s open banking journey is setting global benchmarks in privacy, interoperability, and innovation. As we move further into 2025, the synergy between government regulation, fintech innovation, and digital infrastructure is expected to unlock even greater value for consumers and enterprises alike.