Amit Pandey, Vice President – Financial Institutions Group at Moody’s Ratings, said India’s private capital expenditure cycle remains steady but lacks a clear trigger for a dramatic acceleration. While corporate investment is happening and the economy continues to grow at a healthy pace, much of the funding is coming from internal accruals and capital markets rather than bank loans. Pandey spoke to ETBFSI about the outlook for corporate and retail credit demand, drivers of private capex, retail delinquencies, acquisition financing, consolidation in banking, and the emerging role of AI in banks.