Mumbai
Over the past decade, nearly 118 million women in India have accessed formal credit for the first time, opening new financial opportunities, according to a TransUnion CIBIL report released Thursday. The report highlights that over 714 million individuals have now entered the credit system, significantly impacting households across the country. Retail loan delinquencies (90+ days past due) have improved by 130 basis points during this period.
As credit expands across different regions and sectors, the focus is now on using data-driven insights, risk management, and transparency to increase access to financial services. RBI Deputy Governor M. Rajeshwar Rao emphasized that credit reporting systems are crucial for boosting financial inclusion, improving oversight, and ensuring financial stability.
He noted that empowering consumers through financial literacy is essential for building a strong credit culture. Rao stressed that promoting financial awareness must be a continuous effort, not just a one-time initiative, with all financial institutions playing a role.
Credit Information Companies (CICs), he said, laid the foundation for this progress and remain vital to India’s journey toward complete financial inclusion.
TransUnion CIBIL MD and CEO Bhavesh Jain added that India’s credit ecosystem is becoming more inclusive and future-ready, thanks to reliable data that helps lenders make better decisions and supports borrowers in building strong credit histories.
Axis Bank CEO Amitabh Chaudhry also underlined the importance of investing in financial education to help borrowers manage credit wisely and plan for the future.