Mumbai— In a significant milestone for financial inclusion, at least 118 million women consumers in India have entered the formal credit system for the first time over the past 10 years, according to a new report released Thursday.
The report, published by TransUnion CIBIL during a conference in Mumbai, highlights that more than 714 million individuals across India have gained access to formal credit over the past two decades—bringing transformative change to households nationwide.
The study also noted an improvement in retail delinquencies, with 90-day past-due balances dropping by 130 basis points over the past decade.
As India’s credit market continues to expand across new demographic segments and geographies, the focus is shifting to promoting broader access to financial services through data-driven insights, enhanced transparency, and responsible risk management.
“Credit reporting systems today serve as a critical pillar of the national financial architecture,” said M. Rajeshwar Rao, Deputy Governor of the Reserve Bank of India (RBI). “They encourage greater access to credit, support financial inclusion, enable effective supervision, and enhance financial stability.”
Rao emphasized that a sustainable credit environment is built on empowered and informed consumers.
“At the core of this landscape is a financially literate consumer. While regulations require transparency and education, the responsibility must be shared across all stakeholders. Financial literacy cannot be a one-time initiative—it demands an ongoing commitment from institutions and industry players alike,” he told the gathering.
He added that the establishment of Credit Information Companies (CICs) marked a pivotal starting point in India’s journey toward democratizing credit access.
“As this journey continues, the role of CICs remains vital in achieving the vision of full financial inclusion,” Rao noted.
Bhavesh Jain, Managing Director and CEO of TransUnion CIBIL, echoed that sentiment, saying, “India’s credit ecosystem is becoming increasingly inclusive, transparent, and future-ready. Reliable data empowers lenders to make informed decisions, which ultimately helps consumers build and strengthen their financial profiles. Our mission is to enable all stakeholders to navigate this transformation responsibly and sustainably.”
Axis Bank MD and CEO Amitabh Chaudhry also stressed the importance of financial education.
“We must invest in financial literacy, helping borrowers understand credit health and long-term financial planning,” he said. (Source: IANS)
