India is the most data-empowered country in the world as it already has one billion people and 20 billion businesses that can use their own data, said Nandan Nilekani, chairman and co-founder of Infosys and Founding Chairman of Unique Identification Authority of India.
Historically, he said, collateral for the loans has been physical assets. But for the first time, people in this country were able to use digital footprints as assets for the purpose of lending.
“It is called information collateral to avail loans. Employees can avail of loans by submitting digital footprints on their salary and spending and small business on their transactions,’’ Nilekani said in his keynote at The India Advantage Summit 2022, an event held here September 14, Wednesday.
