Mumbai– In a major step toward financial inclusion, 118 million women in India have joined the formal credit ecosystem for the first time over the past decade, unlocking economic opportunities that were previously out of reach, according to a report released Thursday.
The study, published by TransUnion CIBIL and presented at a conference in Mumbai, revealed that over 714 million individuals across India have gained access to formal credit in the past 20 years—transforming household economies and expanding financial participation.
Retail credit delinquencies—measured at 90 days or more past due at the balance level—have also improved by 130 basis points over the last 10 years, signaling healthier credit behavior and lending practices.
As credit growth spreads to new regions and underserved populations, the focus is shifting toward broadening financial access through data-driven insights, transparency, and informed risk management.
“Credit reporting systems today are a key pillar of the national financial architecture,” said Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao. “They promote broader credit access, support financial inclusion, aid regulatory oversight, and enhance financial stability.”
Rao emphasized that empowered consumers—those who are financially aware and literate—are central to sustaining a healthy credit environment. “Regulations may mandate transparency, but the responsibility to foster financial literacy lies with all stakeholders. It’s not a one-time effort—it must be a continuous commitment by every institution involved,” he told the gathering.
The establishment of credit information companies (CICs) was a turning point in India’s journey toward democratizing credit access. “Even today, CICs play a critical role in realizing the vision of full financial inclusion,” Rao added.
TransUnion CIBIL Managing Director and CEO Bhavesh Jain highlighted the increasing inclusiveness and transparency of India’s credit ecosystem. “Reliable data empowers lenders to make strategic decisions, which in turn helps borrowers build and improve their financial profiles. Our mission is to guide all stakeholders through this transformation responsibly and sustainably.”
Axis Bank MD and CEO Amitabh Chaudhry echoed the importance of financial education: “We must invest in financial literacy to help borrowers understand credit health and long-term financial planning.” (Source: IANS)
