118 million women consumers in India enter credit mainstream for 1st time in 10 years

Mumbai, July 3 At least 118 million women consumers in India have entered the credit mainstream for the first time in the last 10 years, unlocking opportunities that were previously unavailable to them, according to a report on Thursday.

Over 714 million individuals have gained access to formal credit, positively impacting households across the country over the past two decades, said the report by TransUnion CIBIL, released at a conference here.

Retail delinquencies (balance-level, at 90 days or more past due) have also improved by 130 bps in the last 10 years, the findings showed.

As India’s credit growth reaches new segments and geographies, the focus is shifting towards enabling access to financial services supported by data-driven insights, transparency, and informed risk management.

"Credit reporting systems today operate as a key element in the national financial architecture, encouraging greater credit access, supporting financial inclusion, enabling effective supervision, and enhancing financial stability," Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao said.

At the heart of a sustainable credit landscape lies an empowered consumer, which is enabled when we have a financially aware and literate customer, he said.

"While regulations mandate transparency and awareness, the responsibility needs to be fulfilled by all of us. Financial literacy cannot be achieved through a one-time campaign; it has to be a sustained commitment for all the institutions and entities involved," he told the gathering.

The setting up of credit information companies (CICs) was, in one sense, the starting point of this journey of financial inclusion and democratisation of credit.

"Even as the journey continues, the role of the CICs remains integral and important in realising the vision of total financial Inclusion," said Rao.

According to TransUnion CIBIL MD and CEO Bhavesh Jain, India’s credit ecosystem is becoming more inclusive, transparent, and future-ready.

"Reliable data empowers lenders to take strategically informed decisions, which, in turn, supports borrowers in building and strengthening their financial profiles. Our focus remains to enable all stakeholders to navigate this transformation responsibly and sustainably," he mentioned.

Axis Bank MD and CEO, Amitabh Chaudhry, said: "We must invest in financial literacy, helping borrowers understand credit health and long-term financial planning."

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