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India is moving in a direction where lenders will use data like GST based “business flows” or credit payment history, instead of collaterals, to provide loans to businesses and consumers, tech billionaire Nandan Nilekani said on Wednesday.
For the first time the data available in the Goods and Services Tax (GST) system can be the basis of credit, he said.
“When you file your return with GST you are actually filing it at invoice level. You can then ask GST to give your own data which you can then give to your lender. All 10 million businesses will have deep digital footprints which they can use to get loans from their banks or NBFCs,” Nilekani said.
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