Financial technology firms that generate credit scores based on digital footprints of individuals will have a major role to play as banks begin to focus on lending to first generation customers who do not have credit history, former Deputy Governor of Reserve Bank of India H.R. Khan said here on Wednesday.
“We have credit bureaus, but they are for those with credit history,” he said, highlighting the need for a mechanism which is not time consuming and is effective for assessing those borrowing for the first time.
