Small businessmen will soon get loans based on data, not balance sheets: Nandan Nilekani

The Print | Dec 4, 2019 at 3:57 PM
  • Nilekani pointed out that as few as 8 per cent of India’s small businesses manage to get credit from the formal banking system.
  • The individual has to give consent to the AA to retrieve their data (in a digital format) from a source that already has some of their data, such as a bank or insurance provider (called a ‘financial information provider’).
  • Ten leading banks and non-banking financial companies are set to become ‘financial information providers’ and ‘financial information users’ in the system.