Need to move towards data-based lending: Financial Services Secretary

Financial Services Secretary Vivek Joshi on Friday outlined the vision for 2047 and said financial institutions must move towards data-based lending, instead of judgement-based lending, in the medium-term.

He said global Indian banks with a footprint across continents hold immense significance for Indian prowess and international influence as these serve as a conduit for foreign investment in the country.

Speaking at the CII Global Economic Forum, Joshi said to exceed global average of per capita GDP by 2047, India's real GDP has to grow 7-7.5 per cent.

"In the medium term, we must move towards data-based lending instead of judgement based lending especially for small business," Joshi said.

He said there is a need to further deepen capital markets with active participation from diversfied investors.

"In the context of robust financial services, it is imperative that in 2047, India will have a highly competitive viable banking sector with substantial indian ownership, universal access to banking and other financial services to citizens," Joshi added.