economy

Data-driven lending will drive Indias economy going forward: Nandan Nilekani

Data-driven lending will drive Indias economy going forward: Nandan Nilekani

Data-driven lending and credit to consumers, especially by leveraging digital footprints of consumers as they transact more and more online, will drive Indias economy going forward by accelerating consumption and help the financial system recover post the coronavirus pandemic, said Infosys Non-Executive Chairman Nandan Nilekani. Speaking on the acceleration of Indias digital adoption at 14th mint Annual Banking Conclave, Nilekani said Aadhar, UPI, and many other systems have expanded Indias digital footprint. Aadhar e-KYC has accelerated opening of bank accounts very easily, while Aadhar enabled payments system does about 90 million transactions a month worth about ₹25,000 crore. Aadhar was also a basis of digital signatures and India has sophisticated Digi Locker system where users can safely store their data, Nilekani said. Today UPI does 4 billion transactions for a value of $100 billion a month, helping India expand digital footprint. These systems bought transactional efficiency and because more and more people are using these systems they create digital footprints. As more and more consumers transact digitally, the next big opportunity is to leverage these digital footprints to the benefit of small and medium enterprises, Nilekani said. Download.

economy 2021-12-15 Livemint