Protean Account Aggregator Ltd., operating under the brand SurakshAA, is an RBI-licensed Account Aggregator headquartered in Mumbai, Maharashtra. Incorporated in 2021 as a wholly owned subsidiary of Protean eGov Technologies Ltd. (formerly NSDL e-Governance Infrastructure Ltd.), the company received its NBFC-AA licence from the Reserve Bank of India in October 2021.
Overview of Protean Account Aggregator and its Services
| Aspect | SurakshAA Overview |
|---|---|
| Parent Organization | Wholly owned subsidiary of Protean eGov Technologies Ltd. (formerly NSDL e-Governance Infrastructure Ltd.) |
| Headquarters | Mumbai, Maharashtra |
| Incorporation & License | Incorporated in 2021; received NBFC-AA licence from the Reserve Bank of India in October 2021 |
| Core Services | Consent-based financial data aggregation and sharing across banks, insurance, pensions, and investment accounts |
| Parent Expertise | Decades of experience building national-scale digital infrastructure such as PAN systems, eKYC, tax networks, and pension systems |
| Differentiator | Leverages trusted government-backed digital infrastructure heritage to deliver a secure and reliable AA platform |
| Market Position | Positioned as a highly trusted and secure Account Aggregator in India’s financial ecosystem |
What is Account Aggregator?
An Account Aggregator is a framework introduced by the Reserve Bank of India (RBI). It allows users to share their financial data digitally and securely, with consent. Instead of uploading documents or statements, users can grant access through a simple and secure process. If you want to learn more Account Aggregator we have made a comprehensive guide.
Services Offered by Protean Account Aggregator
For Consumers
Protean AA provides consent-based financial data sharing under the RBI’s Account Aggregator framework. It enables individuals and businesses to link their accounts and authorize data transfers digitally, connecting Financial Information Providers (such as banks, insurers, and mutual funds) with Financial Information Users (like lenders, NBFCs, and fintechs).
What is Protean SurakshAA?
Protean SurakshAA is a consent-driven Account Aggregator (AA) platform that acts as a secure, digital bridge between you and the financial institutions you interact with. Imagine having the ability to access, manage, and share your financial data across banks, lenders, insurers, and more – but only with your explicit permission. That’s precisely what SurakshAA offers.
Licensed by the Reserve Bank of India (RBI) and built by Protean the masterminds behind India’s most trusted digital public infrastructure like PAN, NPS, and CKYC SurakshAA is cautiously designed to safeguard your privacy at every step. It’s not just a platform; it’s a commitment to your financial autonomy.
For Financial Information Providers (FIPs)
The platform also offers a consumer-facing app, allowing users to register, link multiple accounts, monitor ongoing consents, and revoke access at any time.
For Financial Information Users (FIUs)
By putting all consent management tools in one place, the app ensures users retain full control over their financial information.
How Protean Account Aggregator Works ?
Protean AA follows a consent-based process that is simple for users and secure for financial institutions. The main steps are:
- A user applies for a loan, credit card or financial product on an app or website
- The app requests financial data like bank statements through Protean AA
- A consent screen appears, showing:
- What data will be shared
- For what purpose
- For how long
- The user selects the accounts to link, enters the OTP and approves the request
- Setu AA fetches the data from FIP and delivers it securely to the requesting app (FIU)
- The user can revoke access anytime, stopping further data sharing instantly
New Opportunities on the Horizon
The Account Aggregator framework, particularly through a robust platform like Protean SurakshAA, is just beginning to unfold its full potential. Beyond the current applications, a vast landscape of unexplored opportunities awaits:
- Real Estate Financing: Streamlined financial checks for property transactions.
- Tax Filing and Advisory: Automated data aggregation for simplified tax compliance.
- Pension Fund Management: Enhanced oversight and personalization of pension investments.
- B2C Supply Chain Finance: Better assessment of small business creditworthiness for supply chain financing.
- Financial Auditing: Efficient access to verified financial records for auditing purposes.
- Wellness Programs for Corporates: Leveraging financial data for tailored employee wellness and financial literacy programs.
Use Cases of Protean Account Aggregator
Protean AA is widely adopted by banks, NBFCs, insurers like ICICI Prudential Life, and fintechs to simplify lending, speed up customer onboarding, and enable secure digital journeys. Built on the RBI-regulated AA framework, it ensures data is shared only with user consent while providing transparency and control through its consumer-facing app. Some of the key use cases of Protean AA include:
- Faster Loan Approvals
- Digital Lender Onboarding
- SME Working Capital Access
- Insurance and Banking Integrations
By replacing manual paperwork with standardized, verified data flows, the platform helps lenders assess creditworthiness quickly, supports small businesses in accessing loans, and gives individuals a seamless way to manage consents across multiple financial apps.
Benefits of Using Protean Account Aggregator
Institutional Credibility
The biggest strength of SurakshAA is the credibility of its parent company, Protean eGov Technologies Ltd. (formerly NSDL e-Governance). With decades of experience in running India’s critical digital infrastructure like PAN, tax networks, and pension systems, Protean brings unmatched trust and expertise to the AA space. This background makes SurakshAA one of the most institutionally reliable players in the ecosystem.
Consumer Control
Another benefit is its consumer-facing app, which ensures individuals can directly manage their data. Users can register, link multiple accounts, approve or revoke consents, and track their history in one place. This direct control makes the AA process more transparent and easier for everyday users.
Trusted by Institutions
Finally, SurakshAA benefits from being a secure and trusted channel for financial institutions. Banks, NBFCs, and fintechs can integrate with confidence, knowing the platform is backed by a proven entity in handling sensitive data at scale. This combination of institutional trust, user control, and ecosystem readiness makes SurakshAA stand out among AAs in India.
SurakshAA vs Other Account Aggregators (OneMoney, NADL)
| Factor | SurakshAA (Protean) | NADL (NeSL) | OneMoney |
|---|---|---|---|
| Network Coverage | Part of Protean eGov headquartered in Mumbai they have 39 FIPs live with them | Government-backed via NeSL, headquartered in Mumbai with 60 FIPs live. | Headquartered in Hyderabad with the highest FIPs live: 88. |
| Data Handling | Seen as highly reliable due to Protean’s role in national-scale digital infrastructure. | Acts as a statutory repository of verified financial data with government oversight. | Provides encrypted real-time data with APIs and SDKs for decision insights. |
| Role & Flexibility | Institutional trust, large-scale citizen services experience, transparent consumer app. | Utility role with high trust but less flexibility for custom solutions. | Helps NBFCs with credit risk assessment using multiple data points. |
| Differentiators | Protean’s legacy of trust and expertise in handling sensitive citizen data at scale. | Government credibility ensures high adoption among institutional players. | First AA in India with the highest number of FIPs onboarded: 88. |
Future Roadmap of Protean Account Aggregator
Adoption and Growth
SurakshAA is steadily expanding its role in India’s AA ecosystem with strong adoption numbers. By mid-2023, it had already processed more than 10.3 million consent approvals, linked over 8.7 million accounts, and onboarded around 200 FIUs (Financial Information Users) and 60 FIPs (Financial Information Providers). These figures show that the platform has built a solid foundation for future growth.
Expanding Integrations
The company is expected to deepen its integrations with more banks, NBFCs, and fintech platforms. As AA adoption spreads across lending and personal finance, SurakshAA’s focus will likely remain on scaling its infrastructure and making consent-driven data sharing more seamless for both users and institutions.
Future Outlook
Looking ahead, SurakshAA is also well placed to extend its reach into semi-urban and rural markets. Backed by Protean’s track record in building large-scale digital systems like PAN and pension networks, it has the capability to deliver secure financial data sharing to segments that have traditionally had limited access to formal credit and financial services.
FAQs on Protean Account Aggregator
1. What is Protean Account Aggregator ?
Ans: SurakshAA is an RBI-licensed Account Aggregator operated by Protean Account Aggregator Ltd, a subsidiary of Protean eGov Technologies Ltd. It allows users to share their financial data digitally and securely, only with consent.
2. When did SurakshAA receive its RBI licence?
Ans: SurakshAA received its NBFC-AA licence from the Reserve Bank of India in October 2021.
3. Who owns SurakshAA?
Ans: SurakshAA is fully owned by Protean eGov Technologies Ltd. (formerly NSDL e-Governance), the company that manages platforms like PAN services, tax networks, and pension systems in India.
4. Does SurakshAA have a mobile app for consumers?
Ans: Yes. SurakshAA provides an app where users can register, link their bank accounts, approve or revoke consents, and track their data-sharing history.
5. How is SurakshAA different from other AAs?
Ans: Unlike VC-backed or privately owned AAs, SurakshAA comes from Protean eGov, which has decades of experience running India’s critical digital infrastructure. This makes it one of the most trusted and institutionally reliable AAs.
6. Does SurakshAA store my financial data?
Ans: No. SurakshAA does not store or read your data. It only acts as a regulated channel for transferring encrypted information between institutions with your permission.
7. Can small businesses use SurakshAA?
Ans: Yes. SMEs can share their account and transaction data through SurakshAA, helping lenders assess their cash flows and extend working capital loans more easily.
8. What does the future look like for SurakshAA?
Ans: SurakshAA is focusing on scaling adoption, expanding its coverage across more financial institutions, and bringing consent-based data sharing to semi-urban and rural India.
Conclusion
SurakshAA, operated by Protean Account Aggregator Ltd, carries the credibility of Protean eGov Technologies into the AA ecosystem. With strong institutional backing, regulatory compliance, and a consumer-facing app, it has become one of India’s most trusted AAs. By enabling secure, consent-based data sharing, it supports faster and more reliable financial transactions.
Looking ahead, SurakshAA is set to expand its presence across banks, NBFCs, and fintechs while reaching semi-urban and rural markets. With proven experience in handling large-scale digital systems and empowering users with transparent consent tools, it is positioned to play a central role in India’s consent-driven financial future.
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