India to witness huge growth in digital lending: Niti Aayog CEO Amitabh Kant

India will witness huge growth in digital lending as the Covid-19 pandemic has increased the acceptance of digital payments, Niti Aayog CEO Amitabh Kant said on Wednesday.

Speaking at the virtual ‘Global Fintech Fest’, Kant further said, “India is economically poor but data-rich and the future of the fintech sector in the country is extremely bright.”

“Covid-19 pandemic has accelerated the acceptance of digital payments… There is a huge opportunity to use data for lending and big growth will be seen in digital lending,” he added.

Pointing out that the government has been the biggest disrupter in fintech story, he said it has invested heavily in digital infrastructure to support and nurture innovation.