Ashok Lahiri urges AI adoption to boost smarter bank lending
Ashok Lahiri, vice chairperson of NITI Aayog, is encouraging Indian banks to bring in more AI and data analytics for smarter lending.
At the Global Fintech Fest 2026, he pointed out that India's credit-to-GDP ratio is just 53% to 55%, way behind countries like China and Singapore, where it's around 150% to 170%.
Ashok Lahiri backs digital payment data
Lahiri explained that banks are struggling to avoid bad loans while still getting credit to people who deserve it, especially those in the informal sector.
He believes using digital payment data could help banks assess risk better and open up more opportunities for borrowers.
Lahiri urges PPPs and domestic savings
He also highlighted the need for stronger manufacturing growth and higher investment rates.
Lahiri called for more public-private partnerships in infrastructure (like the Mumbai-Pune Expressway) and said India should rely on domestic savings to fund future investments.